자료요약
This paper investigates the effect of equity valuation on external financing of firms listed on Korea stock exchange over the period 2000-2016. To do so, I use the methodology of Rhodes?Kropf et al. (2005), which breaks down the market to book ratio (M/B) into three components; long-run value to book (LVTB), firm specific error (FSE) and time-series sector error (TSE). I find that both long-run growth opportunities (LVTB) and two misvaluation factors (FSE and TSE) have a significantly positive effect on stock issuance, but not on debt issuance, implying that managers make decisions to implement a seasoned equity offering (SEO) when the firm has a long-term growth opportunity, or when the equity or the industry is overvalued. Managers often issue stocks for long-term growth opportunities to meet their investment needs (or to repay their debt obligations), while strategically issue stocks at the time their company or their industry is hot.
목차
Ⅰ. 서론
Ⅱ. 시장가-장부가 비율(M/B)의 분해
Ⅲ. 표본 및 모형 설계
Ⅳ. 실증분석 결과
Ⅴ. 결론
참고문헌
Ⅱ. 시장가-장부가 비율(M/B)의 분해
Ⅲ. 표본 및 모형 설계
Ⅳ. 실증분석 결과
Ⅴ. 결론
참고문헌
#Equity Valuation#Growth Opportunity#External Financing