기업의 유상증자 발표가 주가에 미치는 영향 분석- 삼성SDI와 한화에어로스페이스를 중심으로

초록

Purpose The purpose of this study is to analyze the factors affecting the disclosure effect of the capital increase and to explain the cause of the difference observed around the case study methodology in the case of Samsung SDI and Hanwha Aerospace, which announced the provision of rights at a similar time but showed a contrast in corporate value. Design/methodology/approach To summarize the characteristics of companies listed on the KOSPI market from January 2015 to May 2025, to analyze the difference between the size of the company and the method of allocating capital increase, the capital increase information is collected using the 'Paid-in Capital API', and the cumulative abnormal rate of return up to 25 days after the announcement is calculated based on data 210 days before the announcement of the capital increase, and compared and analyzed by the size of the company and the method and purpose of the capital increase. Findings The study found that larger firms are less affected by capital increase disclosures. For business acquisition funds, returns were positive before but turned negative afterward. In the case study, the stronger impact came from management’s shareholder protection efforts and market sentiment to buy industry leaders cheaply, rather than from the disclosure itself.

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