코스닥 상장기업의 스톡옵션 도입과 소유구조 및 경영성과 관계 분석

• 영문명: Analysis of the relationship between the stock options introduction of KOSDAQ-listed companies and the ownership structure & management performance
• 발행기관: 한국전통상학회
• 저자명: 도태현(Do, Tae-hyun)
• 간행물 정보: 『한국전통상학연구』한국전통상학연구 제21집 제2호, 1~20쪽, 전체 20쪽
• 주제분류: 경제경영 > 경제학
• 파일형태: PDF
• 발행일자: 2007.12.30

영문 초록

To analyze the relationship between the companies that introduced stock options and the other companies that didn't, this study employs the test model of research hypothesis and performs sampling using such main variables of the companies listed on KOSDAQ during the period of 2000 to 2005 as corporate characteristics, ownership structure, management performance. And then this study presents and explains the result of processing statistical data that are practically analyzed using the samples, and furthermore formulates the co-relationship between the main variables. The result of performing logistic regression analysis against the variables is summarized like below. Firstly, in terms of debt ratio as a variable of corporate characteristics the study shows that compared to the companies that didn't implement stock options, the companies that introduced stock options have a lower debt ratio than average. With regards to the size of the company, it shows that the size of the companies that introduced stock options is larger than average; the operation cash flow of the companies that introduced stock options is smaller than that of those that didn't introduce it in average. Secondly, a negative relationship regarding the debt ratio and operating cash flow isseen and it shows a meaningful positive relationship with regards to the size of the company. This result tells that the companies that introduced stock options have a tendency to have a lower debt ratio and cash flow, and a larger company size. The share holding ratio of major shareholders as a variable of the ownership structure shows a meaningful negative relationship. It shows a positive relationship with regards to the foreigners' share holding ratio and the influence of the second largest shareholder it also shows a negative relationship regarding return on assets, growth rate of sales, and growth rate of net income. It implies that the companies that introduced stock options play poorer than those that didn't introduce it. Lastly,after analyzing the corporate characteristics, ownership structure, and management performance by means of the T-test which uses the annual parameter, it shows that the company size grew up in average and the debt ratio decreased proving the affirmative effect of stock options. However on the contrary the influence of the second largest shareholder, return on assets, and growth rate of net income decreased, and therefore notwithstanding the original purpose of introducing stock options the management performance was not improved.

목차

Abstract

Ⅰ. 서론

Ⅱ. 선행연구검토 및 가설설정

Ⅲ. 실증분석을 위한 연구 설계

Ⅳ. 실증분석결과

Ⅴ. 결론 및 요약

참고문헌

키워드

stock options corporate characteristics management performance ownership structure