내부자 거래가 자기자본비용에 미치는 영향

This study examines the relationship between insider trading and capital equity cost. There is a problem of information asymmetry between insiders and external information users, and insiders can achieve excess earnings through stock trading using information advantage. Excess income from insider trading using private information damages the interests of investors who are participants in the capital market and lowers the trust of the market. In the capital market, investors use the all available information to measure the risk level of the firm. The required rate of return on the risk level that investors perceive is the cost of equity capital. This study examines investor 's reaction to insider trading through the cost of equity capital and examines how this relationship varies with the level of information asymmetry. As a result of the empirical analyses, the selling transaction significantly increases the cost of equity capital, but the buying transaction has no significant effect. This implies that in the capital market, investors perceive insider trading as an increase factor of the risk level of the company. This relationship also depends on the information asymmetry level. High level of information asymmetry leads to a significant increase in equity capital cost, but insider trading has no significant effect on equity capital cost if information asymmetry level is low. This study suggests that investors in the capital market are more aware of insider trading as a risk factor of the firm and will make an additional contribution to the existing research. Also, it is suggested that insider trading is a fundamental reason that investors in the capital market are perceived as a risk factor of firms is in the problem of information asymmetry. These results are useful implications for investors and financial authorities.