코스닥시장에서 우회상장의 규제강화 효과 분석

The regulatory strengthening effect analysis of backdoor listing on the KOSDAQ: focusing on comparison of normal M&A

This study analyzes the difference between backdoor listing and a normal M&A on the KOSDAQ, and investigates what the regulatory strengthening action on backdoor listing in 2006 affects in each and their shareholder s wealth. The results are as follows. First, all backdoor listing and normal M&A had positive average abnormal returns(AAR) before the M&A disclosure day, but there were significant differences in AAR and cumulative average abnormal returns(CAAR) before and after in regulatory strengthening. However, around the disclosure day, the difference before and after regulatory strengthening of backdoor listing and normal M&A was not statistically significant, while it showed significant differences at the longer period. Second, CAAR difference of backdoor listing and normal M&A was significantly smaller after than before regulatory strengthening. In addition, Volatility as measured by the standard deviation of AAR was significantly reduced since the regulatory strengthening, due to increase of information after the regulatory strengthening. Therefore, in this study there was significant difference in backdoor listing and normal M&A, the regulatory strengthening m backdoor listing reduced the premium of backdoor listing and information asymmetry of market participants