경영권방어수단의 존재가 자기자본비용에 미치는 영향

[Purpose]This study examines how anti－takeover provision(ATP) affects the financing cost of companies using equity capital costs. Through this, entrenchment hypothesis and alignment hypothesis, which are conflicting hypotheses related to anti－takeover provision, are verified. [Methodology]This study uses companies listed on the securities market from 2011 to 2018. The cost of equity capital was estimated using the Capital Asset Price Determination Model (CAPM), and the results of using the intrinsic cost of equity capital are also reported in further analysis. [Findings]As a result of empirical analysis, it was found that the cost of equity capital of companies with anti－takeover provision was higher than that of companies without anti－takeover provision. This means that if shareholder rights are weakened due to the presence of anti－takeover provision, the controlling shareholder will make excessive investments in the process of pursuing private interests and increase corporate volatility, increasing risk premiums. On the other hand, in the analysis using intrinsic capital cost as a substitute for equity capital cost, no significant relationship could be found between anti－takeover provision and equity capital cost. [Implications]This study has implications in that it examines the relationship between anti－takeover provision and cost of equity capital using Korean data, and has a contribution in that it discovered anti－takeover provision as variables that can affect cost of equity capital.