소유구조가 자산재평가에 따른 주가반응에 미치는 영향

The goal of this study is to investigate how, since the K-IFRS has been introduced, before assets revaluation, the change in structure of possession affects the change in stock price. This study is different with preceding study in that it added the change in ownership structure before the assets revaluation to a study variable. As a result of study, first of all, negative correlation is found between the change in dominate stockholder’s share before the assets revaluation and stock price reaction when assets revaluation is publicly announced, which means that if assets revaluation was carried out when the dominate stockholder’s share changes before its implementation, it could be used for the purpose other than enterprise value improvement, thus negatively affecting the market. Secondly, positive correlation is found between the change in share of institutional investor · foreign investor before the assets revaluation and stock price reaction when assets revaluation is publicly announced, which means that if assets revaluation was carried out when the share of institutional investor · foreign investor changes before its implementation, it could be used mainly for the purpose of enterprise value improvement, thus positively affecting the market, which is opposite to the stand of dominant stockholder. According to this research, in case of assets revaluation, one can say that the ownership structure is a major factor and should be taken into one’s consideration, because how it changes along the assets revaluation could affect the stock price reaction.