회생절차종결기업의 단기성과와 성과요인의 분석

The purpose of this paper is to analyze the stock market performances of reorganized firms after the completion of reorganization process in order to see whether there exists economic inefficiency that the institution of reorganization process provides unprofitable and unsustainable firms, which should be removed from the market, an undue opportunity of continuing business. The first result of the paper is that, based on the statistical test of differences between the stock market performances of 6 months before applying reorganization and those of 6 months after the completion of reorganization using the measure of CAR and BHAR, in most cases, the institutionalized reorganization gives rather negative effects upon the firms in the sense that the stock performances after reorganization becomes rather poorer compared to those before reorganization. The second result of th paper is that, based on the stock market performances from the time just after the completion of reorganization to 12 months after the completion of reorganization using the measure of CAR, and BHAR, the stock performances becomes rather poorer, as time goes by, compared to the normal firms without going through the reorganization process. These results clearly imply that the current form of the institutionalized reorganization process contains a high probability of producing economic inefficiency that unprofitable firms without the ability of self-sustain-ability are given an unworthy chance of continuing business.