기업 밸류업 프로그램의 실효성에 관한 연구

In 2024, the corporate value-up program was introduced to resolve the Korea Discount. It applies to all listed companies on the KOSPI and KOSDAQ markets. Listed companies can voluntarily disclose their ‘corporate value-up plan’, and incentives are provided for this, but there are no disadvantages. However, the participation rate of listed companies in the disclosure of their ‘corporate value enhancement plans’ was very low, and the stock market in 2024 also ended on a weak note. However, given that the stock markets of major countries including Japan ended on a strong note during the same period, research is needed on the effectiveness of corporate value-up program. Therefore, this study first briefly examined the background of the introduction of corporate value-up program, its progress, and main contents, and then compared the cases of Japan’s corporate value-up program to find implications. In Japan, until the corporate value-up program became established as it is now, a mid-to long-term corporate value-up environment centered on improving corporate governance was created since the Abenomics era. In this process, the corporate governance code and the stewardship code played key roles. In addition, in order to induce household funds into the capital market, a small investment tax exemption system was implemented, the stock market was reorganized, and new listing and listing maintenance standards were strengthened. In addition, the JPX Prime 150 Index was launched and related ETFs were listed, and a strong corporate value-up program was consistently promoted, even despite the change of government, to the point of delisting listed companies if they did not make active efforts to increase their value. In this regard, I saw that it has great implications for us, and based on this, I wanted to review the effectiveness of corporate value-up program. And I examined ways to enhance the corporate value of listed companies, such as strengthening the fiduciary responsibility of institutional investors by utilizing the stewardship code, expanding various benefits for companies striving for value-up, strengthening the Korea Exchange's new listing and listing maintenance standards, and utilizing the corporate governance report. In conclusion, in order for the corporate value-up program to be successfully established in Korea, it is important to respond to the corporate value-up program from a mid- to long-term perspective, but above all, a change in the perception of corporate owners (major shareholders) toward enhancing corporate value must come first. This will change the listed companies’ attitude toward the corporate value-up program. I hope that follow-up research on enhancing corporate value will be conducted to contribute to the successful establishment of the corporate value-up program in Korea and the elimination of the Korea Discount.