해운기업의 회사채발행이 주가수익률에 미치는 영향에 관한 연구

Abstract

The purpose of this study is to analyzes the impact of debt offering of shipping companies on stock prices at the initial announcement of bond issue. In addition, This paper is categorized to object of issuing corporate bonds.

In order to study, total 65 samples were subdevided into two groups 33 samples of bond issuing to raise the new fund and 23 samples of bond issuing to pay back existing bonds. This samples consist of debt offerings made from January 2000 to May 2015.

For this case, using the date for average abnormal return(AAR) and cumulative abnormal return(CAR) are calculated by market adjusted return model.

Issuing corporate bond to increase the debt ratio is generally reduced enterprise value after the initial announcement of bond issue. Moreover, bond issue shows the difference of CAR around the initial announcement of debt offering. A further important consideration is the difference of CAR in the initial announcement of debt issue between issuing corporate bond for the purpose of operation and conversion. Namely, the figure for CAR not changed from around the initial announcement of bond issue during the purpose of conversion.

As a result, market responds indicate fairly different patterns about issuing corporate bonds in the purpose of use. It means that investors tend to choose their decision by observing market responds for the debt ratio of shipping companies. Simply put, it could recognize that the increase of debt ratio have gradually negative effect on stock return.