한국 주식시장에서 인수대상기업의 장기성과

Long-term Performance of Acquired Firms in Korean Stock Market

The purpose of this study was to empirically examine long-term performance of acquired firms in the Korean stock market. In addition, the differences between long-term performance with the type of M&A and the purpose of takeover were explored. The sample size consisted of 135 domestic firms acquired during the period from 2000-2007. The following results were obtained. At first, short-term positive excess return was realized by acquiring firms tending to pay higher premium. However, the excess return was reduced in the long run. Second, long-term operating performance generally worsened after the takeover. Third, acquired firms of In-In type M&A had higher excess return around the announcement date, but the excess return was greatly reduced in the long run. There was no difference in BHAR and CAAR relative to the purpose of takeover. Fourth, regardless of type of M&A and purpose of takeover, long-term operating performance of each firm worsened after the takeover. Finally, there was no significant change of capital expenditures and R&D expenditures of acquired firms after the takeover. This result suggested that long-term investment and performance were influenced by strategic motives of the takeover for acquired firms.