코스닥 기업의 상호변경과 주가반응

The Effect of Corporate Name Changes on the Stock Price in the KOSDAQ

본 연구는 코스닥시장에 등록된 기업의 상호변경에 따른 주가반응과 이에 영향을 미치는 요인을 분석하였다. 이를 위해 2000년부터 2002년까지 상호가 변경된 비금융 기업을 대상으로 100건의 표본을 선정하였으며, 각 기업의 주가반응은 산업별 불변조정모형에 의해 측정된 일별 비정상수익률을 통해 검증되었다. 분석결과 먼저 코스닥 기업의 상호변경은 주가에 긍정적으로 반영되는 것으로 나타났다. 이러한 현상은 순수하게 브랜드 전략에 의한 상호변경기업에서도 대체로 유사하게 나타났다. 또한 상호의 변경동기 및 이미지개선의 방향 등에 따른 차별적 주가반응은 나타나지 않았다. 마지막으로 상호변경에 따른 주가반응에 재화의 특성, 산업, 소속부, 정보통신강세현상(fad effect), 장세, 광고선전비, 부채비율, 규모 등에 따른 영향은 없는 것으로 나타났다. 이러한 분석결과는 코스닥시장에서 상호와 기업가치의 관련성 및 브랜드 전략에 관한 자료로 제시될 수 있을 것이다.

In the viewpoints that corporate name does related to the firms' value. this study is to analyze the information contents of corporate name changes and to determine the factors that explain. The sample o the study consists of 100 firms listed in the KOSDAQ which changed their name during the period of two years from January. 2000 to December 2002. The event study methodology is used. Noteworthy is that the abnormal stock returns in this study are generated by the Oh's Model (Ⅱ) [the daily abnormal returns, ARit, for firm i belongs of the same k industry on day t are computed as: ARit= Rikt- Avg(Rⁿc/kt)] which used 26 trading days starting from day -15 to day +10 surrounding the date of name change announcement. The study finds that several factors of corporate name changes are associated with respective firms' abnormal returns of the stock price. First. the corporate name changes by and large were positively associated with the abnormal stock returns at announced before one day(-l). and during test period of -4 to 0 days(-4~0) Second. the market responded indifferently to the motivation of the name changes. Name changes for the reasons of M&A and for a new direction of corporate business. or for a new identity creating strategies were responded positively by the market. Third. the market also responded indifferently to the name changes depending on the firms and stock markets characteristics. i.e., the property of goods, the kind of industry the firm belongs, by sections in KOSDAQ, fads in the Inital. market trends. advertising expense to sales ratio. debt to assets ratio. and the size of the firm. Corporate strategists as well as investor I hope find this study useful. The unchanged adjusted model for abnormal returns in this study is new and may shed computing the abnormal returns for this type of research among research analysts. the findings of computing the new light to in the future among research analysts.