계열사출자를 활용한 성장전략: 중장기성과 분석

This study evaluates equity investment in affiliated firms as a growth strategy by analyzing its mid term and long term performances. Comparing the mid term performance of the fund receiving firm from the performance during pre investment period, we find that leverage level declined but there was no significant change in capital expenditure or operating profitability. It suggests that the transactions seemed to focus more on easing the financial stress of affiliated firms than on the fund providing firm’s growth. In comparison of the mid term performance with the longer term one, we find that fund receiving firms’ profitability increased while their growth rate slowed down in the long run regardless the industry relatedness of the transaction. Among fund receiving firms, ones in the transaction involved with a related industry show relatively higher profitability. The result partly explains the market’s negative immediate responses to diversification by showing that investors’ expectation of inferior profitability of diversified investment is realized in the long run. The leverage and the large shareholder’s ownership in the fund providing firm is positively related to the fund receiving firm’s long term profitability implying that they relieve agency problems regarding investment decisions. In the long run, the difference in profitability between the fund receiving firm and the fund providing firm is not significant. Growth rate and capital expenditure are still higher in the fund receiving firm. Capital expenditure of the fund receiving firm shows a larger difference from that of the fund providing firm in the long run when the fund providing firm’s growth was lower at the time of transaction. The relation holds for the asset growth difference, too. These results imply that equity investment in affiliated firms can be effective as a long term growth strategy for the firms with slow growth.