下記の要領でセミナーを開催します。
日時：4月21日 16:10～
場所：東南アジア研究所ファカルティセミナー室
報告者：Jungwon Suh, Ph.D., CFA (Professor of Finance, SKKU Business School,
Sungkyunkwan University)
論題：Equity Issuance and Internal Capital Markets
Abstract:
This study examines whether multidivisional firms’ internal capital markets
allocate equity issue proceeds efficiently and whether they supply sufficient
capital to businesses that typically issue equity actively. Multidivisional
firms do not issue equity as often as stand-alone firms do, and their propensity
to issue equity declines with the number of their segments (a proxy for
coinsurance). The primary destination of equity issue proceeds appears
to be core or large segments, but not necessarily high-Q segments. Equity
issue proceeds flow relatively little to segments that run “equity-dependent
business”—defined as the type of business that will use equity issuance
intensely if it is run by a stand-alone firm. As a result, equity-dependent
business within multidivisional firms is underinvested relative to stand-alone
firms or other segments. A significant portion of the “conglomerate discount”
can be attributed to the extent of multidivisional firms’ equity-dependent
business. Taken together, there is little evidence that internal capital
markets allocate equity issue proceeds efficiently. Internal capital markets
fail to provide adequate financial support to equity-dependent business—e.g.,
businesses characterized by high market-to-book, fast growth and uncertainty—resulting
in a loss of value.