증권선물거래소 통합의 시너지효과 분석과 자체상장대비방안의 모색

Analysis on the Synergistic Effect of M&A of KRX and Corporate Strategy Formulation of KRX for Listing Itself

This paper attempts to evaluate the effect of recent M&A of KRX. It goes further to formulate a corporate strategy of KRX as a means of preparing the forthcoming listing. Such a strategy may be required to cope with the increased competitive pressure among global stock exchanges since the M&A between NYSE and Euronext in 2007. It may be rather imperative for the KRX as a going concern to reshuffle itself for listing in order to reap some synergistic effects of M&A like other globally leading stock exchanges. Foreign case studies on the effect of M&A by making use of the price/earnings ratio (PER) demonstrate the increased earnings which moved into the same directions of increases in operational efficiencies and synergistic effect in the long run. Under the present circumstances of the unavailability of PER due to its preparatory stage for listing, this study reaches a tentative conclusion that KRX has achieved enhanced efficiencies and financial performance based on the analysis on the financial ratios on financial statements. Despite having achieved improvements in financial performance, the KRX is still falling behind as compared with other leading global exchanges which facilitate M&A at a global scale after accomplishing listing. In order to procure strategically competitive advantage such as cost reduction by realizing economies of scale, profit increase by leveraging market power and compliance on corporate social responsibility as a going concern, it may be indispensible for the KRX to capture a pivotal momentum for reinforcing its own listing. Beside listing, the KRX has to endeavor to achieve the enhanced in-house capability for channelling large scale funds, the coordination of conflicts among diverse interest groups, the contribution for promoting capital market as a public identity and systematic reorganization for shaping strategic alliances with prospective partners.