출자총액제한제도가 상장기업의 가중평균자본비용에 미치는 영향

Since the abolition of the total investment limit system, which is closely related to the restrictions on gross amount of shareholdings, there have been various arguments about the reintroduction and abolition of the limit system. The purpose of this study is to analyze the effectiveness of the total amount limitation system in relation to the restrictions on gross amount of shareholdings. As a result of this study, the value of the designated companies has temporarily declined, but it returns. In the case of the system termination, the information effect reflected preliminarily. It is also understood that the stock value increases before the public announcement. The fluctuation of the cumulative excess return on the corporate value appears less variable than other disclosures. Next, this research analyzed the effect on the weighted average cost of capital for companies related to the total amount of investment limitation system. Up to this day, there has been research carried out in relation to the investment limit system and investment. However, this research studies the restrictions on gross amount of shareholdings and the enterprise value. Through this analysis, it is considered that the practitioners need to focus on the enterprise value rather than the investment, regarding the reintroduction of the restrictions on gross amount of shareholdings.