Journal of the Korea Academia-Industrial cooperation Society (한국산학기술학회논문지)

The Korea Academia-Industrial cooperation Society (한국산학기술학회)
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The Effects of Corporate Owner Structure on Stock Returns

기업의 소유구조가 주식수익률에 미치는 영향

  • Received : 2012.06.07
  • Accepted : 2012.07.12
  • Published : 2012.07.31
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Abstract

This paper examines the effects of corporate ownership structure variables on stock returns. The dependent variables identified in this paper include the equity ratio of large shareholders, institutional investors and foreign investors, and the control variables are firm size, book-to-market ratio, and earning-to-price ratio and leverage. This paper finds that the results of regressions say that institutional investors and foreign investors, firm size, book-to-market ratio and earning-to-price ratio can explain the differences in stock returns using panel data.

본 연구에서는 2001년 1월부터 2010년 3월까지 한국증권시장에 상장된 365개 표본기업을 대상으로 기업의 소유구조가 주식수익률에 미치는 영향을 패널자료 분석방법을 이용하여 종합적으로 분석하였다. 실증분석결과, 주가수익률에 유의한 영향을 미치는 기업의 소유구조 변수는 기관투자자 지분율, 외국인 지분율인 것으로 나타났다. 기관투자자 지분율은 주식수익률과 양(+)의 유의한 영향을, 외국인지분율은 음(-)의 유의한 영향을 미치는 것으로 확인되었다. 이는 기관투자자들이 경영자를 효율적으로 감시 통제함으로써 대리인비용을 감소시켜 주식수익률을 높인 것으로 볼 수 있다. 한편 외국인투자자들은 기관투자자들과 달리 효율적 감시 통제를 하지 못하는 것으로 보인다. 본 연구에서 제시된 통제변수와 관련하여 기업규모가 커질수록, 장부가치/시장가치비율이 낮을수록, 순이익/주가비율이 높을수록 주식수익률이 높아지는 것으로 분석되었다.

Keywords

References

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