국내 기업의 상호주 보유가 기업가치에 미치는 효과

초록

This paper analyzes both theoretically and empirically the effects of crossshareholdings on firm value. We show using a simple cross-shareholding theoretical model that higher levels of technology lead to positive effects from increased cross-shareholdings on firm value, and vice versa. Using annual per capita sales as a proxy for technology level, we also show empirically, using panel data analysis, that this positive effect applies to only firms with annual per capita sales over 2.03 billion won. The main finding also holds when we use annual per capita value-added data as a proxy for the firm’s technology level. The finding implies that a firm’s financial decision to increase the firm value through cross-shareholding should take into account it’s technology level.

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