Today, company's globalization is very universal phenomenon. Tools of globalization are various. There are overseas investments, technical tie-up, strategic licencing and export for methods of globalization. According to existent study's findings, company's globalization makes positive effect to fir...
Today, company's globalization is very universal phenomenon. Tools of globalization are various. There are overseas investments, technical tie-up, strategic licencing and export for methods of globalization. According to existent study's findings, company's globalization makes positive effect to firm value in generally. There are a lot of study's findings that overseas investments or the strategic international association raise stocks price and is super overcharge to stockholder. But, there are few existent studies that analyze the interrelationship between exportation and enterprise value. Exportation includes overseas sales of product and service, overseas construction, plant export, ship buildings etc.. Exportation means that sign contract note through trade negotiation (or talks ) between seller and purchaser. Today, companies doing overly rapid growth have a lot of occasions that look away eyes to overseas market early. Achieved growth of great external form suffering these company although secret memoir a lot of expenses and efforts accompany although this and pushes globalization through export. Also, stock prices were formed high as well as. Then, I need study that company's globalization through export is that lead company's value sincerely. Export means as direct result of trade talks or negotiation. When a trade negotiation were settled, it means that various trade contracts are confirmed such as international contract In this study, I wished to analyze how the news of trade negotiation conclusion makes big effect to enterprise value. Also, I want to know whether export weght-ratio, scale of negotiation , company's scale and performance period of contract are play the role of some in relation between trade negotiation and firm value. I used "Event study" technique to measure firm value. This study analyzed to analyze effect getting to enterprise value in short term and long-term two sides, that the event occur second of day before and behind work and earning rate and occurred second of month and earning rate. Study finding is as following. First, compromise settlement of negotiation makes positive effect to company value. Had displayed second of event-day plus 0.0067 and excess earning rate shortly and display second of + 0.0064 and excess earning ratio to ,+ 1 day. These figure displayed relevant result in the level of 5% and 10% statistically. Occurred second of month and excess earning rate and cumulative average residual that is the event in the long term had price of quantity, and have statistical significance in significance level of each 5%. Cumulative excess earning ratio did continuous rise until 4 months after. Second, It was no special relationship to amount scale of contract and firm value. Did not show any special synonymy with amount scale of trade contract and stock price. That is, despotic rule, which the negotiation settlement may make bigger effect to enterprise value as the amount is big trade engagement were rejected. This was no total synonymy shortly or in the long term. That is, observed cumulative average residual of daily earning ratio and monthly earning ratio. Export importance launched about difference with big group and small group "t-verification". But, was hard to discover special difference. Long- and short-term total contract amount weight did not affect to enterprise value. This result is registration point that Export influences to enterprise value, although it is small sum. Third, there is no relationship with performance period and company value of contract, and it is no synonymy being in short term, but in the long term performance period, long export contract to firm value big effect reach. Daily Accumulated earning ratio did not show any difference between long "Company group (Long)" and short "Company group (Short)" shortly, but special skill is showing difference that is 1% level statistically. This means that make effect that trade-contract, which performance period is long, is more positive to firm value. Fourth, export weight-ratio and relation with enterprise value were no relation on short term. But The negotiation settlement had made bigger effect to firm value as is a company which have big export weight. It was no statistical synonymy in study finding single plane, but displayed statistical synonymy of the 5% level from 5 months after the event and there was statistical synonymy in the 10% level from 4 months and 6 months. Fifth, settlement of trade talks had made positive effect to enterprise value on short term and long time as company's scale is big. That is the event since for 5 days clearly company's scale compared to SMALL group which big BIG group is small company's scale higher accumulated earning-ratio appear. In particular, there was synonymy in the 5% level statistically in + 4 days and + 3 days after the event-day and there was synonymy in the level of +10% on +2 days. These result can say that there is difference between tew-groups. If see in the long term, SMALL group is recording high CAR comparing to BIG in event month, but the month that the event occurs after from 1 month to 6 months consecutively BIG group compared to SHORT group high CAR appear. In particular, there was synonymy statistically in the level of 1% in 2 months from 1 month after the event. And there was statistical synonymy in the level of 5% from 4 months to 6 months after the event. This is proof that trade talks make effect that is positive to enterprise value as company's scale is big in the long term. Limitation of this study is as following. First, there are not large numbers of study data. Data that become this positive being analytical sample is much limit that is gone public notification data 3 years' datas related to 93 overseas shipments that Korean company whose stock is listed on the stock exchange announces to 2009 from 2007 and examines closely relation with change and internal factor of Price-Earning Ratio. Therefore, need to secure at least 5 years' data and supplement study. Second, source collection company is listed all to security market. Therefore, have group to graft together study's findings seeing in company or small firm which is not listed. Third, lie data was included in occasion of some data that use in this study. This is occasion that company publicly announces colorably. Especially, in the case of some Kosdaq-company, is announce that contracted export-negotiation with foreign corporation colorably by purpose of stock price manipulation. Investigator used the data that is publicly announced in the Financial Supervisory Service without verification on this in this study. Hereafter, direction of study is as following. Investigator need to analyze extending sharply period of basis data and number, and each company investigates several trade talks example by past period and each trade talks compromise settlement need to try approach by company which analyze effect getting for stock prices.
Today, company's globalization is very universal phenomenon. Tools of globalization are various. There are overseas investments, technical tie-up, strategic licencing and export for methods of globalization. According to existent study's findings, company's globalization makes positive effect to firm value in generally. There are a lot of study's findings that overseas investments or the strategic international association raise stocks price and is super overcharge to stockholder. But, there are few existent studies that analyze the interrelationship between exportation and enterprise value. Exportation includes overseas sales of product and service, overseas construction, plant export, ship buildings etc.. Exportation means that sign contract note through trade negotiation (or talks ) between seller and purchaser. Today, companies doing overly rapid growth have a lot of occasions that look away eyes to overseas market early. Achieved growth of great external form suffering these company although secret memoir a lot of expenses and efforts accompany although this and pushes globalization through export. Also, stock prices were formed high as well as. Then, I need study that company's globalization through export is that lead company's value sincerely. Export means as direct result of trade talks or negotiation. When a trade negotiation were settled, it means that various trade contracts are confirmed such as international contract In this study, I wished to analyze how the news of trade negotiation conclusion makes big effect to enterprise value. Also, I want to know whether export weght-ratio, scale of negotiation , company's scale and performance period of contract are play the role of some in relation between trade negotiation and firm value. I used "Event study" technique to measure firm value. This study analyzed to analyze effect getting to enterprise value in short term and long-term two sides, that the event occur second of day before and behind work and earning rate and occurred second of month and earning rate. Study finding is as following. First, compromise settlement of negotiation makes positive effect to company value. Had displayed second of event-day plus 0.0067 and excess earning rate shortly and display second of + 0.0064 and excess earning ratio to ,+ 1 day. These figure displayed relevant result in the level of 5% and 10% statistically. Occurred second of month and excess earning rate and cumulative average residual that is the event in the long term had price of quantity, and have statistical significance in significance level of each 5%. Cumulative excess earning ratio did continuous rise until 4 months after. Second, It was no special relationship to amount scale of contract and firm value. Did not show any special synonymy with amount scale of trade contract and stock price. That is, despotic rule, which the negotiation settlement may make bigger effect to enterprise value as the amount is big trade engagement were rejected. This was no total synonymy shortly or in the long term. That is, observed cumulative average residual of daily earning ratio and monthly earning ratio. Export importance launched about difference with big group and small group "t-verification". But, was hard to discover special difference. Long- and short-term total contract amount weight did not affect to enterprise value. This result is registration point that Export influences to enterprise value, although it is small sum. Third, there is no relationship with performance period and company value of contract, and it is no synonymy being in short term, but in the long term performance period, long export contract to firm value big effect reach. Daily Accumulated earning ratio did not show any difference between long "Company group (Long)" and short "Company group (Short)" shortly, but special skill is showing difference that is 1% level statistically. This means that make effect that trade-contract, which performance period is long, is more positive to firm value. Fourth, export weight-ratio and relation with enterprise value were no relation on short term. But The negotiation settlement had made bigger effect to firm value as is a company which have big export weight. It was no statistical synonymy in study finding single plane, but displayed statistical synonymy of the 5% level from 5 months after the event and there was statistical synonymy in the 10% level from 4 months and 6 months. Fifth, settlement of trade talks had made positive effect to enterprise value on short term and long time as company's scale is big. That is the event since for 5 days clearly company's scale compared to SMALL group which big BIG group is small company's scale higher accumulated earning-ratio appear. In particular, there was synonymy in the 5% level statistically in + 4 days and + 3 days after the event-day and there was synonymy in the level of +10% on +2 days. These result can say that there is difference between tew-groups. If see in the long term, SMALL group is recording high CAR comparing to BIG in event month, but the month that the event occurs after from 1 month to 6 months consecutively BIG group compared to SHORT group high CAR appear. In particular, there was synonymy statistically in the level of 1% in 2 months from 1 month after the event. And there was statistical synonymy in the level of 5% from 4 months to 6 months after the event. This is proof that trade talks make effect that is positive to enterprise value as company's scale is big in the long term. Limitation of this study is as following. First, there are not large numbers of study data. Data that become this positive being analytical sample is much limit that is gone public notification data 3 years' datas related to 93 overseas shipments that Korean company whose stock is listed on the stock exchange announces to 2009 from 2007 and examines closely relation with change and internal factor of Price-Earning Ratio. Therefore, need to secure at least 5 years' data and supplement study. Second, source collection company is listed all to security market. Therefore, have group to graft together study's findings seeing in company or small firm which is not listed. Third, lie data was included in occasion of some data that use in this study. This is occasion that company publicly announces colorably. Especially, in the case of some Kosdaq-company, is announce that contracted export-negotiation with foreign corporation colorably by purpose of stock price manipulation. Investigator used the data that is publicly announced in the Financial Supervisory Service without verification on this in this study. Hereafter, direction of study is as following. Investigator need to analyze extending sharply period of basis data and number, and each company investigates several trade talks example by past period and each trade talks compromise settlement need to try approach by company which analyze effect getting for stock prices.
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