보험회사 후순위채권의 가치관련성에 관한 연구

• 영문명: A Study on the Value Relevance of Insurer's Subordinated bonds
• 발행기관: 강원대학교 경영경제연구소
• 저자명: 조석희(Seokhee Cho)
• 간행물 정보: 『아태비즈니스연구』제14권 제4호, 275~287쪽, 전체 13쪽
• 주제분류: 인문학 > 문학
• 파일형태: PDF
• 발행일자: 2023.12.31

영문 초록

Purpose - The purpose of this study is to analyze the relationship between the issuance amount of subordinated bonds and firm value, aiming to determine how subordinated bonds are evaluated in the capital market. Design/methodology/approach - To achieve the research objective, this study empirically analyzes all samples of domestic listed insurers that have issued subordinated bonds. Through such empirical analysis, the study aims to confirm the value relevance of the recognized debt and examine how subordinated bonds are reflected in the firm valuation of insurers. Findings - The research finding indicates that subordinated bonds issued by insurers, despite being recognized as debt, did not show a significant relation with firm value. This result suggests a divergence from the typical characteristics of debt, reflecting the distinct evaluation of debt recognized through the issuance of subordinated bonds(subordinated debt) and general debt in the capital market. In this regard, additional investigation into the value relevance by categorizing debt into general debt and subordinated debt revealed a significant difference in the value relevance of the two types of debt. Research implications or Originality - These research findings indicate that the market evaluation of subordinated debt takes into consideration the economic attributes of the subordinated debt. Furthermore, this evaluation is interpreted to account for the regulatory consideration that recognizes subordinated debt as available capital for supervisory purpose.

목차

Ⅰ. 서론

Ⅱ. 이론적 배경 및 가설개발

Ⅲ. 연구방법

Ⅳ. 실증분석 결과

Ⅴ. 결론

References

키워드

Subordinated Bond Value Relevance Insurers Firm Value