Earticle

급변하는 현대 자본주의 사회에서 기업들이 합병 등의 구조조정을 통한 효율성의 추구는필수적이다. 이러한 합병 등과 같은 사업결합과정에서 영업권과 같은 식별가능성이 없는무형자산은 필연적으로 나타나게 된다. 합병을 하는 기업 간의 영업권은 회계처리규정에따라 당연히 인식되고 있는데 반해 세법상 이러한 영업권은 인정되지 않는 경우가 많았다. 왜냐하면, 세법상 영업권은 일정한 요건을 충족하는 경우에만 인정되었기 때문이다. 특히, 회계적으로 평가한 영업권을 세법상 인정하지 않는 경우가 다수 존재하였다. 그러나이는 회계상 영업권의 본질이나 도출과정을 정확히 이해하지 못하는데서 오는 오판이라고생각한다. 이에 본 연구에서는 서울행정법원(서울행정법원 2014.06.27. 선고 2013구합58344 판결)과 서울고등법원(서울고법 2015.4.3. 선고 2014누56545 판결)을 중심으로상장기업간의 회계상 발생하는 영업권을 세법상 인정할 수 있는지에 대해 살펴보고자한다. 특히, 대부분의 판례들이 비상장기업간 합병으로 인한 영업권에 대해서만 판시하였고 상장기업간 합병으로 인한 영업권에 대한 판시는 이번이 처음일 것이다. 따라서 본연구의 평석은 상장기업간 발생한 영업권을 다뤘다는 점에서 공헌점이 있을 것이다

In this rapidly changing modern capitalism society, it is essential for companies to pursue their efficiency by restructuring like merger and etc.. In this business combinations like merger, intangible assets like goodwill which is unidentifiable necessarily appear. Whereas goodwill between companies to be merged is naturally recognized according to accounting rules, there are many cases that these goodwill is not approved according to tax law. Because, in accordance with tax law, goodwill is only approved in case that specific requirements are met. In particular, there are many cases that goodwill estimated by accounting is not approved by tax law. However, this is presumed to be misjudgement which comes from inaccurately understanding on the nature of goodwill by accounting or how they come out. Therefore, in this research, we will focus on Seoul Administrative Court(Seoul Administrative Court 06.27.2014. Pronouncement 2013Gu/Hap 58344 Adjudication) and Seoul High Court(Seoul High Court 04.03.2015. Pronouncement 2014Nu56545 Adjudication) to find out whether goodwill which comes out during accounting process between listed companies can be approved by tax law. In particular, most judicial precedents have shown decision only on goodwill which came out due to merger between in unlisted companies and it seems to be the first decision on goodwill which come out due to merger between listed companies.

본 연구는 과점시장에서 기업들이 각자의 비용을 사적 정보로 가지고 있을 때 합병에 대해 어떤 선택을 하는가를 살펴본다. 기업들은 우선 각자의 비용을 관찰하고 합병 여부를 결정한다. 기업들이 모두 합병에 동의한다면 이들은 하나 의 독점기업으로 생산량을 결정하고, 합병에 합의를 이루지 못한다면 꾸르노경 쟁을 통해 생산량을 결정한다. 기업들의 비용이 어떤 분포를 갖는가에 따라 여 러 유형의 균형이 나타날 수 있다. 즉, 비용의 분포가 어떤 특성을 갖는가에 따 라 기업들이 항상 합병을 선택하거나 또는 항상 경쟁을 선택하는 공용균형이 나타날 수 있으며, 비용이 낮을 때는 경쟁을 선택하고 높을 때는 합병을 선택하 는 분리균형이 나타날 수도 있다. 그리고 비용의 분포가 어떻게 주어졌는가에 따라 소비자잉여와 생산자잉여와 사회후생 측면에서 바람직한 균형의 형태는 달라진다.

We study how oligopolistic firms make a choice about merger when they have private information about their cost. The firms observe their costs and then decide whether to merge or not. If the firms agree to merger, they behave as a monopolist. If they fail to merge, they are involved in Cournot competition. Depending on the distribution of their costs, a pooling equilibrium where the firms choose to merge or compete regardless of their costs or a separating equilibrium where the firms merge only when their costs are high can appear. We also compare the social welfare in the equilibria.

중고 음운체계에서의 운모(云母), 이모(以母), 의모(疑母), 영모(影母)는 중국어 음운사에서 복잡한 변화 과정을 겪었으며, 다양한 문헌에서 이들 성모의 합류 현상을 확인할 수 있다. 근대중국어 시기와 시대적으로 일치하는 조선 시대에는 풍부한 중국어 역음 자료가 남아 있는데, 이러한 자료에 대한 기록과 기술은 이들 성모가 근대중국어 시기에 어떻게 변화했는지를 연구하는 데 중요한 문헌적 근거를 제공한다. 운모, 이모, 의모, 영모는『홍무정운역훈』에서 영모, 유모(喻母), 의모의 삼중 대립 구조를 형성하였다. 본고는『홍무정운역훈』에 기록된 정음과 속음 체계를 분석하여 영모, 유모, 의모가 엄격한 대립을 이루는 것 외에도 영모와 유모, 의모와 유모 사이에 교차 현상이 나타났음을 규명하였다. 구체적인 연구 절차는 다음과 같다: 첫째, 중고 운모, 이모, 의모, 영모가 중국 음운사에서 보이는 변화 양상을 체계적으로 고찰하였다. 둘째,『홍무정운역훈』의 편찬 과정과『홍무정운』 31성모에 대한 훈민정음 표기 방식을 체계적으로 정리하였다. 이를 바탕으로 운서 내 반절 표기, 성모 체계의 정음 표기와 속음 표기를 일대일 대조 분석하였으며,『사성통고』 범례와『훈민정음 해례』 등 관련 자료를 종합적으로 고려하여『홍무정운역훈』에 구현된 영모, 유모, 의모의 합류 과정에서 나타나는 변화 양상을 체계적으로 정리하였다.

The Middle Chinese initials Yun(云母), Yi(以母), Yi(疑母), and Ying(影母) underwent complex changes throughout Chinese phonological history, with evidence of their convergence documented in various texts. The Joseon Dynasty, contemporaneous with the early modern Chinese period, preserved a wealth of Chinese phonetic materials. These records provide crucial evidence for studying the evolution of these initials during that era. In the Hongmu Jeong'un Yeokhun, the Ying, Yu(喻母), and Yi(疑母) initials formed a tripartite opposition. This study analyzes the standard and colloquial pronunciation systems recorded in the text, revealing not only a strict opposition but also overlapping phenomena between the Ying and Yu, as well as between the Yi and Yu. The research procedure involved the following steps: first, we systematically examined the historical development of these Middle Chinese initials Ying, Yu, and Yi; second, we reconstructed the compilation process of the Hongmu Jeong'un Yeokhun and its transcription system for the 31 initials of the Hongmu Jeong'un(洪武正韻). We then conducted a comparative analysis of the fanqie notations and the standard and colloquial transcriptions. This analysis was supplemented by references to the Saseong Tonggo(四聲通考) and Hunminjeongeum Haerye(訓民正音解例) to systematically summarize the patterns of convergence among the Ying, Yu, and Yi Initials as reflected in the text.

2019년 들어서 LG유플러스의 CJ헬로 인수가 2016년 SK텔레콤의 CJ헬로비전 인수 건과 비교되어 많은 관심을 받고 있다. 2016. 7월 공정위는 SK텔레콤의 CJ헬로비전 인수합병을 금지하였는데 공정위는 유료방송시장의 지리적 시장을 CJ헬로비전의 방송구역별 지역시장으로 획정하고 수평적 결합과 수직적 결합에서 경쟁제한성이 있다고 판단하였다. 그러나 당시 공정위의 판단은 전국적인 IPTV사업자와 전국 대부분의 지역에서 동일한 서비스를 유사한 가격으로 제공하는 MSO간의 기업결합이라는 점 등을 간과한 것으로 보인다. 한편, 방송통신시장에서의 기업결합은 규제당국과 경쟁당국의 중복적인 관할로 인해 기업의 경영에 대한 예측가능성이 떨어질 수 있다. 이러한 문제를 해결하기 위해서는 기본적으로 각 기관의 전문성을 인정하되 지속적 협의를 통해 규제기관과 경쟁당국의 간격을 좁혀야 한다. 만약 두 기관의 입장이 상충되면 규제기관의 전문성을 존중하는 방향으로 결정을 해야 한다. 왜냐하면 기업결합 이후에도 공정위는 결합회사의 경쟁제한적 행위를 규제할 가능성과 권한이 있기 때문이다. 유선방송 산업은 이미 쇠락하고 있고 OTT 서비스사업자와 같은 새로운 경쟁자가 출현하는 등 방송통신시장에서의 변화는 급격하게 일어나고 있다. 방송통신시장에서의 기업결합은 이러한 환경의 변화를 고려해야 한다. 최근의 미국의 AT&T와 Time Warner간의 기업결합 건에서 법원은 미국의 방송통신시장에서의 급격한 변화를 반영하여 시장에서의 새로운 경쟁을 유도하고 지원하기 위하여 기업결합을 적극적으로 인정하였다. 따라서 LG유플러스의 CJ헬로에 대한 기업결합이 인정되는 것이 사회적 효율성과 소비자 후생의 관점에서 타당한 것이다.

Compared with SK Telecom’s attempt to acquire CJ HelloVision in 2016, the recent LG Uplus’ final decision to take over CJ Hello in 2019 has been drawn attentions. In July 2016, Korea Fair Trade Commission (“FTC”) turned down the transaction between SK Telecom and CJ HelloVision and FTC identified the geographic market as the local markets in which residents have access to CJ HelloVision and decided such transaction had the potential horizontal and vertical anti-competitive effects. However, it looks like that FTC overlooked the fact that such transaction was made between a nation-wide IPTV service provider and a MSO who had offered the same services at the similar price in the greater part of the country. Meanwhile, the regulatory overlap in the merger in the broadcasting and telecommunications sector may make the merging entities’ business less predictable. Therefore, the regulatory authorities and competition authorities should respect their respective roles and continue to cooperate so that this concern may be get solved. In case there may be conflict between each other, the industry expertise of the regulatory authorities should be considered as more appropriate because the competition authorities still has an option to enforce against the anti-competitive conducts of merged entity. The cable TV market has been declining and the OTT providers have been growing rapidly, which means the sudden change of the broadcasting and telecommunications sector. Therefore, this change should be considered in case of the mergers in the broadcasting and telecommunications sector. The recent US court’s decision on the merger between AT&T and Time Warner reflected this change of the US broadcasting and telecommunications sector and the court affirmatively approved such transaction so that the new competition can be fostered. Accordingly the LG Uplus’ takeover of CJ Hello should be approved, which would be appropriate from the perspective of the social efficiency and consumer’s welfare.

본 연구는 삼성물산 합병 사례를 통해 상장기업 간의 합병에 있어서 합병가액과 합병비율의 산정 기준을 규정하고 있는 현행 자본시장법 시행령의 문제점과 개정 방향 등을 고찰한다. 이 를 위해, Larson and Gonedes(1969), Conn and Nielsen(1977) 등이 제안한 합병비율 결정에 관한 기존 연구의 분석 틀을 활용하여 시가를 기준으로 합병가액과 합병비율의 산정 방법을 규정하고 있는 현행 자본시장법 시행령의 문제점을 분석하였다. Larson and Gonedes(1969), Conn and Nielsen(1977) 등의 합병비율 결정모형을 사용하여 추정한 삼성물산 합병의 합병비 율 협상 범위는 최소수용 합병비율(minimum acceptable exchange ratio)인 1:0.34에서 최대허 용 합병비율(maximum allowable exchange ratio) 1:0.49 사이인 것으로 나타났다. 삼성그룹이 자본시장법 시행령의 합병기준을 적용하여 산정한 합병비율 1:0.35는 최소수용 합병비율 1:0.34 보다는 조금 높은 수준이므로 최소한 삼성물산 주주들의 부의 감소를 초래하지는 않는다. 그러 나 실제 합병비율이 최대허용 합병비율인 1:0.49에는 한참 미치지 못한다는 사실은 결국 합병 시너지의 대부분을 지배주주의 지분율이 높은 제일모직의 주주들이 가져가고, 반면에 지배주주 의 지분율이 낮은 삼성물산의 주주들은 상대적으로 적은 시너지 효과를 누릴 수밖에 없다는 것을 의미한다. 이처럼, 삼성물산 합병 사례는 현행 자본시장법이 규정하고 있는 합병가액과 합병비율의 산정 기준이 법 제정 의도와는 달리 결코 효과적인 소수주주 보호 수단이 될 수 없다는 사실을 잘 보여주고 있다. 따라서 본 연구에서는 상장기업 간의 합병에서 합병가액과 합병비율 산정과 관련된 현행 자본시장법 규정이 내포하고 있는 문제점이 무엇인지를 논의하 고, 이를 해결하기 위한 제도 개선 방안과 자본시장법의 개정 방향 등을 제시하였다.

This paper examines how to amend Capital Markets Act related to the determination of an appropriate stock exchange ratios in mergers between listed companies in Korea focusing on the case of Samsung C&T and Cheil Industries merger in order to protect the right of minority shareholders. According to the exchange ratio determination model of Larson and Gonedes(1969), the particular exchange ratio which is finally agreed upon will be a function of the relative bargaining power of each party involved in the merger and the relative contribution which each party makes to the incremental value of the combined entity. In Korea, however, the exchange ratio is set by law such as Capital Markets Act, based on historical trading prices, not through negotiations between the acquirers and the target firms. In the case of Samsung C&T and Cheil Industries merger, the activist hedge fund Elliott and ISS argue that although the terms of the transaction including the exchange ratio are fully compliant with Capital Markets Act in Korea, the combination of Samsung C&T’s undervaluation and Cheil Industries’ overvaluation significantly disadvantages Samsung C&T shareholders. This paper, therefore, presents directions to amend Capital Markets Act in terms of exchange ratio determination and legal requirements for fairness opinions in order to protect the right of minority shareholders, especially in merges between listed companies affiliated to business groups in Korea.

본 연구는 2010년부터 2016년까지 한국거래소 유가증권시장에 상장되어 있는 기업 중 기업구조조정의 방법인 합병을 공시한 215개 기업 및 기업분할을 공시한 92개 기업의 표본을 이용하여 합병 및 기업분할을 공시한 시점에서의 공시효과가 존재하는지의 여부와, 공시시점 전후의 재무특성간의 차이가 존재하는지를 사건연구방법을 이용하여 분석하였으며, 그리고 공시시점에서 존재하는 비정상수익률이 어떠한 기업특성변수(기업규모, 기업위험, 매출액성장률, 총자산영업이익률, 부채비율, 이자보상비율, 잉여현금흐름, 대주주지분율, 외국인지분율 등)에 의해 설명되고 있는지를 횡단면 회귀분석을 통하여 실증적으로 분석하였다. 본 연구에서 발견할 수 있었던 분석결과로는 첫째, 기업분할표본(92건), 인적분할표본(32건), 물적분할표본(60건) 및 합병표본(215건)의 공시시점에서 모두 유의적인 양(+)의 누적평균비정상수익률이 관찰되었을 뿐만 아니라, 기업분할표본과 합병표본간의 사건기간(-1, +1) 누적평균비정상수익률도 기업분할표본에서 더 높게 나타났다. 둘째, 기업분할 및 합병표본간의 재무특성치에 대한 차이분석 결과에서는 성장성 및 수익성변수에서 기업분할 및 합병표본 모두 공시전보다 공시후에 더 높은 평균값을 관찰하였으며, 재무구조변수인 부채비율 및 이자보상비율을 이용하여 분석한 결과에서도 공시전보다 공시후에 더 높은 평균값이 나타났으나, 모두 통계적으로 유의성이 없는 것으로 나타났다. 셋째, 기업분할 및 합병 공시시점에서 발견할 수 있었던 누적평균비정상수익률(CAAR)에 영향을 미치는 설명변수를 분석한 결과에서는 기업분할 전체표본 및 물적분할표본에서 총자산영업이익률변수(TASP)와는 유의적인 양(+)의 회귀계수를, 부채비율변수(DEBT)와는 유의적인 음(-)의 회귀계수를 발견하였으며, 합병표본에서는 매출액성장률변수(SGR)와는 유의적인 음(-)의 회귀계수를, 부채비율변수(DEBT)와는 유의적인 양(+)의 회귀계수를 발견하였다.

In this study, we analyze the sample of the 215 firms that announced the merger, and the 92 companies that disclosed the corporate divestiture, which is the method of corporate restructuring, among the listed companies in Korea Exchange Market from 2010 to 2016. We analyze whether there is a difference between the disclosure effect and the financial characteristics before and after the disclosure. and If the abnormal returns existing at the time of disclosure are explained by any company characteristics.(firm size, corporate risk, sales growth rate, total assets profit margin, debt ratio, interest coverage ratio, free cash flow, major shareholder ratio, foreign ownership rate, etc.) Were analyzed through cross–sectional regression analysis. The results of the analysis were to be found in this study are as follows. First, the CAAR of all positive(+) observations was observed at the time of announcement(-1, +1) of corporate divestiture (92 cases), Spin-offs samples (32 cases), Carve-out samples (60 cases) CAAR among the corporate divestiture sample and merger sample is also higher in the corporate divestiture sample. Second, in the analysis of the difference between the financial characteristics of the corporate divestiture and merger samples, both the corporate divestiture and the merger sample were higher than the former before disclosure. In the analysis using the debt-to-equity ratio and the interest-to-equity ratio, the higher mean value was found after disclosure than before, but all of them were not statistically significant. Third, the explanatory variables affecting CAAR, which was found at the time of corporate divestiture and Carve-out announcement, were significantly different from TASP variables. We find regression coefficients of positive (+). and negative (-) for debt ratio variables (DEBT). In the merger sample, regression coefficients of negative(-) from SGR variables. and significant positive(+) regression coefficient with the debt ratio variable (DEBT).

기업인수목적회사(SPAC)는 기업합병만을 목적으로 하는 페이퍼 컴퍼니로 우회상장을 대신하여 투자자를 보호하려는 목적으로 2009년 우리 증시에 처음 도입되었다. 이후 2013년까지 국내 증시에 상장된 1기 SPAC은 총 22개로 이중 10개가 합병에 성공하였고, 나머지 12개는 기업합병을 하지 못하고 상장폐지되었다. SPAC의 상장에 앞서 공모규모는 약 200~300억원 정도였으며, 상장 초기 일부 SPAC은 주가 급등락을 겪기도 하였으나, 평균적으로 상장 이후 1년 시점에는 주가가 모집가격을 하회하다가 2년 시점에서는 모집가격 근처로 회복되는 패턴을 보였다. 기업합병에 성공한 SPAC의 경우 합병공시 이전 25일간의 공시효과를 살펴보면 누적평균초과수익률(CAAR)이 2.94%로 유의하게 나타났으며, 주주총회 전 25일부터 이후 20일까지의 CAAR도 10.60%로 유의한 주주 부의 증가를 나타냈다. 1기 SPAC을 통해 볼 때 SPAC에 대한 과다한 규제가 SPAC시장의 활성화를 저해한 측면이 있으며, 향후 SPAC의 활성화를 위해서는 이러한 규제들을 완화할 필요성이 있다.

SPAC(Special Purpose Acquisition Company) is the paper company that aims the merger of private company only, and introduced in Korea at 2009. Until 2013, 22 SPACs were listed, and 10 of them made successful mergers but rest were delisted. When IPO, range of the volume of public offerings were 20~30 billion won. After IPO, some SPACs showed extreme price movements, but on average their prices were below IPO prices 1 year later and near IPO prices 2 years later. Successful SPACs showed positive and significant 2.94% 25 days Cumulative Average Abnormal Return(CAAR) before the public announcements of merger and also showed positive and significant 10.60% 45 days CAAR around the general meetings of shareholders. I concluded that SPAC market were constrained by several regulations, so deregulation is needed for SPAC market activation.

본 연구는 외환위기 이후의 기업 인수합병 공시가 인수기업의 주주에 미치는 영향과 그 결정요인에 대하여 실증 분석하였다. 기존연구의 미비점을 보완하기 위해 우회상장을 표본에서 제거하는 한편 합병 외에 주식취득과 영업양수 방식에 의한 인수합병을 분석대상에 포함시킴으로써 표본의 동질성과 규모를 충분히 확보하고자 하였다. 2000년부터 2008년 상반기까지 이루어진 396개의 인수합병 표본을 대상으로 분석한 결과 인수기업 주주는 공시시점에 5.9%(CAR(-5, 1))의 초과수익률을 얻은 것으로 측정되었다. 또한 인수합병 수단, 다각화 인수합병 여부, 계열기업 간 인수합병 여부 등 인수합병의 유형별 분류와 인수기업의 규모 등은 공시 초과수익률 결정에 일관되게 중요한 영향을 미쳤다. 즉, 합병과 주식취득보다는 영업양수가, 관련 인수합병보다는 비관련 인수합병이, 계열보다는 비계열 인수합병에서, 그리고 인수기업이 소규모일수록 누적초과수익률이 유의적으로 더 높았다. 그러나 대금결제 방식에 따른 시장반응의 차이는 실증적으로 확인할 수 없었다.

This study examines a large sample of M&As conducted in Korea since the financial crisis in late 1990s in order to investigate how announcement returns to acquiring firms differ among various types of acquisitions. We adopt the term ‘acquisition types’ inclusively: the legal procedures, intended goals, payment methods, and acquirer’s financial characteristics such as firm size. We try to get the sufficient sample size by including ‘acquisition of business’ and ‘acquisition of stock’, as well as ‘merger’ in our sample M&A firms. However, we exclude from our sample the backdoor listings that are fundamentally different from ordinary M&As in order to enhance the sample homogeneity. Most of existing empirical studies fail to distinguish backdoor listings from ordinary M&As in sample selection. In our preliminary analysis, the announcement returns of backdoor listings are estimated to be larger by more than twice the size of ordinary M&As. Based on the final sample of 396 acquisitions announced and completed by non-financial companies listed in the Korea Exchange (KRX) from January 2000 to June 2008, acquiring firms’ short-run stock performance (CARs) during the announcement period is examined to see if the market’s initial reaction is affected by such facts as: whether the transaction is a merger or acquisition; whether the acquisition is a diversifying or affiliated one or not; and whether the acquiring firm is large or small. Abnormal returns are measured using both the market adjusted and the market-model adjusted approaches, whose outcomes are basically similar. We perform our analysis both in a univariate setting and in a multivariate framework in which we control for other factors that may affect acquirer announcement returns. Our major findings are as follows. First, acquiring shareholders consistently earn positive abnormal returns for as long as 10 days prior to the announcement date, i.e., the date of decision by a board of directors. However, stock prices behave efficiently, showing seldom abnormal returns after the announcement date. Consequently, their CARs(-5, 1), on average, amount to 5.9%, statistically significant at the 1% level. The positive announcement effects on acquiring firms are more evident in domestic studies than those in foreign studies while the results are consistent with the empirical evidences of existing domestic studies. Furthermore, shareholders of firms in acquisitions of businesses earn positive abnormal returns (CARs(-5, 1)) of 11.1%, while those in abnormal returns to mergers and stock acquisitions are only 5.3%. The difference between these two is statistically significant. Second, acquirers of diversifying acquisitions significantly outperform in shareholders’ abnormal returns relative to acquirers of non-diversifying acquisitions. Although it has been commonly argued that non- diversifying acquisitions increasing the concentration of core business are more likely to create firm value, our empirical evidence supports the opposite. Our result seems to indicate that the stock market of the current decade values highly developing a new business area for the future growth through diversifying acquisitions. Third, acquirers of non-affiliated mergers significantly outperform in shareholders’ abnormal returns relative to those of affiliated mergers, both the acquirer and the target owned by the same major shareholder. The result is consistent with existing empirical findings, suggesting that affiliated mergers are usually initiated by corporate headquarters which have intention to remedy their ailing subsidiaries through mergers with better performing subsidiaries. Accordingly, shareholders of acquiring firms, namely well-performing subsidiaries, react negatively to the announcement of affiliated mergers. Fourth, we find the size effect on M&A transactions, which implies that announcement returns are inversely related with the acquirers’ firm size when measured in total assets and the market value of equity. The size effect is significant and robust in all the variations of regression models. However, the acquiring firm’s financial ratios measured prior to the year of merger completion such as free cash flow, debt ratio, book to market ratio, and profit margin do not have any significant effects on announcement returns. The targets’ financial data such as firm size and operating performance are not meaningfully related with the acquiring shareholders’ returns either. Lastly, it is commonly expected that announcement returns of acquisitions with stocks are less than those of cash acquisitions since acquiring firms would pay for their acquisitions with stocks when those stocks are overvalued and cash when they are undervalued. Although the extant foreign literature documents significant relations between the form of acquisition payment and announcement returns, we find no evidence that the method of payment conveys information about the acquirer’s firm value. Typically in Korea, all stock-financed acquisitions correspond to mergers as the legal forms of acquisitions, whereas all cash-financed acquisitions are of acquisitions of either stocks or businesses. Thus, it is possibly conjectured that the effect of payment methods is veiled by the legal forms of acquisitions.

According to close connections in the fields of economics, trading, investments and so on between Korea and China, the study on the Anti-monopoly law of China would be much helpful to understand this country. After 1990, China entered into market economy from industry economy by the success of reform and opening up policy. China already established “Anti-unfair Competition Law” for the introduction of market competition system, but, there was still lots of non-competition factor among various industry field. So it was a pending issue that how to strengthen an enterprise’s competitiveness by the introduction of open competition free from government regulation and protection policy. Then the necessity of avoiding side effect of government’s growth preference policy, establishing a new economic order by revitalization of market function, and reinforcing nongovernmental-initiated economic management and enterprise’s responsible management was recognized. So, finally “Anti-monopoly law” is established in the August this year by Standing committee of National People’s Congress to free from government restriction and keep pace with world trend. This thesis is constructed all by four chapters. Chapter 1 to chapter 3 is mainly explaining current Anti-monopoly law of China and some drafts discussed before, chapter 4 is proposal to the draft of Chinese Competition Law. In chapter 1, it is analyzing the trend of competition law of China by comparing each laws and acts relating anti-monopoly law and pointed out the main argument and several different points of view for the “Anti-monopoly Law,” and some arguments into the relations between antimonopoly law and anti-unfair competition law. Chapter 2 is mainly about the theory of competition restriction contract, mainly describing the attribute of cartel, and comparing the necessity of the restriction of competition, and the standard of the restriction of merger, in order to pass judgment on the introduction of competition restriction contract, and the injustice of the collaboration. And it stated the application of reasonable rules and more as the explanation of the practicality restriction systems. Also, it analyzed private lawsuit and leniency policy as punishment and penalty. And pointed about some rules of the relating on the abuse of dominance. After then about the merger of enterprises, discussing the restriction of competition in company merger, and defining related market. It’s also analyzing market state, potential competition, possibilities of hard core cartel among competitors, and alternative supply in horizon merger. Finally, it stated the screening standard of merger, and the opinion on the relationship between competition policy and industry policy. And mainly about administrative monopoly acts especially important problems in China, and extraterritorial application of antimonopoly law which would have many impacts on the play of Korean companies in Chinese market. Chapter 3 is about the antimonopoly law enforcement agency and its execution. Firstly pointed out the need for a strong enforcement agency, and theoretical analysis of damage claim policy, prohibition of damage claim policy, and then, stated the solution to the problems on the background, basis, and current status of fine imposition policy. And it analyzed the problems of current law system, the purpose and the adequacy of legislation of exclusive prosecution system in China. In chapter 4 I proposed some personal recommendations and hopes on the establishment and execution of anti-monopoly law in China to put forward progress.

본 연구는 우리나라 공개매수 현황을 서베이하였다. 특히 그동안 국내 선행연구에서 드물었던 우리나라 공개매수의 동기(목적)와 공개매수를 위한 자금조달 현황 등을 조사하였다. 조사기간은 2001년 1월부터 2007년 2월까지로 하였다. 본 연구의 목적을 위하여, 유가증권시장 자료는 한국증권선물개래소의 유가증권 전자공시시스템에서 ‘공개매수신고서’를 참조하였고, 코스닥시장 자료는 코스닥 전자공시시스템에서 ‘공개매수신고서’를 참조하였다. 조사한 결과는 다음과 같다. 첫째, 조사기간 중 40건의 공개매수가 완료되었고, 그중 유가증권시장에서는 28건이 이루어졌고 나머지(12건)는 코스닥시장에서 이루어진 것으로 조사되었다. 둘째, 우리나라 공개매수의 주요한 동기는 ‘안정적인 경영권확보’, ‘소액주주 보호대책’, 및 ‘주식보유비율 맞춤’이었다. 셋째, 공개매수 기업의 대부분은 한국기업이었으나, 외국기업이 6개 이었다. 넷째, 본 조사에서 우호적 공개매수가 적대적 공개매수보다 횟수가 더 많은 것으로 조사되었다. 다섯째, 공개매수 이전의 두 기업 관계에서 비계열기업간 보다는 계열관계기업 간에 더 높은 공개매수 빈도를 보이는 것으로 또한 조사되었다. 여섯째, 4개(LG증권, 대우증권, 굿모닝신한증권 및 우리증권)의 증권회사가 공개매수 대리인으로서 약 65%를 차지하였다. 일곱째, 공개매수를 위하여 조달한 자금은 약 9,659백만원(중간값) 정도 되는 것으로 조사되었고, 대부분은 자기자금으로 조성하였으며, 은행과 신탁회사에서 차입한 경우가 3건이며 회사채를 발행하거나 신종기업어음으로 조달한 경우는 단 1건이었다

This study surveyed tender offer’s present conditions in Korea capital market. This study concentrate on both tender offer’s motivation and financing conditions to tender offer especially. Survey period is from January 2001 to February 2007. To achieve the goal of this paper, I refered to a statement of tender offer which is included in Korea Investors Network for Disclosure System of Korea Exchange for KOSPI and also refered to a statement of tender offer which is included in Korea Investors Network for Disclosure System of Korea Exchange for KOSDAQ. The results are as fellows. First, 40 tender offer events were finished during surveying, and 28 events of these were in Korea Stock Exchange, and the rest (12 firms) of these were in KOSDAQ. Second, tender offer’s main motivation are the stable security of the right of management, the protection of minority stockholder, and the order of stock holding ratio. Third, the majority of the bidding were Korea firm, but there were 6 foreign firms. Forth, this survey showed that friendly tender offer was more the frequency than hostile tender offer. Fifth, this survey also showed that it is likely to have high frequency more interrelated firm than non-interrelated firm in prior interrelation between two firms. Sixth, 4 (LG, Daewoo, Goodmorningshinhan, and Woori) Securities took about 65% as tender offer agent. Seventh, this survey showed that the financing which is needed to tender offer is about 9,659 million won (median), and most of them is self-financing, and the case of borrowing from bank and a trust company is 3, and the case of financing from Bond and CP is only 1.

글로벌화 확산 및 기업 간 인수 합병의 규모가 커지면서 국제 인수 합병도 다수 발생하고 있다. 특히 빅딜의 경우에는 국내외 사모펀드(PEF: Private Equity Fund)에 의한 인수도 급속히 증가하고 있다. 본 연구는 사모펀드에 의한 국제 M&A에서 인수이후 통합의 사례를 분석하고 성공적인 통합을 위한 시사점을 도출하고자 한다. 합병이후 통합에 있어서 중요한 것이 통합의 범위와 속도인 바, 사모펀드에 의한 인수의 경우에는 단기간의 기업가치 제고에 통합의 목적이 있기 때문에 통합의 대상, 범위와 속도에 영향을 받을 것이다. 사례 A사는 업계 리더로서 그룹의 경영위기로 인해 사모펀드에 의해 인수되었고 3년 동안의 안정적이고 단계적인 통합과정을 통해 기업가치가 크게 상승한 반면, 업계 2위의 위상을 갖고 있는 사례 B사는 해외에 있는 본사가 글로벌 경영을 축소하는 전략적 의사결정으로 인하여 해외 사모펀드에 인수되었으며, 인수과정에서 노조와의 갈등이 발생하였고 경영진의 전략방향에 대한 공감대가 부족하여 통합의 효과가 아직은 가시적인지 않은 상황이다. 사례 C사는 대표적인 유통기업으로 국내 최대 규모로 사모펀드에 의한 인수로서 통합이 착수되는 시점으로 노조와의 협상은 큰 틀에서 합의를 하였지만 신임 경영진의 구성 및 과도한 프리미엄에 걸맞은 가치실현과 시장 경쟁력 제고라는 과제를 안고 있다. 최근 자본시장법이 개정되고 대기업의 한계사업 구조조정이 늘어나면서 국내·외 사모펀드가 대규모 인수 합병을 더욱 주도 할 것으로 전망된다. 사모펀드에 의한 인수이후의 기업가치 제고를 달성할 수 있는가는 통합의 전략과 방향, 속도 등에 따라 상이할 것이며, 인수회사의 시장 포지션과 역량수준, 신임 경영진의 구성, 원가절감 등의 혁신 활동 및 노조를 포함한 조직구성원과의 관계 등이 중요할 것이다. 본 연구는 M&A의 최근 동향과 관심이 증가하고 있는 사모펀드에 의한 인수이후 통합 사례 분석을 통해 시사점과 성공요인을 도출하고 향후 연구방향과 모델을 제시했다는 점에 의의가 있다.

As M&A size goes up, deals by PEF(Private Equity Fund) are increasing. The objectives of this study is to analyze cases of PEF M&A’s post merger integration and suggest managerial implications. In post merger integration, scope, level and speed should be considered. There may be some different in scope and speed of integration because PEF has a goal to create short term value for resale in 3~5 years. In case A, as a leader, company is acquired by PEF, due to the group financial crisis. About 3 years, integration with a stable CEO and aggressive innovations with organizational support realized additional value creation and enhanced market position. In case B, a global PEF acquired a security company from foreign parent group with high premium price. In acquisition process, there are some conflicts between CEO and labor union, lead concerns about effective integration performance. Case C is a big deal in retail industry, also acquired by a PEF from a UK based global company. Even though in early stage of integration, labor union conflicts would be negotiated well, but new management designation and value-up strategy are still key agenda. Because PEF has both positive and negative impacts on capital market, more empirical research should be followed for PEF’s reasonable role and key characteristics in integration. PEF initiated Cross border M&A will be more active due to revised capital market act. By cross border and PEF‘s nature, there are slightly different aspects in integration approach. Hypothetically, cross border PEF acquisition may affect negative impact on integration scope, but positive on integration speed. This case study provides some implications for successful integration and further research model.

Korean front vowels /ɛ/ and /æ/ have been merged in terms of F1 and F2 in young speakers’ speech. Regarding this recent phonetic merger, this study investigates production and perception of English vowel categories by native Korean speakers. The production and the perception experiments were conducted to examine the effects of native phonetic changes and the linguistic experience on the language competence in English. The production experiment reported that the amount of linguistic experience significantly affects the native-like articulations of English /ɛ/ and /æ/ in relation to the Korean /ɛ/-/æ/ merger. The inexperienced group failed to articulatorily distinguish English /ɛ/ and /æ/. In perception, the analysis showed a significant difference in perceptual accuracy for the experienced and the inexperienced group. The least successful perception was found in English /æ/ by the inexperienced group possibly due to the [low] feature-contrast in English front vowels. Therefore, this study found a significant effect of native phonetic merger on the L2 performance, which can differ depending on the amount of L2 experience.

Previous literature proposed that the ongoing VOT merger between aspirated and lenis stops in Korean is prosodically conditioned. To assess this prosodic account across a variety of prosodic positions, twelve younger speakers were recorded using a novel method of eliciting the stops in four positions with different boundary strengths, distributed over single utterances under broad focus. Bolstering previous findings, the merger occurred phrase-initially (i.e., utterance-initially, IP-initially, AP-initially), while the contrast was maintained by clear separation of F0. Notably, the pivotal role of F0 was also observed phrase-medially (i.e., Wd-initially) in the presence of the VOT cues retaining the feature primacy, even influencing the pitch range of the entire phrase. Additionally, the cue-shifting from a VOT-based to an F0-based system was more advanced in females’ speech. The magnitude of cue-shifting is discussed in light of boundary strengths, focusing on how variant forms involved in ongoing sound change interact with speech prosody.

기업의 인수와 합병은 최근 세계 금융시장의 성장과 함께 중국 자본시장에서도 급속히 확대되어 왔다. 글로벌 기업들의 발전과정을 보면 주로 두 가지 형태가 존재하는데, 첫째 로는 내재적인 발전을 통해 투자를 부단히 증가시키고 기업의 생산능력을 제고함으로써 발전을 실현할 수 있게 되고, 둘째로는 기업을 인수합병 (M&A) 하는 방식으로 짧은 시간 사이에 기업의 규모를 확대할 수 있게 됨으로 빠른 발전을 기대할 수 있게 된다. 기업의 인수와 합병은 경제와 경영, 법률, 금융 등 많은 영역의 영향을 받기 때문에 합병의 문제를 연구하는 것은 중국뿐만 아니라 국제적으로도 중요한 과제이며, 기업재무와 경영의 의사 결정에도 활용될 수 있을 것이다. 따라서 본 연구는 중국 상장기업 중에서 인수기업과 인수대상기업의 M&A 기간 동안의 비정상수익률과 누적 비정상수익률을 실증적으로 검 증하고 회사 주식의 수익률 제고에 대한 성과를 분석하였으며 인수합병 이후의 체계적 위험의 변화에 영향을 미쳤는지에 대하여 연구하였다. 사건연구 (Event Study)와 자본자 산가격결정모델 (CAPM)을 이용한 실증분석에 의하면 중국 상장기업의 인수와 합병은 인수기업보다 인수대상 기업의 가치변화에 더 큰 영향을 보이는 것으로 나타났다.

Activities of mergers and acquisitions (M&A) have been expanded quite rapidly recently in Chinese equity markets as well as in global economy for the last several decades. Firm can be endogenously developed by increasing investments to improve the production power, or through M&A to enlarge the size in a short period of time. This paper investigates the performances of the target and acquiring firms listed in the major stock markets from the M&A activities by employing the event study and examining the abnormal rate of returns around the announcement date of M&A. During the period of this study, M&A’s have been improving the target firms’ economic returns while there have been weak evidence for the performance of the acquiring firms. The changes of systematic risk levels of the acquiring firms after M&A’s are also investigated.

This paper examines bank merger waves in Japan and their effect on competition in the Japanese commercial banking market for the period of 1983-2006. The H-statistic of the Panzar-Rosse model is estimated separately for three different time periods, the boom, the bubble burst and the recovery. This paper concludes that the bank mergers that took place in Japan have not led to a higher level of market power except for the period of financial crisis brought by the bubble burst. Recent mergers in the Japanese banking sector do not seem to harm the competition level in the banking market. Contrary to the decreasing trend of Chinese banks’ overall market concentration, the Japanese and Korean banking industries share commonality in their merger activities and market concentration trend, that is, an increase in bank mergers, creation of mega banks and an increase in overall market concentration. Even with a decrease in market concentration, the Chinese banking industry is still highly concentrated and its level of competition is close to oligopoly, whereas both the Japanese and Korean banking industries have a market structure of monopolistic competition. The city banks in Japan tend to be more competitive than its Korean counterpart while the Korean regional banks are more competitive than its Japanese counterpart.

This paper investigates how firm financial conditions and governance characteristics affect reverse mergers’ survival. Using a sample of reverse mergers that took place in the U.S. during the 1997–2009 period, we find that firms with better corporate governance are more likely to survive after the reverse merger. In particular, CEO ownership, staggered board dummy, and venture owner dummy have positive association with reverse merger survival. We also show a concave relation between the average board tenure and the probability of reverse merger survival. In contrast, most of the firm characteristic variables have insignificant relationship with reverse merger survival. Our results suggest that the survivability of reverse mergers relies more on their presumed value-enhancing governance characteristics than on the financial conditions of the merging firms.

This paper presents a Stratal OT approach to the noun-verb asymmetry with respect to the interaction of Consonant Cluster Simplification (CCS) and Aspiration Merger. It is proposed that the constraint hierarchy at the lexical level differs from that of the postlexical level particularly in the ranking between Align-R(PrWd, σ) and *h. Ranking Align-R(PrWd, σ) higher than *h blocks the effect of Aspiration Merger in nouns at the lexical level since noun stems form a prosodic word on their own. Hence, only CCS applies at the lexical level and then, Aspiration Merger occurs at the postlexical level. By contrast, the ranking of Align-R(PrWd, σ) does not have any influence on verbs even at the lexical level since verb stems cannot form a prosodic word by themselves. Consequently, Aspiration Merger can take effect at the lexical level in verbal inflection

M&A (Merger and Acquisitions) is a standard corporate strategy frequently used by companies seeking to secure new growth engines and gain a solid foothold in their markets in order to become more globally competitive. To achieve the original goals of M&A, the two involved parties need to invest significant time and resources in integrating all aspects of the companies. A well-planned post- merger integration of information technology (IT PMI) by the two M&A parties is considered a crucial and difficult process because IT provides a fundamental infrastructure for integration. Considering various internal and external factors, the two parties normally formulate an IT PMI strategy. The many IT PMI strategies can be categorized into four major types: Renewal, Takeover, Standardization, and Synchronization. This study aims to develop a decision making model to help merger company and IT managers select the proper IT PMI strategy. More specifically, we identify key determinants that need to be considered when selecting a proper IT PMI strategy. The relative importance of each determinant is defined by analytic hierarchy process (AHP) analysis. Finally, this study evaluates each IT integration strategy under the identified determinants.