기업분할 유형 선택에 관한 연구

Abstract

This study analyzed the factors for selecting the type of corporate divestiture for companies listed on the KOSDAQ market in Korea. The factors that led to the selection of the types of corporate spin-offs, physical divisions, were based on the hypotheses of financial motivation and corporate focusing motivation. After selecting variables related to these two, univariate difference test and binomial logistic regression analysis were performed on the 145 companies that promoted corporate divestitures between 2011 and 2020. First, according to the univariate difference test, the debt ratio(DebtR), operating cash to asset ratio (OCFA), and operating cash flow to sales (OCFS), which are variables for verifying financial motivation, all show significant results, indicating a physical division. It was confirmed that it could be a motivation to promote. However, there was no difference between the two divestiture types in the Herfindahl index (Herfin) and the operating index (OPERD), which are variables for verifying the focusing motivation. Looking at the financial motivation variables in the logistic regression analysis, the debt ratio (DebtR), the operating cash to assets ratio (OCFA) and the operating cash flow to sales ratio (OCFS) showed significant results. eanwhile, among the focusing motivation variables, the Herfindahl index (Herfin) did not show significant results, and only the number of business division (OPERD) showed significant results. Looking at the univariate difference test and logistic regression analysis together, companies that promoted physical spin-off had smaller asset size but higher debt ratio (DebtR) than companies that promoted spin-offs. In addition, the operating cash to assets ratio (OCFA) and operating cash flow to sales (OCFS) ratio were also lower than those of companies that pursued spin-offs. Therefore, companies that have pursued physical division are likely to division for financial motivation reasons rather than corporate focusing motivation.