기간통신사업자 민영화 Ipo의 저가발행의 결정요인 (The Determinants of Underpricing of Common Carrier Privatization IPOs)

Posted: 12 Oct 2016

See all articles by Seung-Doo Choi

Seung-Doo Choi

Dongeui University - School of Business

Date Written: September 30, 2016

Abstract

Korean Abstract: 본 연구는 1984년에서 2010년 사이에 신주공모 방식으로 민영화된 31개국의 32개 기간통신사업자 표본을 이용하여 이들의 저가발행 정도와 그 결정요인을 분석한다. 결과에 따르면 각국의 기간통신사업자 민영화 IPO의 저가발행 정도는 나라마다 큰 차이를 보인다. 이러한 저가발행 정도는 민영화 당시 그 국가의 소득수준이나 소득불평등 정도, 그리고 공모규모 등을 반영하여 결정된다. Perotti (1995) 모형의 예측과 달리, 정부는 매각지분율이나 저가발행을 정부가 민영화 이후 정치적 개입이나 규제의 변화를 통해서 기업 가치를 해치지 않겠다는 의지를 전달하는 믿음직한 신호(credible signal)로 사용한다는 증거는 충분하지 않다. 그 나라의 경제성장률이나 재정적자 수준과 같은 경제상황이 기간통신사업자 민영화 IPO의 저가발행 정도에 미치는 영향 역시 적다. 따라서 기간통신사업자 IPO의 저가발행 정도는 정치적 고려보다는 매각대금 극대화와 같은 순수한 경제적 동기보가 더 중요한 결정요인으로 작용한다.

English Abstract: This paper investigates the initial stock returns of privatization initial public offering (IPO) firms using a sample of 32 common carrier privatization IPOs from 31 countries during the period 1984-2010. This paper also examines the determinants of initial returns of common carrier privatization IPOs. Results indicate that common carrier privatization IPO underpricing is a common phenomenon across the world and that it varies across countries. Governments deliberately underprice common carrier privatization IPOs to maximize proceeds by addressing the level of institutional features of the country and to achieve political objectives such as wider stock ownership, support for the privatization program and increased probability of re-election. Inconsistent with the prediction of the model of Perotti (1995), neither the higher degree of underpricing nor the lower stake sold act as credible signals that the committed government does not intend to change policy, which would adversely affect the firm’s value. However, the initial returns of common carrier privatization IPOs are relatively less affected by domestic economic conditions such as GDP growth or the level of budget deficits, while they are much affected by the income level of the country. Therefore, the degree of underpricing of common carrier privatization IPOs is influenced more by purely economic factors and institutional features of the country than by political movies.

Note: Downloadable document is available in Korean.

Keywords: Common carrier, Information asymmetry, Privatization, IPO, Underpricing

JEL Classification: G14, G32

Suggested Citation

Choi, Seung-Doo, 기간통신사업자 민영화 Ipo의 저가발행의 결정요인 (The Determinants of Underpricing of Common Carrier Privatization IPOs) (September 30, 2016). International Telecommunications Policy Review, Vol. 23, No. 3, 2016, Available at SSRN: https://ssrn.com/abstract=2850543

Seung-Doo Choi (Contact Author)

Dongeui University - School of Business ( email )

Busan, Busan
Korea

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