DR발행을 통한 해외상장과 주가수익률과의 관계

초록

There have been a few researches on the announcement impact of DR issuance of Korean firms in foreign markets. These researches have dealt with very limited aspects due to the lack of relevant information. This study attempts to overcome this limitation, of course this still exists, and to deal with various aspects of the DR issuance announcement impact on domestic firm value. Starting investigation with the whole DR issuing firms, we extend our research to compare any differences between before and after 1997 financial disturbance in Korea, between the initial issuance and the subsequent issuance when a firm issues DRs more than once, between with and without capital raising with DR issuance and across the DR issuing markets. We found that stock price decreased around DR issuance announcement regardless of capital market integration, in other words no differences between before and after 1997 financial disturbance in Korea. The initial DR issuance firms showed average decline of stock prices of 2.35%p~3.2%p for 5 days which is 30bp~115bp lower than that of whole DR issuances firms, while there were no DR issuance impacts with firms' subsequent DR issuances. The negative effect from new stock issuance seems to surpass the positive effect from cross-listing when we compare the impacts of DR issuance between with and without capital raising with DR issuance. The impact of DR issuance announcement varies across the DR issuing markets. There have been a few researches on the announcement impact of DR issuance of Korean firms in foreign markets. These researches have dealt with very limited aspects due to the lack of relevant information. This study attempts to overcome this limitation, of course this still exists, and to deal with various aspects of the DR issuance announcement impact on domestic firm value. Starting investigation with the whole DR issuing firms, we extend our research to compare any differences between before and after 1997 financial disturbance in Korea, between the initial issuance and the subsequent issuance when a firm issues DRs more than once, between with and without capital raising with DR issuance and across the DR issuing markets. We found that stock price decreased around DR issuance announcement regardless of capital market integration, in other words no differences between before and after 1997 financial disturbance in Korea. The initial DR issuance firms showed average decline of stock prices of 2.35%p~3.2%p for 5 days which is 30bp~115bp lower than that of whole DR issuances firms, while there were no DR issuance impacts with firms' subsequent DR issuances. The negative effect from new stock issuance seems to surpass the positive effect from cross-listing when we compare the impacts of DR issuance between with and without capital raising with DR issuance. The impact of DR issuance announcement varies across the DR issuing markets.

키워드