자사주취득 기업들의 장기성과에 관한 연구

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자사주취득 기업들의 장기성과에 관한 연구.hwp [Size : 187 Kbyte ]

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자사주취득 기업들의 장기성과에 관한 연구에 대한 자료입니다.
자사주취득기업들의장

본문/내용

I. 서론
우리 나라의 자사주취득은 1992년 자사주펀드의 형태로, 그리고 1994년 공개시장을 통한 자사주취득의 형태로 도입된 이래, 상장 및 등록 기업들의 주요 재무전략의 하나로 널리 활용되어 오고 있다. 자사주취득 허용 초기에는 정부가 외국인의 적대적인 인수·합병을 허용함과 동시에 취득한도를 5%로 제한하였으나, 차츰 자사주취득한도를 10%, 33.3% 등으로 상향조정하다가, 98년 4월부터는 취득한도를 완전 폐지하였다. 이로 인하여 상장사들은 배당가능액의 범위 내에서는 자유롭게 자사주를 취득할 수 있게 되어, 자사주취득이 상장기업의 재무전략으로서 그 중요성을 더해 가고 있다.
자사주취득에 관한 외국의 선행연구들을 보면 대부분 자사주취득 방법별 특성과 자사주취득의 동기가 무엇이며, 취득결과 증권시장에 어떠한 영향을 미치는 것인가를 중심으로 진행되어 왔다. 미국의 경우 기업에서 활용하고 있는 자사주취득 방식은 크게 5가지 방법, 즉 공개시장에서의 매입, 고정가격 공개매수에 의한 매입, 화란식경매에 의한 매입, 이전가능풋옵션에 의한 매입, 그리고 특정지분매입 등이 사용되고 있다. 우리 나라의 경우는 미국과 달리…(생략)

참고문헌

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