기업재건절차 종결의 정보효과에 관한 연구

In this study we examine the market response to the announcement that the company has consummated reconstruction procedure. We assume that the security market should response affirmatively to the consummation of reconstruction procedure because the announcement is a good signal for a going concern. Our sample consists of 68 firms which entered company reconstruction procedure between 1998 and 2000. Of them 48 firms have consummated legal reconstruction procedure and 20 firms have consummated workout procedure. To assess whether the stock market responds affirmatively to the consummation of reconstruction procedure, we examine cumulative average abnormal returns around the announcement of reconstruction consummation. Our empirical resutlts are as follows. First, cummulative average abnormal returns associated with the announcement of reconstruction consummation are significantly negative. Second, cumulative average abnormal returns for firms which have consummated legal reconstruction poocedure are significantly negative while those for firms which have consummated workout procedure are insignificantly positive. Our empirical results show that in spite of reconstruction consummation the market have doubts about a going concern ability of firms which were financially weak in the period covering 1998 and 2000.