학술논문
Case study of Equity Carve-out In the Korean Distribution Industry: Focusing on the SSG.com
이용수 2
- 영문명
- Case study of Equity Carve-out In the Korean Distribution Industry: Focusing on the SSG.com
- 발행기관
- 한국유통과학회
- 저자명
- Ilhang SHIN Taegon MOON
- 간행물 정보
- 『유통과학연구(JDS)』제21권 제6호, 21~29쪽, 전체 9쪽
- 주제분류
- 경제경영 > 경제학
- 파일형태
- 발행일자
- 2023.06.30
무료
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국문 초록
영문 초록
Purpose: Research on equity carve-outs is necessary because the market has realized that they lead to holding company discounts by double counting, which can only be observed in the Korean market. Considering the differences in the SSG.com equity carve-out compared to previous cases in terms of business strategy, this study contributes to the literature by examining the effects on shareholder value in the Korean distribution industry.
Research design, data, and methodology: This study investigated literature, analyst reports, and news articles to examine the causes of holding company discounts and analyze the SSG.com equity carve-out.
Results: The monopoly of holding companies’ listing premiums is the main cause underlying holding company discounts from equity carve-outs. Protections for minority shareholder value are challenging owing to the complexity of the process of acquiring rights, the short exercise period, and additional costs. Therefore, the motivation for equity carve-outs should be to increase overall shareholder value.
Conclusion: By analyzing the reasons for holding company discounts in the Korean distribution industry, this study provides recommendations for improving shareholder value. Moreover, it contributes to the maturation of the Korean capital market by promoting a discussion on the revision of equity carve-outs.
목차
1. Introduction
2. Equity Carve-out in Korea
3. Equity Carve-out in the Korean Distribution Industry: SSG.com Equity Carve-out Case
4. Evaluation of Equity Carve-outs and Improvements for Shareholders in the Korean Distribution Industry
5. Conclusions
References
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