합병기업의 경제적부가가치 유용성에 관한 연구
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A Study on the usefulness of Economic Value Added for
Merger and Acquisition
Advisor : Prof. Kae-Won Lee, Ph.D.
Department of Business Adminstration
Graduate School of Business Adminstration, Chosun University
These days, many mergers and acquisitions have been attempted as one method of business growth and reorganization, which have caused many problems in evaluation of business values. Therefore, investors have had many difficulties in estimating values of mergers.
Therefore, this study aims to provide information for investors by examining the relations between EVA of mergers and price earning ratio(PER), and demonstrate the effect of public announcement of mergers. For the purposes, this study summarizes the results of a regression analysis and the difference in pre&post means as follows: First, as a result of the regression analysis before a merger, EVA had a statistically insignificant negative (-) coefficient while it had a statistically significant positive (+) coefficient after the merger. In the integrated pre&post regression analysis, EVA had a statistically significant result with PER.
Therefore, it was demonstrated that economic added value can be used as a useful investment index in selecting mergers.
Second, as excess return on the first public announcement of merger showed a statistically significant positive (+) value two days before the public announcement, it is suggested that the effect of public announcement exists. In considering the effect of public announcement of merger registration on excess return, it had a statistically significant negative (+) result only on the day of public announcement (t=0), which indicates that there is no effect of effect of public announcement of merger registration.
This study has limitations as follows: First, the period of sampling was short, only two sessions. Second, as only Kosdaq market was used as materials of sampling, it is difficult to generalize the results. Therefore, further studies should deal with even data on the stock market, the period of sampling should be extended and features of each industry should be added for an analysis.
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