분할기업의 생산성 효과 분석

This research aims on analyzing economic performance, especially productivity of spin-offs provided tax incentive such as corporate income tax deferral in order to prompt corporate reorganization, differently from the previous accounting analysis. To achieve research goals, after dividing into two group, large and Small and Medium-sized Enterprises(SMEs), Difference-In-Difference(DID) was performed for spin-offs which tax incentives were given in 2016. To measure productivity, this study uses labor productivity generally used and Total Factor Productivity(TFP) followed by Levinsohn and Petrin(2003) As a result, large-sized firms show the improvement of productivity after spin-offs but productivities of SMEs decrease through spin-offs. It implies that objectives of spin-offs could be different according to firm size. In addition, we explores the effects of spin-offs on corporate governance, using the largest shareholders' ownership from TS-2000 Data Base provided by Korea Listed Companies Association(KOICA). Results from this analysis show that the effects of the largest shareholders’ ownership for all fims were statistically insignificant but those for SMEs statistically increased at 1% significance level. In conclusion, we can say that spin-offs of SMEs primarily focus on strengthening control power from increasing the largest shareholders’ ownership than productivity improvement or an increase in profit through reducing firm size.