미국의 기업 회생절차에서 신주인수권의 부여(Rights Offering)를 통한 자금조달에 관한 검토

박민준 ( Park Min Joon ) 법조협회 2019 法曹 Vol.68 No.1

재정적인 어려움에 처한 회사가 회생절차를 통하여 채무조정을 받더라도 그 영업을 원활하게 운영하는데 필요한 자금이 부족하다면 궁극적으로 채무자 회사의 성공적인 재건을 달성하기는 어려울 것이다. 따라서 채무자 회사로서는 사업을 계속적으로 영위하는 데에 필요한 자금을 어떻게 조달할 것인지가 정말 중요한 문제라고 할 수 있겠다. 이와 관련하여 근래 미국에서는 연방파산법상 제11장 절차에서 채무자 회사가 이해관계인에 대한 신주인수권 부여(Rights Offering)를 통하여 그와 같은 도산 절차에서 벗어나는 것에 필요한 대규모의 자금을 조달한 사례가 많았다. 이러한 신주인수권 부여를 통한 자금 조달은 채무자 입장에서는 그가 부채에 의존하는 정도를 낮출 수 있다는 등의 장점이 있고, 신주인수권을 부여받는 채권자들로서도 유리한 조건 하에서 투자의 기회를 가질 수 있을 뿐만 아니라 채권에 대하여 더 많은 변제를 얻을 수 있다는 등의 장점이 있다. 이와 같은 신주인수권 부여는 대체로 일정한 이해관계인에게 회생계획상의 주식 가치보다 할인된 금액만을 지급하고 채무자가 발행하는 신주를 인수할 권리를 부여하는 방식으로 이루어진다. 특히, 위와 같이 당초에 신주인수권을 부여받은 이해관계인들이 주식을 인수하지 아니하여 자금 조달에 차질이 발생할 것에 대비하여 그와 같이 인수되지 아니하고 남은 주식 중 전부 또는 일부를 인수할 예비인수인(Backstop Purchaser)을 지정하여 두는 것이 일반적인데, 그와 같이 남은 주식을 인수할 것을 약정하는 대가로 예비인수인에게 수수료를 지급하는 경우가 많다. 그런데, 이러한 신주인수권 부여와 관련하여 할인율이나 수수료 등 제반 내용이 적절한 것이었는지에 대하여 이해관계인들 사이에 분쟁이 발생하는 경우도 나타나고 있다. 우리나라의 회생절차에서도 채무자가 이해관계인에 대한 신주인수권 부여를 통하여 자금을 조달할 수 있는 법적인 기초는 마련되어 있는 것으로 보이는바, 제반 사정에 따라서는 위와 같이 미국의 제11장 절차에서 활용되는 방법을 참고하여 이해관계인들에 대한 신주인수권 부여를 통하여 자금을 조달하는 것을 시도할 여지도 있을 것으로 보인다. 다만, 이와 같은 방법을 활용함에 있어서는 관련된 당사자들 사이의 이해관계가 적절히 조절될 수 있도록 유의하는 것이 전제되어야 할 것이다. For financially distressed debtors which are in bankruptcy procedures, one of the key issue would be how to raise money that they need to emerge from bankruptcy. In the United States, many debtors of Chapter 11 cases could receive money they needed to operate their business by using 'rights offering'. Rights offering provides stakeholders with the right to purchase new securities in a reorganized debtor. This method has a lot of benefits for debtors and their creditors. From the debtor's perspective, rights offering can increase its liquidity and reduce reorganized debtors' leverage. From the creditor's perspective, rights offering can give investment opportunity to the creditor on favorable terms and enhance recovery on claims. By using rights offering, creditors or equity holders of a debtor are usually able to purchase new securities at a discount. In addition, one or more parties ('backstop purchasers') often commit to subscribe securities which are not subscribed by offeree of rights offering, and, in return, those parties can receive fees or other consideration for backstopping the rights offering. However, there were many occasions that rights offering was faced objections with respect to appropriateness of terms of related agreements such as the discount rate or the amount of backstop fees. The legal basis for conducting rights offering can be found in Korean law on reorganization procedure, thus a debtor may raise money by using rights offering under the right circumstances. At any rate, the importance of harmonizing interests among stakeholders has to be emphasized while conducting rights offerings.

감로도에 보이는 공양물의 내용과 그 의미

김승희(Kim Seunghee) 한국미술사교육학회 2013 美術史學 Vol.- No.27

조선시대에 제작된 甘露圖는 불교 의례에 소용되는 供養物을 화면에 표현한 대표적인 불화이다. 가령 영산회상도와 같은 계열의 불화에서도 공양물은 간혹 표현되어 있으나 감로도에서처럼 구체적이고도 중요한 모티프로 작용하지는 않는다. 감로도의 중앙에 묘사된 齋壇에는 다양한 공양물이 진설되어 있는데, 당시 齋를 거행할 때의 모습을 반영한 것이라고 추측된다. 그것은 감로도가 갖고 있는 기록화적인 성격을 잘 드러내는 부분이다. 특히, 감로도에 표현된 공양물의 내용은 제작 당시의 특수한 상황까지 고려하는 특징이 간취된다. 예를 들어 보석사감로도(1649년)의 경우, 재단 왼쪽 끝에 놓인 밤은 보석사가 위치한 충남 지역의 특산물로서 다른 감로도의 공양물에서는 좀처럼 찾기 힘든 과일이다. 그와 함께 감로도는 의식용 불화가 지니는 관념적 성격도 갖추고 있다. 즉, 감로도에 묘사된 음식물은 재에 수반되는 공양물 진설의 이상적인 모습을 담아놓은 것이다. 보석사감로도의 재단에 배설된 과일이나 채소 등이 동일 계절에 수확할 수 없는 것들로 이루어져 있다는 사실은 그러한 점을 잘 드러낸다. 가령, 가지(6월 하순~7월 상순 수확), 복숭아(6~8월), 수박(7월), 포도(7~8월), 밤(8월 하순~10월 중순), 수세미(9월), 상수리(10월), 감(10월 중순) 등의 공양물은 상당히 사실적으로 묘사되어 재단에 진설되고 있다. 이렇듯 보석사감로도에 그림으로 묘사된 공양물은 당시 재를 거행할 때 실제로 진설되었던 공양물의 내용과 범위를 넘어 공양물의 모든 가능성을 종합하고 있는 것이다. 한편, 감로도에 표현된 공양물은 모든 영혼을 위해 차별 없이 평등하게 음식을 베푼다는 불교의 종교적 속성을 잘 드러내고 있다. 그러나 모든 감로도에 공양물이 묘사되어 있는 것만은 아니다. 주로 18세기에 제작된 감로도에 일부 나타나는 현상이지만, 공양물의 그림이 감로도의 화면에 나타나지 않는 것도 있다. 그리고 공양물이 표현되는 그 자리에는 거대한 크기의 餓鬼가 자리한다. 감로도에 묘사된 공양물의 유무는 실제 의식에 따른 의궤집의 강조점에 따라 달리 도상화된 것으로 보인다. 감로도의 대표적 소의의궤인 天地冥陽水陸齋儀와 水陸無遮平等齋儀의 차이에 관심을 갖게 된다. 전자는 冥途信仰과 관련된 것으로 施餓鬼會의 성격이 강조되므로 아귀상이, 후자는 無主孤魂에게 차별 없이 항시 음식을 베풀 수 있는 施食의례가 강조되므로 공양물이 더 부각될 수 있다고 생각된다. 이와 관련하여 공양물이 그려져 있는 감로도와 삼단 의례와의 관계이다. 공양물이 그려져 있는 감로도는 삼단의 신앙의례가 정착되어 상시로 이뤄지는 법당안에서 그 존재감을 여실히 드러낸다. 상시로 이루어지는 법당 내에서의 三壇의례는 上壇에 대한 獻供을 먼저 치루고 난 뒤에 退供의 형식으로 중단의례가 이루어 지거나 상·중단 헌공과 勸供만 하는 것으로 마무리된다. 下壇신앙으로 분류되는 감로도 앞에서는 施食의례가 이루어지는데, 재를 의뢰한 齋者 없이 승려에 의해 치러지는 일상의례의 경우에는 시식의례가 생략되거나 그것을 그림으로 대체할 수가 있는 것이다. 바로 이러한 점이 삼단의 의례가 정착되는 흐름과 감로도의 공양물 그림이 긴밀히 호응하는 점이라 여겨진 것이다. 조선시대 삼단의 의례체계에서 시식 공양물이 항상성을 유지한 모습으로 법당 내 한 측벽에 존재하는 이유가 여기에 있다고 생각된다. Gamnodo is representative of its depiction of ritual offerings. No other genre of Buddhist painting incorporates elaborate images of food offerings and adopts them as important motifs as with gamnodo. On the altar positioned at the center of gamnodo are various food offerings reflecting an actual Buddhist ritual. This reveals a documentary character of gamnodo, often considering even particular circumstances of the represented ritual. For instance, chestnut placed on the far left corner of the offering altar in Gamnodo of Boseoksa Temple (1649) is a regional product of South Chungcheong Province where Boseoksa is situated; chestnut is hardly seen among the offering items in other examples. Also, gamnodo is characteristically conceptual. Various food offerings on the altar are ideally selected and arranged. The offering altar of Boseoksa Gamnodo realistically presents fruits and vegetables that ripe in a different time of a year: eggplant (end of June to early July), peach (June to August), watermelon (July), grape (July to August), chestnut (end of August to mid October), loofa (September), acorn (October) and persimmon (mid October). Thus, the painting displays the entire possibility of food offerings not limiting to their availability to a particular season. Meanwhile, the offerings depicted in gamnodo also display religious aspect of Buddhism, indiscriminately bestowing food to all wondering souls. Not all gamnodo, however, include the offering altar. This is evident partly in 18th century works. In some paintings, the hungry ghost replaces the offering altar. This variation seems to owe to the difference in the primary focus of a ritual manual used for the iconography of the painting. For such disparity, the attention should be given to the contrast between the two most representative manuals associated with gamnodo: cheonjimyeongyang-suryukjae’ui and suryukmucha-pyeongdeungjae’ui. The former relates to the afterlife faith thus characteristically emphasizing the assembly of feeding the hungry ghosts while the latter focuses rather on the feeding all souls in the water and land without discrimination. The main reference of the painting possibly determines the iconography between the hungry ghost and the offering altar. Gamnodo also relates to the three-altar structure that have established in the Joseon period. Within the system of three altars, gamnodo decisively reveals its presence. In daily rituals, offerings are made to the upper and the mid altars while the feeding ritual performed at the lower altar is usually omitted or it is substituted with a painting, gamnodo. This vary aspect is the point of which the establishment of the rituals of three altars and the gamnodo with the image of food offerings intimately respond to each other. It is the reason why food offerings are visually presented at all times in one sidewall of a worship hall designed to accommodate three-altar rituals of Joseon.

육법공양(六法供養) 절차에 관한 연구 - 대한불교천태종 산하 말사 다도회를 중심으로 -

황상준 ( Hwang Sang Jun ) 천태불교문화연구원 2022 天台學硏究 Vol.25 No.-

The Six Dharma offerings are offered before the Buddha, including incense, lanterns, flowers, fruits, tea, and rice. The branch Buddhist temples of the Cheontae Buddhist Order Korean Buddhism are practiced The Six Dharma offerings. The purpose of this thesis is to lay the foundation for research for the regularization of the Six Dharma methods of offerings of the Cheontae Order of Korean Buddhism through a study on the procedure and establishment of the offerings of the Cheontae Order. As a research material, in order to examine the evolutionary process of the ritual of offering sacrifices in the sixteenth century, one of the Buddhist rites of the Joseon Dynasty, Jineongwongong(眞言勸供, 1496), Ohjongbeomumjip(五種梵音集, 1661), Eosanjip(魚山集, 1700), and Sanbobeomumjip(刪補梵音集, 1713). In addition, the < The Six Dharma offerings paper > are held at Gwanmunsa in Seoul, Gwangmyeongsa in Busan, Daeansa in Uiwang, Mansusa in Cheonan, and Samunsa in Chuncheon, which are branch temples of the Cheontae Order was compared, and the procedure for offering methods actually practiced in the Cheontae Order of Korean Buddhism was examined. Based on this, the following proposals were made regarding the procedure for Six Dharma offerings the Cheontae sect. First, the composition of the Korean Buddhist Cheontae Order < The Six Dharma offerings Procedures Establishment Committee > is proposed. The enactment committee is composed of venerable, Buddhist ritual researchers, tea ceremony president, and tea ceremony class leaders. Second, as an example of the regularization of the Six Dharma offerings of the Cheontae sect, we suggest ① outline description of the Six Dharma offerings, ② magnificence of weights and measures: offering of flowers and cleaning temple, ③ cleanliness of the performer’s three duties: Jeongsam-eop Mantra, ④ chanting of the Six Dharma, ⑤ Offering of the Six Dharma, ⑥ Hyeon-hyang: petition. Finally, it is proposed to prepare and disseminate a letter of tribute to tthe Six Dharma offerings law for children and adolescents.

What Motivates Consumers to Share Promotional Offers in Branded Social Media?

이성미 한국마케팅관리학회 2017 마케팅관리연구 Vol.22 No.2

This article investigates how the type of promotional offer affects the perceived value of the offer and subsequently the intention to share among users of branded social media. The study argues that such effect on the perceived value and intention to share is influenced by users’ familiarity with the brand of the promotional offer and the tie strength between users who share the offer and those who receive the offer. 317 undergraduate students participated in the online experiment. This study uses a 3 x 2 x 2 between-subject factorial design, which varies the type of promotional offer (for me only, for my friend or “you” only, or for both me and you), the brand familiarity (familiar or unfamiliar), and the tie strength (strong or weak). The findings indicate that consumers’ perceived transaction and social value of a promotional offer vary depending on promotional allocation schemes. The results also show that familiarity of the brand affects the impact of promotional offer schemes on perceived transaction value, but brand familiarity does not affect the perceived social value of promotional offers. Further, the results show that perceived transaction and social value positively affects intention to share promotional offers. Finally, this study reveal the effects of social value of promotional offers on intention to share promotional offers depends on tie strength. Overall this study confirms that unlike traditional promotional offers that are typically valid only for the consumers who receive them, promotional offers in branded social media generally encourage consumers to forward the sharable offers to their friends. Consumers tend to evaluate potential benefits and costs not only for themselves, but also for their friends in sharing promotional offers. Thus, identifying factors that affect consumers’ perception of promotional offers and the likelihood of sharing such offers will be useful in advancing the literature of online promotion as well as helpful for managers who are interested in design of promotional offers in branded social media.

전자상거래법상 청약의사의 확인과 소비자보호의 문제 -디지털 음악시장의 자동결제상품 가격인상 사건에 대한 판결 검토-

정재훈 ( Jae Hun Jeong ) 한국경쟁법학회 2018 競爭法硏究 Vol.37 No.-

Electronic Commerce Consumer Protection Law is aimed not only to protect consumers in the electronic commerce and but also to raise credibility in this market. This law has important procedural provisions that providers should notify consumers of specific items of goods or services, and consumers also confirm their offers before conclusion of contracts and electronic payment. Among consumer protection measures, the article 8 of this law was revised in 2012. Contrary to the previous article 8, the revised article 8 provision newly adopted the notion of ‘the intent of offer’. Considering the process of electronic commerce contracts, at the initial contracts, consumers offer and then providers accept. It is clear that the intent of offer exists in this case. Therefore article 8 can be directly applied to this case. On the contrary, when providers suggest the change of pivotal conditions such as price, period and other important conditions, there could be some doubt that the article 8 can be applied on the reason that consumer’s offer does not exist. For example, when a provider decides to raise the price and notify this of consumers, consumers decide whether to accept the provider’s offer. This is the case that consumers not offer but only accept. So, article 8 might not include this case. Recently, three big providers in the digital music market raised the price due to their business strategies. However, they did not keep the process specified by article 8. So, Korea Fair Trade Commission(‘KFTC’) decided that providers violated article 8, and it imposed the corrective measures to providers. Providers appealed to this decision. Three antitrust tribunals of Seoul High Courts dealt with this case and they unanimously upheld KFTC’s decisions, but they suggested different reasoning for their conclusions. Reviewing KFTC’s decisions and the court’s decisions, the following implications could be suggested. First, the above decisions are that provider’s suggestion is invitation to offer, and the consumer’s approval is offer. However, considering contract law and long standing Supreme Court’s precedents, provider’s suggestion is close to offer, and furthermore consumer’s intent is near to acceptance. Second, reviewing the legislator’s intent, ‘the intent of offer’ should be interpreted as just intent of consumers in order to strengthen consumer protection. Whether consumer’s intent is offer or acceptance, the need to protect consumers could not be different. In the long run, article 8 should be revised to include this case.

개역개정 성경의 “속건제” 번역의 문제점에 대한 고찰

김경렬 한국복음주의구약신학회 2023 구약논집 Vol.25 No.-

This article studies the problems of the traditional term ‘guilt offering’(속건제[Sok-geon-je]) adopted in the New Korean Revised Version of the Bible, which has been used as the standard Bible in the Korean church. In fact, this is also a problem with English versions. The Hebrew word for ‘guilt offering’ is asham(~v'a'), which has traditionally been translated as ‘속건제[Sok-geon-je]’ in most Korean Bibles and ‘guilt offering’ in English versions. This paper primarily examines whether these translations reflected the Hebrew term ~v'a' well. However, the main focus of this paper is to find out whether this word was correctly translated when it is used in the non-ritual texts of the Old Testament that are neither the ritual regulations nor the ritual passages. Even in those texts, Korean Bibles have maintained the tradition that consistently translates ~v'a' as ‘guilt offering.’ In most English Bibles, with a few exceptions, it is translated as ‘guilt offering’ as well. However, this study reveals that ~v'a' encompasses both meanings of ‘reparation/compensation’ as a general term and ‘guilt offering’ as a technical ritual term. Therefore, it is argued that ~v'a' should be translated differently according to ritual contexts and non-ritual contexts. As a conclusion of the study, we suggest that, especially in non-ritual contexts, this word should not be translated as ‘guilt offering,’ a technical ritual term, but as ‘reparation/compensation’ in a general sense. Also, ‘guilt offering’(속건제[Sok-geon-je]) itself, a technical ritual term, is not appropriate as a translation of ~v'a', and ‘reparation offering’ must be adopted. However, what we suggest as a result of this study is as follows. Although ‘guilt offering’(속건제[Sok-geon-je]) is not appropriate as a translation of ~v'a' in Leviticus 4-6, the ritual chapters of the sin offering-guilt offering, the word can be used as it is, because it is a translation distinct from ‘the sin offering.’ However, at least in non-ritual texts, it is suggested that the translation of ~v'a' should be modified to ‘reparation/compensation.’ It is because in such passages ~v'a' clearly means ‘reparation/compensation’ in a general sense, not ‘guilt offering,’ a sacrificial term.

자기주식매입의 유상증자에 대한 신호효과

박영규 한국재무관리학회 2008 財務管理硏究 Vol.25 No.1

We investigate the signaling effect of repurchase preceding new equity issue using Korean data. In a short time span, firms announce stock repurchases and equity offerings. The proximity of two events in Korean firms indicates that those are not independent of each other. In this paper, we test the signaling effect of repurchase on equity offerings on the two measures. One is announcement effect, which is measured as CAR(0, +2). The other is the effectiveness which is measured as CAR(0, +30) because the price movement during this window influences on the price of new issues. Previous studies that stock repurchase convey positive signal to equity offerings-Billet and Xue(2004) and Jung(2004)-construct sample without the limit of time interval between two events. This causes the unclear relation between those because of the long time interval. In this study we consider only samples of being within one year each other to reduce this problem and clarify the signal of repurchase on equity offerings. Korean firms are allowed to repurchase own shares with two different method. One is direct repurchase as same as open market repurchase. The other is stock stabilization fund and stock trust fund which trust company or bank buy and sell their shares on the behalf of firms. Generally, the striking different characteristic between direct repurchase and indirect repurchase is following. Direct repurchase is applied by more strict regulation than indirect repurchase. Therefore, the direct repurchase is more informative signal to the equity offering than the indirect repurchase. We construct two sample firms- firms with direct repurchase preceding-equity offerings and indirect repurchase-preceding equity offering, and one control firms-equity offerings only firms-to investigate the announcement effect and the effectiveness of repurchases. Our findings are as follows. Direct repurchase favorably affect the price of new issues favorably. CAR(0, +2) of firms with direct repurchase is not different from that of equity offerings only firms but CAR(0, +30) is higher than that of equity offerings only firms. For firms with indirect repurchase and equity offerings, Both the announcement effect and the effectiveness does not exist. Jung(2004) suggest the possibilities of how indirect stock repurchase can be regarded as one of unfair trading practices on based on the survey results that financial managers of some of KSE listed firms have been asked of their opinion on the likelihood of the stock repurchase being used in unfair trading. This is not objective empirical evidence but opinion of financial managers. To investigate whether firms announce false signal before equity offerings to boost the price of new issues, we calculate the long-run performance following equity offerings. If firms have announced repurchase to boost the price of new issues intentionally, they would undergo the severe underperformance. The empirical results do not show the severer underperformance of both sample firms than equity offerings only firms. The suggestion of false signaling of repurchase preceding equity offerings is not supported by our evidence. 자기주식매입 공시 후 1년 이내에 유상증자를 실시한 표본을 이용하여 자기주식의 유상증자에 대한 신호효과를 검증하였다. 자기주식직접매입은 유상증자의 신주발행가격을 부양시키는 반면, 자기주식펀드 및 신탁은 신주발행가격을 끌어올리는 역할을 하지 못함을 발견했다. 또한 자기주식매입이 유상증자 시 신주발행가격을 올리기 위한 거짓신호로 사용된 가능성을 검증하기 위해서 표본집단들과 대응집단의 장기성과를 비교하였다. 자기주식매입이 선행된 표본들은 유상증자에 비해 장기저성과정도가 심하지 않았으며, 자기주식 펀드 및 신탁이 선행된 유상증자기업의 장기성과 또한 대응집단과 유의하게 다르지 않다는 실증결과를 발견하였다. 따라서 자기주식매입이 신주발행가격의 시세조정을 위해 불공정하게 사용되고 있다는 기존의 주장에 대한 증거를 발견하지 못하였다.

유상증자 유형에 따른 차별적 이익조정

안성희 ( Sung Hee Ahn ),황문호 ( Mun Ho Hwang ),김문철 ( Moon Chul Kim ) 한국회계학회 2015 회계학연구 Vol.40 No.1

선행연구에 따르면, 유상증자를 앞둔 경영자는 신주 발행가격을 높이려는 유인이 있으며 이를 위해 증자 전의 보고이익을 상향조정하는 것으로 보고된다. 하지만 이들 선행연구는 유상증자의 유형-주주배정, 일반공모, 제3자배정-에 따라 경영자의 경제적 유인이 다를 수 있음을 고려하지 않았으며, 또한 유상증자 발행가에 영향을 주기 위한 이익조정 시기를 적절히 설정하지 못한 한계점을 가지고 있다. 이에 본 연구는 유상증자 유형에 따라 신주발행가격이 기존주주의 부에 미치는 영향이 다르다는 점에 착안하여 유상증자 유형별로 경영자의 이익조정 행태가 달리 나타나는지를 분석한다. 또한 이익조정이 행해지는 기간을 보다 면밀히 포착하기 위하여 기존 국내연구와는 달리 분기자료를 이용한 실증분석을수행한다. 2004년부터 2009년까지 상장기업 중 유상증자를 실시한 523 기업-분기를 대상으로 분석을 수행한 결과는 다음과 같다. 첫째, 일반공모를 통한 유상증자 기업은 다른 유형의 유상증자 기업에 비해 유상증자 전 분기의 이익을 유의하게 상향조정하는 것으로 나타났다. 이는 기존주주의 부가 침해될 가능성이 높은 일반공모의 경우에 신주 발행가액을 높이기 위한 양(+)의 이익조정이 가장 두드러지게 나타남을 보여주는 결과이다. 둘째, 제3자배정을 통해 유상증자를 실시한 기업의 유상증자 전 이익조정은 주주배정 유상증자 기업과 유의한 차이를 보이지 않았으나, 제3자배정의 유상신주 인수자가 기업 내부자(임원 및 대주주)인 경우에는 오히려 유상증자 전 분기이익을 유의하게 하향조정하는 것으로 나타났다. 이는 유상증자에 참여하는 투자자의 특성에 따라, 경영자가 기존주주의 부를 침해하는 방향으로 이익조정을 수행할 수도 있음을 보여주는 결과이다. 마지막으로, 유상증자 전 분기의 이익조정은 체계적인 주가반응을 유도함으로써 경영자가 의도한 방향대로 신주 발행가격 조정이 이루어지는 것으로 나타났다. 본 연구의 결과는 선행연구에서 지지된 ``유상증자 전 이익상향조정가설``이 모든 유상증자 방식에 공통적으로 적용될 수 있는 가설이 아님을 시사한다. Prior research reports that issuers of seasoned equity offerings (hereafter ``SEO``) have incentives to inflate reported earnings in order to increase offering price and protect the wealth of existing shareholders. However, we predict that these incentives can vary with the types of SEO(right offering, public offering, private placement to the third party). While firms with right offering raise equity fund from existing shareholders, firms with public offering and private placement to the third party raise equity fund from new shareholders. Considering the differences in wealth transfer structure, manager``s incentives to raise reported earnings in order to boost offering price may be weaker in case of right offering than the other two SEO types. In addition, private placement to the third party raise equity fund from a few investors, who generally have special relationship with SEO firms such as insiders. If some insiders participate in SEO under private placement to the third party, the SEO firms may have incentives to lower reported earnings in order to reduce offering price for the benefit of the insiders, resulting in wealth losses of existing shareholders. So this study examines how earnings management patterns vary with the three different types of SEO. We also predict that offering firms are more likely to manage earnings in the quarter preceding SEO. By regulations, offering price is calculated by stock prices for 42 days before SEO dates(payment date of investing amount for SEO). This suggests that SEO firms can manage earnings in the quarter immediately preceding SEO in order to boost stock price, affecting offering price. So we use quarterly discretionary accruals as a proxy for earnings management. We use a sample of 523 SEO firms during 2004-2009. They consist of 232 firms with right offering, 58 firms with public offering and 233 firms with private placement to the third party. To measure earnings management, we use performance matched discretionary accruals developed by Kothari et al.(2005). We find that firms with public offering conduct more income-increasing earnings management using quarterly earnings than firms with rights offering. In addition, the results show that there are no significant differences in earnings management between firms with private placement to the third party and firms with right offering. However, managers may have incentives to manage earnings downward and thereby decrease offering price when insiders purchase a portion of new issuing shares of firms with private placement to the third party. Consistent with our prediction, firms with private placement to the third party involving insiders show the income-decreasing earnings management. This means that SEO firms can reduce the earnings and lower the offering price to increase the wealth of specific investors such as insiders, not to increase the wealth of existing shareholders. These results support our hypothesis that earnings management patterns vary with the three different types of SEO. Finally, we find that the offering prices move to the direction consistent with earnings management by SEO, implying that on average, managers can achieve the intended results by earnings management. This paper provides new evidence that incentives for earnings management vary depending on each type of SEO and the assertion of income-increasing earnings management by SEO may not be always correct. Our study contributes to the literature in three ways. First, prior research mainly focused on the earnings management by SEO firms using annual earnings. But offering price is calculated by the specific formula under Korean regulations. We consider the institutional details related to offering price determination and incorporate them into our research design. We find that quarterly earnings have a more direct effect on the offering price than annual earnings. Our contribution is that we use quarterly earnings rather than annual earnings to investigate earnings management by SEO firms, enabling us to pinpoint earnings management period. Second, we show the earnings management patterns vary with the three different types of SEO while most of the prior studies do not consider SEO types. Therefore, the assertion that SEO firms typically inflate their earnings before issuing stocks is not always correct. Third, prior studies do not examine the outcome of earnings management. We investigate whether the actual offering prices move to the direction consistent with earnings management by SEO. We show that managers achieve the intended results by earnings management.

재무정책이 기업가치에 미치는 영향 : 주식분할과 무상증자를 중심으로

주강진,류두진 한국재무학회 2015 한국재무학회 학술대회 Vol.2015 No.11

본 연구는 주식분할과 무상증자는 추가적인 자본의 납입없이 유통주식이 증가하는 유사점을 가지고 있으나 두 정책에 대한 시장의 반응이 다를 수 있 으며, 기업의 특성에 따라 각각의 재무정책에 대한 선호가 다르다는 점에 주 목한다. 이를 고려하여, 주식의 증자공시가 기업의 시장가치에 미치는 영향을 살펴보기 위해 2008년 9월 15일부터 2014년 6월 14일까지 유가증권시장 (KOSPI)과 KOSDAQ시장에 상장된 기업을 대상으로 주식분할과 무상증자를 공시한 기업을 대상으로 실증연구를 진행하였다. 실증분석 결과는 주식분할과 무상증자를 선호하는 기업들의 재무적 특성에 는 유의한 차이가 있음을 보여준다. 그리고 공시일 이후의 CAR은 양(+)의 수 익률을 기록하지만 주식분할 보다 무상증자가 더 높은 수익률을 기록하였다. 또한, CAR은 주식분할의 경우 토빈의 Q값이 높고 ROE가 높을수록 비정상 누적초과수익률이 높았으나 무상증자의 경우는 그렇지 않았다. 이는 주식분 할의 경우, 공시를 통해 시장에 긍정적 신호를 준다는 신호가설이 지지되지는 반면, 무상증자의 경우는 그렇지 않다고 해석할 수 있다. 본 연구의 실증결과 는 기업들은 다른 재무정책을 선택하여 시장에 신호를 줄 수 있으며, 그에 따 라 시장의 반응이 다르게 나타날 수 있음을 보여준다. This study examines the effects of stock split and unseasoned equity offering announcements by analyzing the daily transaction dataset of the firms listed on the KOSPI (Korea Composite Stock Price Index) and KOSDAQ (Korea Securities Dealers Automated Quotations) markets. The sample period of this study covers relatively recent periods, which span from September 15, 2008 to June 14, 2014. Though stock splits (including stock dividend payments) and unseasoned equity offerings share a common economic effect and meaning, their financial effects are somewhat different from each other because stock splits and unseasoned equity offerings utilize different financial resources to implement the financial policies. Motivated by this difference, we examine whether the stock split and unseasoned equity offering announcements have different outcomes and effects in a real-world financial market. Previous studies on the effects of the stock splits and/or the unseasoned equity offerings announcements examines each of the financial policies separately, but not both, and ignores the relationship and difference between these two financial policies. Except the case of the Japanese market, the unseasoned equity offerings are the Korea’s unique way of issuing new equities without any remaining paid-in capital. While firms in developed countries depend on stock splits, firms in Korea can choose one or both of the two financial policies which are stock splits and unseasoned equity offerings. Therefore, by analyzing the Korean market dataset, we compare the outcomes of the two financial policies. However, there has been little research which rigorously compares the different effects of these financial policies. Though previous studies simply show the cumulative abnormal returns of firm to implement both financial policies, surprisingly, the lack of study raises a question of the possibility of different outcomes caused by the two financial policies. Our study tries to fill this gap. Focusing on the different processes to carry out process of the two financial policies, we examine whether the stock splits and unseasoned equity offerings result in different financial outcomes though their economic meaning is similar. The purpose of this paper is to analyze the characteristics of stock split and unseasoned equity offering and the impacts they have on market. The empirical results are as follows. First, the result of the multiple logistic regression analysis shows that a stock split and an unseasoned equity offering are more likely to be executed when the Tobin’s Q is high. However, stock split is more likely to be selected for firms with higher leverage and beta value. This analysis indicates that firms have preference on the financial policy of increasing the outstanding number of stocks without any remaining paid-in capital. Second, announcement effects of both of a stock split or an unseasoned equity offering are highly significant. And from the comparison of the cumulative abnormal return from stock split and unseasoned equity offering, more positive reactions from the stock market are observed to come from an unseasoned equity offering than from a stock split. Similar characteristics of an unseasoned equity offering and dividends lead to this interpretation. Also, from the analaysis of the cumulative abnormal returns depending on a market which a company that posts a stock split and unseasoned equity offering, the difference of the markets does not affect the cumulative abnormal return. Third, a cross sectional regression analysis is performed to see which financial factors affect the announcement effects when an official notice of stock split or unseasoned equity offering is posted to the public. The number of outstanding stocks and cumulative abnormal return are positively related. In addition, CAR for stock split and unseasoned equity offering are positively related with (i) Tobin's Q, and (ii) ROE in the case of stock splits. In contrast, the CAR is not related to any variable in the case of an unseasoned equity offering except the accrual ratio of outstanding stock number. This analysis can be interpreted that in domestic stock markets, the signaling hypothesis for a stock split can be supported but not for an unseasoned equity offering. The previous studies on a stock split or an unseasoned equity are limited that only one subject of the two is analyzed or even with comparative analysis of both subjects, only cumulative abnormal return is derived However, this study additionally analyzes the announce effect along with the types of the stock exchange markets and shows that companies have different preference according to each financial properties and perform different announce effect. Also, the finding that markets act differently to similar financial actions may help a company establishing their financial decisions and another finding that a company executes different financial plans according to its characteristics gives the investor implications.

국제물품매매계약의 성립에 관한 법적 쟁점 연구

최혜선(Choi, Hye-Sun) 한양법학회 2014 漢陽法學 Vol.25 No.3

The CISG is most affected by the UCC. But there are several differences between two laws if we take a closer look at them. This study examines about legal issues regarding formation of the contracts in both laws. The CISG and the UCC accept the typical rule that a contract is established by a offer and an acceptance. According to the CISG Article 14, the offer must be definite, specific and having intent to be bound. Determinability requirement of price in an offer is retreated in Article 55. As a result, relationship between the Article 14 and Article 55 is in dispute. Otherwise the UCC liberalize the degree of definiteness required for contract. The CISG and the UCC recognize the revocability of an offer. In the CISG Article 16, an offerer can revoke an offer until an offeree makes an acceptance. Article 16 restricts the offerer’s power to revoke in two situations, also : making a promise that the offer is irrevocable and the offeree acts in reliance on the promise. According to the UCC 2-205, the only situation where the offer is irrevocable is that the offer makes a firm offer. The CISG and the UCC change the common law rule so called mirror image rule, but there are differences in the way of treating an acceptance with modifications in the CISG and the UCC. According to the CISG, an acceptance contains immaterial differences constitutes an acceptance unless the offerer objects to the discrepancy and those modifications are included as the terms of the contracts. In the UCC, in case of between merchants, the additional terms become part of the contract unless (1) the offer expressly limits acceptance to the terms of the offer, (2) they materially alter it, or (3) notification if objection to them has already been given or is given within a reasonable time after notice of them is received.