코스닥시장에서 우회상장의 규제강화 효과 분석: 일반합병과의 비교를 중심으로

This study analyzes the difference between backdoor listing and a normal M&A on the KOSDAQ, andinvestigates what the regulatory strengthening action on backdoor listing in 2006 affects in each and theirshareholder's wealth. The results are as follows. First, all backdoor listing and normal M&A had positiveaverage abnormal returns(AAR) before the M&A disclosure day, but there were significant differences in AARand cumulative average abnormal returns(CAAR) before and after in regulatory strengthening. However, aroundthe disclosure day, the difference before and after regulatory strengthening of backdoor listing and normal M&Awas not statistically significant, while it showed significant differences at the longer period. Second, CAARdifference of backdoor listing and normal M&A was significantly smaller after than before regulatorystrengthening. In addition, volatility as measured by the standard deviation of AAR was significantly reduced since the regulatory strengthening, due to increase of information after the regulatory strengthening. Therefore,in this study there was significant difference in backdoor listing and normal M&A, the regulatory strengtheningin backdoor listing reduced the premium of backdoor listing and information asymmetry of market participants