특수관계자에 대한 담보제공 및 채무보증 정보의 기업가치 관련성에 관한 연구

초록

[Purpose]This study examined how information on providing collateral and debt guarantees to related parties affects the corporate value through empirical analysis. [Methodology]From 2011 to 2017, when the K－IFRS was introduced, for companies that provided collateral to related parties and disclosed information on debt guarantees in annual Reports, companies that provided collateral to related parties and provided debt guarantees The impact on value was examined through regression analysis. [Findings]First, looking at the analysis results for companies that disclosed information on providing collateral, it was found that the amount of collateral provided per share had a statistically significant negative(－) effect on corporate value. Second, the analysis results for companies that disclosed information on debt guarantees show that the increase in debt guarantee per share has a significant positive(＋) effect on the enterprise value, whereas the decrease in debt guarantee per share and the debt guarantee per share are statistically related to the enterprise value. Was found to have a significant negative(－) effect. In addition, it was found that the debt guarantee per share had a statistically significant negative(－) effect on corporate value. Third, as a result of targeting companies that disclose both collateral provision and debt guarantee information, it was found that the amount of collateral provision per share had a statistically significant negative(－) effect on corporate value, and other key variables Was found to have no statistically significant effect. [Implications]Stakeholders in the capital market are judged to negatively evaluate the provision of collateral and debt guarantees to related parties, and this is because the interests in the capital market have become collateral for the related parties after the introduction of the K－IFRS. It can be interpreted as because it is judged that the details of the provision and debt guarantee may lead to the risk of the enterprise.

키워드