주식분할 정보의 공시효과에 관한 연구

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Stock split indicates a division of face value. The reason why enterprises split their stock is to secure liquidity and to achieve easier trade with an increase of the number of stock. In general, face split is actively progressed in a perspective of liquidity reinforcement in stock price increase period while face merger is intended rather than split because of anxiety on resource burden in stock price decrease period. Expectation is based on experiences on markets.
This study demonstrated whether the results of previous studies on positive abnormal return of stock split may be applied for recent stock market from 1999 to late 2003 after a foreign exchange crisis. For the study, 88 enterprises who officially disclosed stock split from 1999 to 2003 were finally selected. To demonstrate the effect of stock split in varied viewpoints, this study classified the subjects according to date of decision-making on stock split by a board of directors and general meeting of stockholders, split ratio, total assets, number of stock issued, and stock price and compared them.
The results of the study are presented as follows:
First, official announcement of stock split shows statistically significant positive abnormal return in our stock market. However, the effect is shown on the date of announcement and the next day, and further persistent increase was not found. Cumulative average return reaches at peak on date of announcement and the next day, and then gradually decreases. Persistence of stock reaction after split announcement was not found in this study, but it is found that it has some influence on increase of stock level.
Second, the announcement by the board of directors shows higher earning rate than that by the stockholders meeting, which indicates that information effect is more reflected on the date when the board of directors decides the announcement.
Third, as a result of study according to split ratio, assets, number of stock issued, and price, small enterprises and those with high split ratio and more number of stock issued showed higher abnormal return, which indicates that higher reinforcement of liquidity influences positively on stock price.
However, though this study was intended in various viewpoints, if investigation of stock listing day is added, and strong market and weak market are separately researched, more effective results on information effect of split announcement may be obtained.
Alternative Title
A Study on the Effects of Stock splits Information
Alternative Author(s)
Lee, Hyoung-Rae
조선대학교 대학원
경영대학원 경영학과
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Table Of Contents
Ⅰ. 서론 = 1
Ⅱ. 이론적 배경 및 선행연구 = 3
Ⅲ. 연구설계 = 11
제 1 절 연구모형 = 11
1. 초과수익률(AR_(jt))의 계산 = 11
2. 누적초과수익률(CAR_(jt))의 측정 = 11
제 2 절 표본선정 = 12
1. 표본기업의 기술 통계량 = 13
Ⅳ. 실증분석 = 14
제 1 절 연구결과 = 14
1. 상장기업 주식분할 공시효과 = 14
2. 분할비율별 주식분할 공시효과 (이사회 결의일 기준) = 17
3. 주주총회 결의일 기준 액면분할 공시효과 = 22
4. 주주총회 결의일 기준 분할비율별 효과 = 25
제 2 절 공시 전 · 후 초과수익률 분석 = 30
제 3 절 기업의 특성별 주식분할 공시효과 = 31
1. 기업규모별 주식분할 공시효과 = 32
2. 발행주식수 크기별 초과수익률 = 36
3. 가격대별 그룹 간 초과수익률 = 39
제 4 절 회귀분석 결과 = 44
제 5 절 평균차이 분석결과 = 46
1. 전체표본기업의 공시일 전 · 후의 평균차이 분석 = 46
2. 기업의 특성별 평균차이 분석결과 = 46
Ⅴ. 결론 = 49
참고문헌 = 51
조선대학교 대학원
이형래. (2004). 주식분할 정보의 공시효과에 관한 연구.
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Business > 3. Theses(Master)
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