우리나라 時價發行制度에 관한 연구

Abstract

우리나라에서는 企業體質改善에 의한 경쟁력 강화와 과증되는 金融資産需要에 대처하기 위하여 1983年 時價發行制度를 도입하게 되었다. 아직까지 우리나라 時價發行制度의 역사는 짧지만 정부의 정책적 배려와 기업의 협조로 우리 證券市場은 착실한 기반을 다져왔다. 時價發行에 관한 논의의 핵심은 新株發行價額을 時價에 최대한 접근시키고, 企業과 投資者間의 상충되는 利害關係를 어떻게 조절하느냐에 놓여진다. 따라서 公正한 發行價額은 신주의 소화가능성과 기존주주의 이익보호를 실현하는 기업의 內在價値 수준에서 결정되어야 한다. 우리나라 時價發行運營基準에서는 時價發行價額을 一定公式에 의해 일률적으로 결정하고 있다. 이는 基準株價의 合理性問題, 割引率問題등 많은 이론상의 문제점을 포함하고 있다. 따라서 本 硏究에서는 우리나라 時價發行價額이 적정하게 결정되고 있는지를 검토해 보고자 1984年부터 1986年 11月末까지 權利落이 이루어진 24개 時價發行企業을 대상으로 株價推移를 살펴보고, 殘差分析(Residual Analysis)을 실시 하였다. 分析結果에 따르면 대부분의 기업이 株價가 계속 上昇局面에 있을때 시가발행을 발표하였고, 이에 따라 過大計上될 수 있는 발행가액을 할인률로 조정하여 時價發行後 비교적 안정적인 株價가 형성되고있음을 볼 수 있었다. 또 割引率이 높을수록, 그리고 時價發行比率이 낮을수록 일정기간후 보다 큰 超過收益을 실현하고 있음을 파악할수 있었다. 이에 따라 現 우리나라 상황에서는 비교적 타당성 있는 發行價額이 산정되고 있다고 판단되어 진다.;Issue at market-price system has been introduced to the domestic securities market in 1983 in order to cope with the ever-strengthening competitiveness through the rationalization of the institutional organizations and increasing demand for financial capital. Until recently, overcoming the relatively short history of issue at market-price system, the domestic securities market has established firm base mainly owing to the government's support policy and the cooperation of a wide range of institutions. Nevertheless, the major discussions on the issue at market-price system are: minimizing the price gap between the issuing price under the issue at market-price system and the market price for new shares, and settling the disaccord between the institution and investors. Therefore, to determine the impartial issuing price, the probability of reaching relative level of market circulation of the new shares and the protec tion of the interest of current shareholders should be fully considered. According to the present system, the issuing price is strictly calculated by the pre-determined formula. This formula was made with the consideration in rationality of current issuing price system and its discount rate calculating system and etc. Hence, on the purpose of reviewing the fairness of determining process of issuing value in accordance with issue at market-price formula, this paper analyzed the share price movement for those 24 companies which have issued shares under the issue at market-price system during the period between 1984 and November 1986. According to the results of the above mentioned survey, almost all of surveyed companies have announced the issuance of shares under the issue at market-price system while the company's share price was in an upward trend, and thus the afterward share price movement showed a rather satisfactory trend once the issuing value of the particular share has been adjusted accordingly. In addition, as the discount rate inclined and the relative rate of issue at market-price dropped, there were extra gains after a certain period. Therefore, considering a variety of current market circumstances, this paper concludes that the issuing price have been calculated under the reasonably impartial issue at market-price system.