M&A대상기업의 재무적 특성 :Out-In형 M&A와 In-In형 M&A의 비교
Financial Characteristics of Targeted Firms in M&A : A Comparison between Out-In and In-In M&A Firms
심한택(위덕대학교); 조정일(산학경영기술연구원); 박용찬(영남대학교)
17권 1호, 293~312쪽
초록
The purpose of this study is to compare the financial ratios between In-In M&A and Out-In M&A, which is recently increasing with opening the Korea capital markets for foreigners after 1997. For the purpose, we collected 48 targeted firms in Out-In M&A and In-In M&A, respectively. By t-tset and logistic regression analysis for 96 sample firms, the results are as follows ; First, foreign firms prefer high increase ratio of fixed assets. They tend to avoid barriers for domestic market and to achieve synergy effect, monopoly and high technology. Second, domestic firms prefer high earning, liquidity firms because they have an incentive to pursue the improvement in capital structure and debt capacity.
Abstract
The purpose of this study is to compare the financial ratios between In-In M&A and Out-In M&A, which is recently increasing with opening the Korea capital markets for foreigners after 1997. For the purpose, we collected 48 targeted firms in Out-In M&A and In-In M&A, respectively. By t-tset and logistic regression analysis for 96 sample firms, the results are as follows ; First, foreign firms prefer high increase ratio of fixed assets. They tend to avoid barriers for domestic market and to achieve synergy effect, monopoly and high technology. Second, domestic firms prefer high earning, liquidity firms because they have an incentive to pursue the improvement in capital structure and debt capacity.
- 발행기관:
- 대한경영학회
- 분류:
- 경영학