상장폐지기업의 특성에 관한 실증연구

초록

Delisting from the stock exchange is viewed as an event which obviously possesses potentials to do damage to both interested parties surrounding a company and overall financial market. The efforts to explain and predict the delisitng, based on information available before the delisting, can make a contribution to the financial market in terms of efficient resource allocations. Most of prior researches, in effect, have merely focused on bankruptcy. There has appeared to be few researches developing the prediction model with respect to the delisting. In this context, the purpose of this paper is to emphasize the importance of understanding the delisted firms and to test empirically the relationship between the delisting and various factors to help predict it. Factors to consider include quality of internal control over financial reporting, discretionary accruals, and foreign investors' ownership interests, along with financial ratios believed to be basic precursors for the future. The results of key analyses are as follows. Debt ratio and interests paid in current period have the statistically significant positive effect on the delisitng of subsequent period. Sales growth and dividends paid in current period have the statistically significant negative effect on the delisitng of subsequent period. In addition, weakness of internal control over financial reporting and discretionary accruals in current period have the statistically significant positive effect on the delisting of subsequent period. In short, classifying financial ratios by a few characteristics, it might be concluded that financial ratios indicating safety, profitability, growth, and retention are useful for predicting the delisting. As a whole, low level of transparency is likely to be associated with the probability of delisting from the stock exchange.

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