CAJ | 학술논문

以2006年至2012年间通过定向增发实现反向收购整体上市的公司为样本，研究整体上市是否会对关联交易行为产生影响，从而观察整体上市的长期效率。本文研究发现，整体上市后，基于市场价格定价的关联交易并无显著下降，而基于非市场价格定价的关联交易则显著下降；进一步检验发现，整体上市程度越高，基于非市场价格定价的关联交易下降的幅度越大，证明了整体上市具有长期效率。
이2006년지2012년간통과정향증발실현반향수구정체상시적공사위양본，연구정체상시시부회대관련교역행위산생영향，종이관찰정체상시적장기효솔。본문연구발현，정체상시후，기우시장개격정개적관련교역병무현저하강，이기우비시장개격정개적관련교역칙현저하강；진일보검험발현，정체상시정도월고，기우비시장개격정개적관련교역하강적폭도월대，증명료정체상시구유장기효솔。
In order to investigate the long-term efficiency of whole listing,this paper uses the samples of listed companies which finish reverse takeover and thus list main business units of groups as a whole through private placement over 2006 to 2012. We examine whether the whole listing have an impact on related party transactions ( RPTs ) of listed companies. We find that after whole listing,the RPTs based on the market pricing principle do not drop significantly, while those based on non-market pricing principle decrease significantly; Furthermore, the higher the level of whole listing,the more decline of the non-market pricing RPTs, which proves that the whole listing by reverse takeover do improve companies’ long-term efficiency.