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동시 성장(Dually-listed) DR의 가격정보 전이효과
차백인 한국금융연구원 2003 금융연구 Vol.17 No.2
본 연구는 뉴욕증권거래소(NYSE)와 런던증권거래소(LSE)에 상장되어 있는 우리나라 기업들의 DR과 한국증권거래소(KSE)에 상장되어 있는 원주(underlying stocks)를 대상으로 하여 1997년 외환위기 전후 기간에 나타나는 시장간 동시적 전이효과와 지연적 전이효과를 분석하였다. 분석결과, 전체표본기간(1995년 7월~2002년 9월)에 대해 KSE와 NYSE, 그리고 KSE와 LSE 사이에 원주와 DR간 양방향의 동시적 전이효과가 존재하는 것으로 나타났다. 반면 부부기간 분석결과, 외환위기 이전에는 동시적 전이효과와 지연적 전이효과 모두 원주에서 DR 방향으로 강하게 나타난 데 비해 외환위기 이후에는 동시적 전이효과와 지연적 전이효과가 서로 다르게 나타나고 있다. 이는 우리나라가 외환위기를 겪으면서 경제의 대외 개방도가 높아지고 주식시장에서 외국인 투자한도의 완전 철폐, 주가 변동폭확대 등의 조치가 취해짐에 따라 선진주식시장과의 동조화가 본격적으로 나타나는 계기가 형성되었기 때문으로 보인다. This paper investigates the transfer of pricing information between the KSE and the NYSE, and between the KSE and the LSE. It uses intraday prices of the Korean depository receipts (DRs) listed on the NYSE and the LSE and their underlying stocks listed on the KSE. It has been found, for the entire sample period of 1997:7∼2002:9, contemporaneous transfer effects existed from underlying stocks to DRs and vice versa between the KSE and the NYSE, and between the KSE and the LSE. As for the lagged transfer effects, the effects from DRs to underlying stocks were stronger than those in the reverse direction in both cases. It has also been found that, before the 1997 financial crisis, both the contemporaneous and lagged effects from the underlying stocks to DRs were stronger than those in the reverse direction in both cases. After the financial crisis, however, between the KSE and the NYSE, there were only lagged effects from underlying stocks to DRs. Between the KSE and the LSE, both contemporaneous and lagged effects existed in both directions, but the effects from the underlying stocks to the DRs were stronger.
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최경렬 한국금융법학회 2007 金融法硏究 Vol.4 No.1
More and more attention is being paid to foreign market listing as crossborder securities transactions are considerably increasing with globalization. Foreign market listing can be done in two forms: depositary receipts (DR) or share certificates. Corporations can issue and list DR overseas for the shares they issue in the domestic market or list their share certificates directly on overseas exchanges. In the meantime, the securities deposit and settlement system, which was introduced to facilitate securities transactions, also plays an important role in overseas listing. If a country’s securities deposit and settlement system is linked with that of another country through CSD (Central Securities Depository) linkage, share-listing on overseas exchanges is possible, even in the case where shares are issued in the domestic market and deposited with the domestic CSD. In this case, entitlement processing for foreign investors could be taken care of through CSD linkage. But, custody and corporate action services have been provided by global custodians, who started their services even before the establishment of CSDs. Therefore, it is true that this new approach of CSD linkage has many difficulties to overcome. If CSD linkage is not easy to accomplish, which is true in current situation, issuing and listing share certificates overseas could be an option, but not a desirable one. Issuing share certificates in a foreign country could cause a conflict between the legal system of the foreign country and that of the country where the issuer is resided, and arise many problems concerning corporate action. All of the problems could be solved with overseas DR listing. DR is foreign securities issued overseas as the receipts of the shares issued and deposited in the domestic market. Therefore, a possible conflict of the legal systems is rare, and corporate action can be processed without difficulties by taking advantage of the DR custodian network with the local custodian for shares. In addition, DR enables timely arbitrage, which is difficult in the case of overseas listing in the form of share certificates. Corporations, which co-list their shares on multiple exchanges, will have to make every effort to take necessary steps so that their overseas investors can conveniently exercise their rights, along with their effort to raise their fundamental value with sound financial structure and bright outlook. And DR could be used as one of the desirable means for them to reach the goal.
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주제별 논단 : 기타 ; 해외상장과 유가증권예탁결제제도
최경렬 ( K. R. Choi ) 한국금융법학회 2007 金融法硏究 Vol.4 No.1
More and more attention is being paid to foreign market listing as crossborder securities transactions are considerably increasing with globalization. Foreign market listing can be done in two forms: depositary receipts (DR) or share certificates. Corporations can issue and list DR overseas for the shares they issue in the domestic market or list their share certificates directly on overseas exchanges. In the meantime, the securities deposit and settlement system, which was introduced to facilitate securities transactions, also plays an important role in overseas listing. If a country`s securities deposit and settlement system is linked with that of another country through CSD (Central Securities Depository) linkage, share-listing on overseas exchanges is possible, even in the case where shares are issued in the domestic market and deposited with the domestic CSD. In this case, entitlement processing for foreign investors could be taken care of through CSD linkage. But, custody and corporate action services have been provided by global custodians, who started their services even before the establishment of CSDs. Therefore, it is true that this new approach of CSD linkage has many difficulties to overcome. If CSD linkage is not easy to accomplish, which is true in current situation, issuing and listing share certificates overseas could be an option, but not a desirable one. Issuing share certificates in a foreign country could cause a conflict between the legal system of the foreign country and that of the country where the issuer is resided, and arise many problems concerning corporate action. All of the problems could be solved with overseas DR listing. DR is foreign securities issued overseas as the receipts of the shares issued and deposited in the domestic market. Therefore, a possible conflict of the legal systems is rare, and corporate action can be processed without difficulties by taking advantage of the DR custodian network with the local custodian for shares. In addition, DR enables timely arbitrage, which is difficult in the case of overseas listing in the form of share certificates. Corporations, which co-list their shares on multiple exchanges, will have to make every effort to take necessary steps so that their overseas investors can conveniently exercise their rights, along with their effort to raise their fundamental value with sound financial structure and bright outlook. And DR could be used as one of the desirable means for them to reach the goal.
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