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1. 2..,.,., ICT.. KAIST,..,. 2014 12

3 1 11 1 29 2 42 1 42 1. IPO(Initial Public Offering) 43 2. M&A(Mergers and Acquisitions) 43 3. (Secondary) 44 4. SPAC(Special-Purpose Acquisition Company) 45 2 46 1. 46 2. 51 3 57 1. 57 2. 62 3. 67 4 71 3 M&A 75 1 M&A 75 1. 77

4 2. 91 3. M&A 98 2 M&A 106 1. 106 2. 108 3. 110 3 114 4 M&A 117 1 118 2 M&A 126 1. 126 2. 137 3 M&A 143 1. 143 2. M&A 154 3. M&A 160 4 ICT M&A 166 1. 166 2. M&A 168 5 173 1 M&A SPAC 174 2 M&A 179 3 183 1. 183 2. M&A 186

5 3. M&A 189 6 192 197 1 207 2 M&A 209 3 M&A 223

6 1 1 31 1 2 ICT 34 1 3 ICT 34 2 1 46 2 2 (1998 2010 3 ) 50 2 3 50 2 4 IPO 52 2 5 IPO 52 2 6 53 2 7 IPO Valuation 53 2 8 M&A 55 2 9 VC IPO 58 2 10 VC IPO 59 2 11 IPO 60 2 12 VC M&A 60 2 13 VC M&A 61 2 14 2013 M&A 62 2 15 M&A 62 2 16 VC 63 2 17 VC 63 2 18 VC 64 2 19 VC IPO 64

7 2 20 IPO (median) 65 2 21 VC M&A 65 2 22 2014 1 ICT M&A 66 2 23 M&A (median) 66 2 24 VC 67 2 25 VC 67 2 26 VC/PE IPO 68 2 27 IPO (median) 69 2 28 VC M&A 69 2 29 ICT 3 M&A 70 2 30 M&A (median) 71 2 31 (2013 ) 73 3 1 M&A 111 3 2 112 3 3 113 4 1 122 4 2 2003 2005 126 4 3 2003 2005 M&A 127 4 4 128 4 5 2003 2005 M&A 129 4 6 131 4 7 131 4 8 138 4 9 138

8 4 10 ( ) 139 4 11 (ICT ) 142 4 12 ICT ICT ( ) 143 4 13 NASDAQ Technology 144 4 14 NASDAQ Technology 144 4 15 146 4 16 147 4 17 152 4 18 153 4 19 154 4 20 M&A ( ) 155 4 21 M&A ( ) 157 4 22 M&A (M&A ) 160 4 23 M&A ( ) 162 4 24 M&A ( ) 163 4 25 M&A (M&A ) 165 4 26 ICT M&A (2011 2013 ) 166

9 4 27 ICT M&A (2011 2014 ) 168 4 28 ICT M&A (2011 2014 ) 168 4 29 M&A 169 4 30 M&A 170 4 31 M&A 172

10 1 1 (2013. 5) 33 2 1 47 2 2 48 2 3 48 2 4 ICT 49 2 5 51 2 6 IPO M&A 54 2 7 VC 58 2 8 M&A 72 4 1 119 4 2 124 4 3 M&A 133 4 4 M&A 133 4 5 M&A 134 4 6 M&A 135 4 7 M&A 136 4 8 NASDAQ Technology M&A 145

11 1..,,. 2013 5. /.,,,, M&A.,,,,... ( ), ( ) 70%, (IPO) (M&A)

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15 2013 7. 21 60 (2014 8 ), 4,689 1 3,372 (2014 8 ). ( ) (PEF) (5 7 ) ( ). 2002 2009. 2014 6 14, 5,515. 2005 1,190 2012 1.5, 26.03%. M&A IPO. M&A IPO. 2014, M&A 76.2%, IPO 23.8%, M&A 1%. M&A 2010 523 2013 376., 2014 97 VC M&A, M&A 17 200. VC M&A 2013 376 162. /, IT, ICT M&A. 2013 VC 994, 2011. M&A 2013 53.5%., IPO 2012 2013

16. 2007 2013 M&A 3 2 2012 28.5% 211 M&A. 2013 2007. 2003 WTO,. 2012 IPO, M&A. 2012 VC 59% IPO, 2013 14.3%. M&A 2012 75 31%, 2013 134 2 58.2%. M&A 2013. ICT M&A 2013 317, 143 5,000 100.6%, 164.5%. ICT (Baidu), (Alibaba), (Tencent) M&A. M&A. IPO 98.2% M&A 1.8%. M&A 1. M&A IPO M&A. IPO 4 8 IPO 10, IPO.

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24,,,,,,.., M&A., 10 M&A M&A 1% 5%. M&A M&A., M&A. M&A,., M&A. M&A. M&A.,., M&A.,, M&A., M&A M&A. ( ) M&A,., M&A

25 M&A., M&A M&A. M&A,, M&A,. M&A ICT M&A., M&A, 100.,, M&A, M&A.. ICT M&A M&A. 5.,,. M&A. M&A,., M&A,,, M&A. M&A SPAC M&A

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1 29 1. 20, 1). 2),. 3),,,.,.,. 4).,. 2000,. 5),. 6) 1) (2013). 2) Almeida and Kogut(1999). 3) Reinganum(1983). 4) (2003). 5) (2003). 6) (2012).

30,. 1980 500 400 1,600. 7) 2008 2010 3.1% 2.0%, 11%. 8),.. 9).,,. 1 1 2013.,,,... R&D. (M&A: Mergers and Acquisitions, M&A ). 7) (2003). 8) National Venture Capital Association(2011). 9) (2013).

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1 33. 1 1 (2013. 5) : (2013. 5. 14).

34 ICT, 1 2 1 3 ICT ICT. ICT.,, ICT. 1 3 ICT, 4.,. 1 2 ICT ( :, %) 2008 2009 2010 2011 2012 2013 2014.3Q ICT 1,228 1,147 1,860 1,754 2,099 2,955 1,430 ICT 690 556 804 892 918 1,553 1,238 ICT ( ) 1,918 ( 29.1%) 1,703 ( 11.2%) 2,664 (56.4%) 2,646 ( 0.7%) 3,017 (14.0%) 4,508 (49.4%) 2,668 ( 19.9%) 26.4% 19.6% 24.4% 21.0% 24.5% 32.5% 24.8% : 2014. 3Q 2013. 3Q. : (2014a). 1 3 ICT ( : ) 2009 2010 2011 2012 2013 2014.3Q 3,800 3,971 3,599 3,783 4,309 3,313,,, 4,876 5,370 5,729 5,913 6,086 4,794 ICT ( ) 8,676 (75.5%) : 2014. 3Q 2013. 3Q. :,. 9,341 (7.7%) 9,328 ( 0.1%) 9,696 (3.9%) 10,395 (7.2%) 8,107 (3.2%),,,,. 1 1

1 35, M&A.,... ( ), ( ) 70%, (IPO: Initial Public Offering) M&A 30%. IPO, IPO 2011. 2014 8 2013 IPO 1. 10. 2013 13.8 IPO. IPO. M&A IPO, M&A.,, 80%.,. ICT,,

36,,.. 10),,, R&D. 11) 2000 R&D. 12) M&A 2013 23%. 13), M&A, ICT 2013 33 14). 2006 16 5,000, 15) M&A.,.,.. 10) Baumol(2004). 11) Gompers and Xuan(2009). 12) Eklund(2000). 13) Mergermarket(2014). 14) 585, 165 18.6 (11.3%) (62 ), (72 ) (, 2014. 2. 19). 15) (2006. 10. 10).

1 37.. M&A. (horizontal merger), (vertical merger), (conglomerate merger). IT.... 2014 10. 16). ( ) (2 ) (, ) ( ) 17).. 1995 ABC,..,., M&A 16) (2014. 10. 27). 17) (2014. 10. 30).

38..,.,. 2014, 18) 4,300 1:1.55. M&A (governance)., 19),. 20). 21) 18) (2014. 10. 13). 19) Jensen and Meckling(1976). 20),, (, 2001)... ( ).,.

1 39 M&A M&A.. 22),. 23), 80 90%,,,,,,. 24). 25),. 26). 2013 M&A,, M&A, M&A,,. M&A (2004, 2007, 2009). 21) Masulis, Wand, and Xie(2007), Rose(2009), Ryngaert(1988), McWilliams and Sen(1997), Sundaramurthy, Mahoney and Mahoney(1997). 22) Sahlman(1990), Gompers and Lerner(1999). 23) Gompers and Xuan(2009). 24) Ernst & Young(2011). 25) Lerner(1994), Bascha and Walz(2001), Cumming and MacIntosh(2001), Schwienbacher(2008). 26) Schwienbacher(2002).

40 M&A, M&A. M&A,, M&A, M&A., M&A. M&A, M&A. M&A. M&A, M&A. M&A.. M&A,, M&A, M&A. M&A M&A, M&A... 2,.,,,.. 3 M&A. M&A

1 41, M&A. M&A M&A. M&A.,, M&A,. M&A 4., M&A ICT M&A. M&A, Thomson Reuters M&A. ICT M&A. 5,. 6,. M&A., M&A M&A., M&A.,.

42 2 1 IPO, M&A,, SPAC,,.,. 27),.. 3. (2013) 3. IPO, M&A, SPAC. 27) 2014-3, 7 2( ).

2 43 1. IPO(Initial Public Offering) (IPO). (listing) IPO IPO,. 28) IPO,,. 29) IPO (,, ), IPO. 30) 5 10% IPO,,,. 31) 2. M&A(Mergers and Acquisitions) M&A,,,. (merger) (acquisition),, 28), IPO (KB, 2012). 29) IPO. http://www.truefrien d.com/main/corporate/ipo/_static/tf09aa010000.jsp. 30) http://avc.com/2010/06/ipos-just-arent-what-they-used-to-be/. 31) http://avc.com/2010/06/ipos-just-arent-what-they-used-to-be/.

44. 32) M&A 3, M&A., IPO M&A. M&A,,, 33)., (acquired or target firms) 34) M&A M&A. 3. (Secondary) ( ) ( ). (2014c) 2013 IPO 13.8, 2003 2013 11 6.4.,.,, 32) (2011). 33) (2013). 34) (acquiring firms).

2 45. 35). 36) (KONEX),. IPO M&A. 4. SPAC(Special-Purpose Acquisition Company) (SPAC) M&A (paper company). 37) SPAC 36 IPO. 38) SPAC SPAC, 39) SPAC. 40) (brokerage) IPO, M&A. 35) (2012. 8. 7). 36) IPO. 37) (2009), p.10. 38) (2009), p.26. 39), IPO SPAC. 40) (2014. 4. 22).

46 2 1., 1998 41). 42). 43) 2 1 1. : 5, 10% 2. :, 5, 5%., 3 3. : 4. : :.. 1999 2000 1, 2002 2004 41) 2014 8 28,,,. 42) (2011). 43) 1.

2 47 2004. 2007. 2014 9 29,318, 3. 2 1 ( : ) :, http://www.venturein.or.kr/venturein/data/c61100.do(2014 10 2 ). 24.2%, ( 2 2 ). 29,318 (2014 9 ) 25,132 85.7%. 1,860 (6.3%), 1,506 (5.1%), 761 (2.6%) 59 (0.2%)..

48 2 2 ( : %) : 1) 1998 2005 (2006). 2),,. :, http://www.venturein.or.kr/venturein/data/c61510.do(2014 10 2 ). 2 3 ( : ) : 1998 2005 (2006). :, http://www.venturein.or.kr/venturein/data/c61510.do(2014 10 2 ).

2 49 ( 2 3 ). 2014 9 71.1%(20,845 ), SW 16.5%(4,832 ), 1.1%(415 ), 1.3%(376 )., ICT. 2013 ICT( ) 35.2%, (22.5%), (20.6%). 2 4 ICT ( :, %) : 2013, 2014 ICT ICT. :, (http://vcic.kvca.or.kr) 2 2 1998 2010 3,,,. 44).

50,. 2 2 (1998 2010 3 ) ( :, %) 1,581 292 189 105 86 17 16 2,286 69.2 12.8 8.3 4.6 3.8 0.7 0.7 100.0 : (2010), p.16.. 1,000. 2013 2005 45) 454. 3 20% 40. 2 3 ( : ) 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 68 78 102 152 202 242 315 381 416 454 10 24 50 50 40 73 66 35 38 24 34 59 68 73 85 87 54 56 : ( ) (2014. 7. 21), p.3. 44), (2010) 2010 3. (2010, pp.13 17). 45) 1998, 1 (69,801 ) ( ).

2 51 2. 70%, IPO M&A 30%. IPO M&A 20.2%, 0.5% M&A IPO.. IPO IPO 2011, 2014 8, 11 1,006. 2014 IPO 2013, IPO 1. 2 5 ( : %) : (2014a), p.43.

52 2 4 IPO ( : ) 03 04 05 06 07 08 09 10 11 12 13 14. 6 ( ) IPO IPO 879 890 918 963 1,023 1,038 1,028 1,029 1,031 1,005 1,009 1,006 71 52 70 56 67 38 55 76 60 22 37 8 58 37 61 43 52 29 26 34 35 17 23 1 : ( ), SPAC. : (2014a), p.44. IPO 2006 10 2013 13.8, IPO. IPO. 2 5 IPO ( : ) 04 05 06 07 08 09 10 11 12 13 VC VC 7.2 7.6 7.9 8.7 8.6 10.7 11.5 12.5 11.3 11.9 13.8 12.4 11.5 15.5 17.2 12.0 13.1 14.1 13.9 19.9 9.3 9.0 9.0 10.7 11.1 11.3 12.2 13.0 12.2 13.8 : (2014c), p.86. IPO 7. 2001 72.4%, 9.8% (risk-taking), 2014 25.4%, 52.3%.

2 53 2 6 ( :, %) 3 ( ) 3 7 ( ) 7 ( ) 2001 6,452 72.4 1,587 17.8 874 9.8 8,913 2002 3,340 54.1 2,163 35.0 674 10.9 6,177 2003 1,861 29.5 3,658 58.0 787 12.5 6,306 2004 1,736 28.7 3,459 57.2 849 14.0 6,044 2005 1,972 26.0 4,162 55.0 1,439 19.0 7,573 2006 2,224 30.3 3,721 50.7 1,388 18.9 7,333 2007 3,650 36.8 3,774 38.1 2,493 25.1 9,917 2008 2,908 40.1 2,553 35.2 1,786 24.6 7,247 2009 2,476 28.6 2,601 30.0 3,594 41.4 8,671 2010 3,192 29.3 2,904 26.6 4,814 44.1 10,910 2011 3,722 29.6 3,296 26.1 5,590 44.3 12,608 2012 3,696 30.0 3,137 25.4 5,550 44.6 12,333 2013 3,699 26.7 3,259 23.5 6,887 49.8 13,845 2014. 6 1,689 25.4 1,487 22.3 3,482 52.3 6,658 :,. IPO Valuation. 2013 908, 824. 2 7 IPO Valuation ( : ) 03 04 05 06 07 08 09 10 11 12 13 14. 6 314 423 550 475 631 565 856 833 1,060 661 848 660 VC 400 453 640 442 652 583 761 835 1,157 611 908 518 VC 208 357 330 552 575 521 963 832 869 761 824 : 1) IPO Valuation= * (SPAC ). 2) VC,, KVF. : 1) 2013 (2014c), p.85. 2) 2014 6 (2014a), p.45.

54. M&A. 2007 2,000 IPO. 46) IPO. M&A IPO M&A. 2 6 IPO M&A ( : %) : IPO M&A. : (2014a). M&A M&A. M&A (dart.fss.or.kr) 2007 2013 46) 2 4 2007 50 IPO.

2 55. 47) ICT M&A 2007 2013 78. M&A 31.7%. ICT M&A 2011 M&A, 2013 6 M&A., 2008 ICT ICT M&A, ICT M&A. 2 8 M&A ( :, %) 07 08 09 10 11 12 13 M&A 38 53 30 29 18 35 43 246 ICT M&A 11 20 8 8 3 13 18 78 7 8 3 5 2 6 10 41 4 12 5 3 1 4 8 38 ICT M&A 28.9 37.7 26.7 27.6 16.7 28.6 41.9 31.7 : 1) ICT,,,. 2) ICT /, /,,,,. :.. SPAC. (KONEX) (Pre-KOSDAQ) 2013 7. 21 60 (2014 8 ), 4,689 1 3,372 (2014 47).

56 8 ). 48) 2014 3 7,000, 2 6,000 2013 6 1,000, 3 9,000. 49),,,. 50) ( ) 51) ( ) (5 7 ) ( ). 2002 2009. 2014 6 14, 5,515. 2005 1,190 2012 1.5, 26.03% 52)., 9 48) (2014. 4. 28), 2014 4 16 49 18, 0.01%. 49) (2014. 6. 30). 50) 1, (2014. 6. 30). 3 1, 100 1,,,, 20% 3, 5, 2. 51), http://terms.naver.com/entry.nhn?docid=1847087&cid=40942&categoryid=31832. 52) (2012. 5. 3).

2 57 5%. 10%,. 53) SPAC, 2009 22 SPAC M&A SPAC 10. 54) M&A. 2013 4,240, 2014 2 371.7%. KB2 1 DB 1 M&A, 55) 2 6., (2014. 9. 3). M&A SPAC. 56) 3 1.. IPO (VC) M&A IPO. M&A IPO. 2014, M&A 76.2%, IPO 23.8%, M&A 1%. M&A 56.5%, IPO 43.5% 53) (2012. 12. 4). 54) (2014. 4. 22). 55) (2014. 6. 3). 56) (2014. 9. 24).

58. 2 7 VC ( : %) : Thomson Reuters & National Venture Capital Association, (2014b), p.51. VC IPO 2007 2013 81 2012 160 IPO 2012 IPO 2013. 2014 VC 65 IPO IPO 1 2,800. 2 9 VC IPO ( :, ) 03 04 05 06 07 08 09 10 11 12 13 14. 6 VC IPO VC IPO 26 82 59 67 91 7 13 70 51 49 81 65 78 122 87 105 136 109 152 111 210 438 137 128 : 1) 2013 Thomson Reuters & National Venture Capital Association(2014), p.14. 2) 2014 Thomson Reuters & National Venture Capital Association(2014. 7. 1), p.2.

2 59 IPO. 2013 IPO 81 42. 2 10 VC IPO ( : ) Industry 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Biotechnology 47 4 4 7 26 15 16 20 1 2 13 11 12 42 Business Products and Services 8 0 1 1 0 4 0 4 0 0 1 2 1 0 Computers and Peripherals 6 0 1 0 0 1 0 1 1 0 0 2 0 1 Consumer Products and Services 3 3 1 2 3 1 4 1 0 1 5 2 3 3 Electronics/Instrumentation 3 1 0 0 0 0 0 0 0 1 0 1 0 0 Financial Services 1 2 2 4 7 2 4 3 0 0 5 0 2 1 Healthcare Services 2 4 1 1 1 1 0 1 1 1 1 0 0 0 Industrial/Energy 7 4 0 0 3 3 7 5 0 1 5 3 3 0 IT Services 16 0 0 0 1 1 2 6 0 0 4 2 6 4 Media and Entertainment 11 4 1 7 4 6 2 0 0 6 9 4 6 Medical Devices and Equipment 11 7 4 0 13 8 11 11 2 0 4 2 1 4 Networking and Equipment 17 2 0 0 1 0 4 3 0 0 3 0 3 3 Other 1 1 0 0 0 0 0 0 0 0 0 0 0 0 Retailing/Distribution 4 1 1 1 0 1 1 2 0 0 2 0 0 0 Semiconductors 10 2 0 3 6 6 2 10 0 0 6 3 2 3 Software 58 5 5 4 10 6 7 13 2 5 12 9 9 13 Telecommunications 33 1 0 2 4 6 3 9 0 2 3 5 3 1 Total 238 37 24 26 82 59 67 91 7 13 70 51 49 81 : Thomson Reuters & National Venture Capital Association(2014), p.75. IPO, 2013 8.

60 2 11 IPO ( : ) 03 04 05 06 07 08 09 10 11 12 13 6.0 6.0 5.0 6.0 6.0 7.0 7.0 6.0 7.0 8.0 8.0 : Thomson Reuters & National Venture Capital Association(2014), p.14.. M&A M&A 2010 523 2013 376., 2014 97 VC M&A, M&A 1 7,200. 57) 2 12 VC M&A ( :, ) 03 04 05 06 07 08 09 10 11 12 13 14. 6 M&A 323 402 446 484 488 417 351 523 490 473 376 208 M&A M&A 134 199 201 208 201 134 109 150 169 132 94 63 62 145 98 117 153 121 113 118 143 172 177 172 : M&A. : 1) 2013 Thomson Reuters & National Venture Capital Association(2014), p.15. 2) 2014 Thomson Reuters& National Venture Capital Association(2014. 7. 1), p.2. VC M&A 2013 376 162. /, IT, ICT M&A. 57) Thomson Reuters & National Venture Capital Association(2014).

2 61 2 13 VC M&A ( : ) Industry 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Biotechnology 16 21 9 15 24 29 32 32 24 19 38 34 33 22 Business Products and Services 15 29 14 15 20 22 24 35 14 13 14 13 15 5 Computers and Peripherals 13 6 2 8 8 8 10 3 7 4 6 7 6 7 Consumer Products and Services 16 14 7 11 10 11 10 11 11 7 7 8 11 7 Electronics/Instrumentation 4 6 7 4 5 3 5 5 7 4 5 4 5 6 Financial Services 13 19 13 9 14 12 16 12 10 5 12 9 9 8 Healthcare Services 9 5 13 3 7 12 12 11 12 7 14 15 9 5 Industrial/Energy 13 12 12 9 12 22 18 19 22 16 24 20 29 14 IT Services 23 31 38 25 33 22 30 38 27 22 46 48 51 26 Media and Entertainment 40 51 27 16 33 31 26 49 36 33 63 65 46 46 Medical Devices and Equipment 9 19 12 9 23 27 25 27 13 26 21 37 32 25 Networking and Equipment 24 16 20 23 30 22 28 15 25 23 23 18 12 7 Other 0 0 1 1 1 1 0 2 2 0 1 2 0 1 Retailing/Distribution 14 15 7 7 7 8 9 9 5 1 5 1 4 5 Semiconductors 21 14 14 11 17 17 20 19 24 22 27 15 18 14 Software 118 94 129 120 133 163 177 157 148 120 171 171 162 162 Telecommunications 31 32 40 37 25 36 42 44 30 29 46 23 31 16 Total 379 384 365 323 402 446 484 488 417 351 523 490 473 376 : Thomson Reuters & National Venture Capital Association(2014), p.79.,,, MS, IBM ICT,,,. M&A. M&A, Osmeta 4

62 CEO 18.,,,, Nest Labs 32.,. 58) 2 14 2013 M&A ( : ) M&A 30 19 13 8 7 5 : KPMG (2014), p.14. M&A Osmeta 4, VC M&A 2007 6.3 2012 2013 5. 2 15 M&A ( : ) 03 04 05 06 07 08 09 10 11 12 13 3.6 4.6 5.2 5.7 6.3 5.6 5.5 5.0 5.0 5.6 5.0 : Thomson Reuters & National Venture Capital Association(2014), p.77. 2. 2013 VC 994, 2011 58) (2013), pp.9 16.

2 63. 2 16 VC ( :, ) 2007 2008 2009 2010 2011 2012 2013 1,412 1,175 1,145 1,134 1,030 1,012 994 3,218 2,419 2,133 2,081 2,366 1,851 2,231 : European Private Equity and Venture Capital Association(2014). M&A 2013 53.5%., IPO 2012 2013. 2 17 VC ( : %) 2007 2008 2009 2010 2011 2012 2013 M&A 31.5 38.9 32.9 41.3 47.8 36.2 53.5 IPO 20.7 7.1 15.4 13.2 13.9 4.8 13.5 18.0 22.2 22.7 24.0 18.6 23.2 13.0 9.3 12.3 4.1 3.7 3.9 4.3 4.1 8.3 7.6 5.8 2.1 2.1 4.4 0.7 12.3 11.9 19.1 15.7 13.7 27.1 15.2 100.0 100.0 100.0 100.0 100.0 100.0 100.0 : European Private Equity and Venture Capital Association(2014)., 50%. 2013 M&A 20.7%, IPO 7.6%, 2010.

64 2 18 VC ( : %) 2007 2008 2009 2010 2011 2012 2013 M&A 21.6 19.6 17.4 15.1 19.9 15.9 20.7 IPO 8.5 4.3 5.9 8.2 6.7 4.5 7.6 13.4 18.0 15.9 16.3 15.9 18.7 15.2 30.2 32.3 30.1 32.9 32.8 33.5 27.9 12.6 9.8 5.1 3.1 2.9 3.0 2.4 13.7 16.0 25.7 24.5 21.8 24.4 26.3 2007 2008 2009 2010 2011 2012 2013 : European Private Equity and Venture Capital Association(2014).. IPO VC IPO 2012 2013 77 IPO 3 2011. 2 19 VC IPO ( :, ) 2007 2008 2009 2010 2011 2012 2013 VC IPO 128 54 71 96 71 47 77 VC IPO 666 171 329 274 328 89 300 : European Private Equity and Venture Capital Association(2014)., 2014 1 8 IPO, 4 5,000 18 IPO 4 7,000 2007 2. King IPO 2 5,000 56%. IPO (median) 2011 9.2 6.3

2 65. 2 20 IPO (median) ( : ) 2007 2008 2009 2010 2011 2012 2013 6.4 8.1 3.8 9.2 6.2 6.3 : EY(2014), p.33.. M&A 2013 2007 M&A 3 2 2012 28.5% 211 M&A. 2007. 2 21 VC M&A ( :, ) 2007 2008 2009 2010 2011 2012 2013 VC M&A VC M&A 324 248 209 177 212 164 211 1,013 941 701 859 1,132 670 1,194 : European Private Equity and Venture Capital Association(2014). 2014 1 ICT 53 M&A. M&A 2 22. 40%, 9, (8 ), (7 ), (6 ). 59) 59) techeu(2014. 4. 18).

66 2 22 2014 1 ICT M&A ( : ) Liberty Global Ziggo 100 Vodafone Ono 70 Rakuten Viber 6.61 Zynga NaturalMotion 3.80 Google DeepMind 3.6 Kudelski Group Conax/Telenor 1.64 Palo Alto Networks Cyvera 1.44 McGraw-Hill Education Area9 1.31 Monitise Pozitron 0.72 Acturis Group Nordic Insurance Software 0.65 Schibsted Milanuncios 0.5 Group M(WPP) Plista 0.22 Criteo Tedemis 0.21 Yandex Kitlocste 0.2 Telenav Skobbler 0.175 Priceline Qlika 0.15 Sungy Mobile GetJar 0.038 : techeu(2014. 4. 18) 2013 VC 6.3 M&A. 2011 M&A IPO. 2 23 M&A (median) ( : ) 2007 2008 2009 2010 2011 2012 2013 6.5 6.7 5.5 5.7 5.5 5.9 6.3 : EY(2014), p.36.

2 67 3. 2003 WTO, 60). 2010 2013 230. 2 24 VC ( : ) 2008 2009 2010 2011 2012 2013 135 123 388 375 246 230 : Zero2IPO(2014), p.18. 2 25 VC ( : ) M&A IPO MBO 2012 2013 75 (31%) 134 (58.2%) 144 (59%) 33 (14.3%) 18 (7%) 43 (18.7%) : M&A M&A trade sale( ). : 1) 2012 Zero2IPO(2013), p.14. 2) 2013 Zero2IPO(2014), p.19. 3 (1%) 15 (6.5%) 6 (2%) 5 (2.2%) 2012 IPO 61), M&A 60) 2004, 2010 2012 487 519 (, 2014). 61) (2013), IPO. 2012 10 IPO, 2013 IPO 2012.

68. 2012 VC 59% IPO, 2013 14.3%. M&A 2012 75 31%, 2013 134 58.2%.. IPO IPO 2013. IPO 2010 221, 400. 2014 1 27 IPO, 20 5,000 2011 4 IPO. 62) 2 26 VC/PE IPO ( :, ) 2007 2008 2009 2010 2011 2012 2013 VC/PE IPO VC IPO VC/PE IPO VC IPO : Zero2IPO(2014), p.53. 33 23 47 149 142 92 0 19,100 1,341 4,811 26,652 23,400 10,158 0 61 12 30 72 29 14 27 14,954 2,078 10,813 12,860 6,142 930 1,447 VC IPO 2007 1.8 2013 4 6 7. 62) (2014), p.15.

2 69 2 27 IPO (median) ( : ) 2007 2008 2009 2010 2011 2012 2013 1.8 3.8 2.3 2.6 2.5 2.4 3.9 : EY(2014), p.33.. M&A M&A 2013. 2 28 VC M&A ( :, ) 2007 2008 2009 2010 2011 2012 2013 VC/PE M&A VC/PE M&A : Zero2IPO(2014), p.44. 30 24 42 91 194 208 446 673 1,015 5,779 6,364 11,968 5,141 34,660 ICT M&A 2013 317, 143 5,000 100.6%, 164.5%. 63) ICT (Baidu), (Alibaba), (Tencent) M&A. M&A., SNS,,. 2014 6 UC Web, ICT 63) (2014), p.8.

70 M&A 91 19. (WeChat) M&A. 2 29 ICT 3 M&A ( : ) PPS 2013. 5 370 91.com 2013. 7 1,847 Nuomi 2013. 8 160 Xiami 2013. 1 / ByeCity 2013. 3 20 117go 2013. 4 15 Weibo 2013. 4 SNS 586 Gaode 2013. 5 294 Kanbox 2013. 9 TutorGroup 2014. 2 100 ChinaVision Media Group 2014. 3 804 Hundsun Technologies 2014. 4 532 Youkou Tudou 2014. 4 1,220 UC Web 2014. 6 1,900 Jueshen New Education 2013. 1 Sogou 2013. 9 447.9 Shanghai Hantao Information Consultancy Tongcheng Network Technology 2014. 2 400 2014. 2 82.63 JD.com 2014. 3 214.7 Leju Holdings 2014. 3 180 58.com 2014. 6 736 :. : (2014), (2014).

2 71 2010 M&A 2013 3.5. 5 6 IPO M&A. 2 30 M&A (median) ( : ) 2007 2008 2009 2010 2011 2012 2013 3.5 3.7 3.4 3.8 4.1 4.4 3.5 : EY(2014), p.36. 4. 2% 64). IPO 10, 5 7,. M&A,. 3. 64) 2013 29,135 454 1.6%.

72.,., M&A..,, M&A. M&A. M&A 4 6,., M&A. 10 14 M&A,. 2 8 M&A ( : ) : (2013), p.66.

2 73 M&A. IPO 98.2% M&A 1.8%. M&A 1. M&A IPO M&A. IPO 4 8 IPO 10, IPO. 2 31 (2013 ) ( :,, %) IPO (A) 23 81 77 33 IPO 13.8 8.0 6.3 3.9 M&A (B) 1 376 211 134 M&A N.A. 5.0 6.3 3.5 IPO (A/(A+B)) 98.1% 17.7% 26.7% 19.8% M&A (B/(A+B)) 1.9% 82.3% 73.3% 80.2% : 1) M&A IPO M&A. 2) IPO M&A (median). 2014 ICT M&A. M&A 14, 9, 5, 5, 1 65). ICT M&A 3. 2014 1 32 Nest Labs, 1,500 Branch 65) (2014. 6. 13).

74 2. ICT ICT M&A. 2014 10 ICT M&A. M&A. M&A. 66) M&A. M&A (quality) M&A. 66) A A 2. A, 2 3.,.. A (, 2014; p.24).

3 M&A 75 3 M&A M&A,. 2014 M&A 11 2,000, (Daum Communications) (Kakao), SDI. M&A M&A. 67) M&A. M&A.,, M&A. 1 M&A 68) 69) 2 2 ( 1 )., ( ) 70) 67) (2014. 11. 12). 68),. 69) 12237, 2014. 1. 14.,. 70) 2007. 8. 3 8635,,,

76., 71),. ( ),,,,,.., M&A., 2.,, ( ). M&A,.. 71) (KONEX: Korea New Exchange).,, M&A. (http://konex.krx.co.kr).

3 M&A 77 1.,,,.., ( 174 175 ), ( 230 240 ), ( 269 ), ( 287 41), 72) ( 522 529 ) ( 598 603 ). ( 174 1 ),., ( 523, 524, 603 ), ( 230, 269 ) ( ) ( 522 3, 598 ).. 1995, 1998 72) 2011. 2011 4 14 10600, 2012 4 15.,,, /,,,,,.

78, 2011.. 1), 100 90 ( 527 2 1 ).. short form merger 73), 100 90. 74) 2) 75) 73) (short-form merger) (long-form merger). ( 90% ), (, 2004; pp.61 65). 74) (2014), p.1059. 75) (small scale merger).

3 M&A 79 100 10, ( 527 3 1 5 )..,. 76). 77) ( 374 1 3 ),. 78) 3) 2011 79) 523 4 80),. (, 2009, pp.782 783). 76) (2002), p.641. 77) (2014), p.12. 78) (2014), pp.1060 1061. 79) 2011 4 14 10600, 2012 4 15

80 (cash-out merger) 81). 82),. 83). 1/3. 84). 80) 523 ( ). 4. 3 81) squeeze-out freeze-out (Cox and Hazen, 2003; p.640).. squeeze-out freeze-out squeeze-out (Ventoruzzo, 2010). freeze-out, squeeze-out (, 2009; p.851). 82) (2011a), p.249. 83) (2011a), p.251. 84) 1/3

3 M&A 81. 85). /, 1/3, 90% ( ) 10%. 2/3 1/3. 99. 66 33 33, 65 34 33 (, 2011a; p.251). 85) 90%,.. 5%,..

82,. 86),,. 87). 88),. 89) 90%,,,. 90) 86) (2011a), p.270. 87) (2011a), pp.270 271. 88) (2011a), p.271. 89) (2011a), pp.271 272. 90) (2011a), p.273.

3 M&A 83 4) 2011, 3.,. (SPC: Special Purpose Company) (shell subsidiary). 91) 523 4 342 2 523 2. 92), 91) (2013), p.143. 92) 342 2( ) 100 50 ( ) ( ). 523 ( ). 4. 3 523 2( ) 342 2 523 4.

84,. 93),. 94),..,,...,, 1998. 95). 93) (2011), p.107. 94) (2011), pp.175 176. 95) (2010), pp.474 475.

3 M&A 85 ( 530 2). ( ), ( 530 12). ( 530 3 1 2 ). ( 530 4 2 ). ( 530 5 6). ( 530 9 1 ), ( 530 9 2 3 ) ( 530 9 4, 530 11 2 ). ( 530 11 2, 522 3). 2014 9 30 360 3... 2011 4 360 24 360 26, 96) 96) 4 360 24( ) 100 95 ( )

86 ( ), ( ). 1. 100 50. 1. 3,. 1. 2. 3. 4. 1,. 1. 2. ( ) 1 2. 6. 1 30 7. 8. 360 25( ). 1 2. 2

3 M&A 87,. 95%,.. 97) 95%,,. 98). 2 30 3. 4. 360 26( ) 360 24 360 25. 1.. 97) (2009), p.339. 98) (2011b), p.758.

88 95%.. 99),. 100) ( 362 24 4 ), 99). 374 2( ) 2. 1 30 3. 4. 360 24( ) 6. 1 30 7. 8. 100) (2011b), p.761.

3 M&A 89. 101) 102) 101) (2011b), pp.761 762. 102) 2.. 2006. 11. 24. 2004 1022 ( ),,,,,,,.,,,,,. 2006. 11. 23. 2005 958, 959, 960, 961, 962, 963, 964, 965, 966 ( ),,,,,,,.,,,,

90. 103). 95%, 90% (90 100%) (90 94% ) (95 100%).,.. ( ) ( ),,.,,.,.,,,,. 103) (2011b), pp.761 762.

3 M&A 91 ( 41 45 ) ( 374 ). 374, 104), 105). 106). 2014 9 30 374 3 90%,. 90%.. 2. 107) ( 104) (2001), p.416. 105) (2001), p.313; (1996), p.491; (2001), p.142. 106) 1998. 3. 24., 95 6885( 1998, 1127). 107) 1980. 12. 31., 3320,

92 ), M&A. 5,,... 10 ( ) 40% ( 10 1 ), 16 ( ) 17 ( ) ( 17 21 ). 108) 2009 2014. 5. 28 12708. 108) 10 ( ) 10 ( ) 100 40 ( ). 17 2( ) 1 10 1

3 M&A 93, 11 4.. 109) 5,,, ( 11 4, 17 11). 17 11 2 110) 16 ( ) 17 ( ). 109) / / (http://www.ftc.go.kr/policy/compet/economicmain.jsp). 110) 17 11 2 11 4( ) 1. 1.,,,, 2. 3. 4. 4 2. [ 9 2( ) 1 4 ] 5. 6. (, ) 100 5 50

94.. 5 ( 9 1, 17 1 ), ( 18 2 ).., M&A 111).. ( 5 ), 111) (2005), pp.118 119.

3 M&A 95 ( ),,, 15% ( 11 ).,,. 112) M&A 113).. ( 13 ), 4,, ( 20 ). 14 5( ). 114) 112) (2003), p.170. 113) (2004), p.73. 114) 21 3. 21 3( ) 14 5( ) 1 1.

96. 8 2 4 115), (, 100%.,. 116) 1.,,,,, 2. 393 2( ),, 14 5( ) 1 2. 1. 2. 10 2( ) 2 3.,,,,, 115) 8 2( ).,. 4. ( ) 116) ( 12225, 2014. 1. 10., 2014. 3. 11. ). 30 ( ) 8

3 M&A 97 30 6 50% 30%, 8 2 4. ( 30 7 ).,. 2 4. 1. 18 1 2 2. 100 50 3. 100 30 ( ) 4.

98 3. M&A 2014 3 6, M&A, 117) M&A M&A. M&A.. PEF M&A M&A (PEF: Private Equity Fund), PEF M&A 118) PEF. PEF, PEF 119). (GP) PEF PEF PEF ( : 40 ). PEF, SPC, 120). PEF (GP) PEF PEF (, 5 ). 3 117) M&A (, 2014. 3. 6). 118) (2014. 3. 6), p.2. 119) (2014. 3. 6), p.2. 120) (2014. 3. 6), p.2.

3 M&A 99 (2014 2 ). PEF PEF.. M&A M&A., ( ). 121), M&A. 122) 123). M&A, PEF (2016 ). M&A 3 1 124).,, PEF 125). 121) (2014. 3. 6), p.3. 122) (2014. 3. 6), p.3. 123) (2014. 3. 6), p.3. 124) (2014. 3. 6), p.3. 125) (2014. 3. 6), p.9.

100 (LBO) 126). M&A (SPAC) 127) ( 100 30, SPAC ).. M&A 128) 10%.,. ( )..,. M&A. 1) PEF M&A PEF 126) (2014. 3. 6), p.9. 127) (2014. 3. 6), p.9. 128) 2014 9 30. (2014. 9. 30).

3 M&A 101., PEF 5,, PEF,. PEF M&A. 2) M&A,. M&A 15 129)., 130) 11 3 131) 25 15 13 10% 129) http://www.innobiz.net/. 130) ( 25590, 2014. 9. 11.,, 2014. 9. 11. ). 131) 11 3( ) 12 3 1. 1. 25 2. 15 13

102 ( 12 3). 15 2 132),. 2014 9 22 M&A 133) 19, 134) M&A. M&A, 46 135) 2017 12 31. PEF, 117 1 23 136) 132) http://www.mainbiz.go.kr/. 133) ( : 1911796, : 2014. 9. 22). 134) (http://likms.assembly.go.kr/bill/jsp/main.jsp). 135) 46 ( ) ( ) ( ) 2017 12 31 (. ). 136) 117 ( ). 23. 278 3 1

3 M&A 103 278 3 1 2016 12 31. M&A,,, M&A. 3) 15 9 15 10,. ( ) ( ). 10% ( 527 3), 15 9 20%, 90% ( 527 2), 15 10 80%. 15 2,. 4) (SPAC) M&A (SPAC),

104. 200 400, 100 ( 50 ) 200. 137) 30 30..,. 138). 5),, M&A 2014 9 30, 137) SPAC 2 (, 2010; p.149). 138) (2010), p.137.

3 M&A 105. 360 3 530 6.,., M&A,,. 139)..., 374 3 90%,. 90%.,.. 139) (2014. 9. 30).

106 2 M&A 1. M&A., 140), 141) 142) (SEC rule), (FTC). M&A. M&A (fiduciary duty) M&A. 143), (General corporate law) (Anti-takeover statues) M&A. (Business combination statues), (Control share acquisition statues), (Redemption right statutes), (Disgorgement statues), (Fair price statues), (Anti-greenmail provisions), (Poison pills provision). 144) 140) M&A (FKI, 2005). 141) M&A, M&A (Clayton Antitrust Act), (FKI, 2005). 142) M&A, M&A M&A (FKI, 2005). 143) (2009), p.57.

3 M&A 107 M&A, (Business judgement rule), (Modified business judgement rule). 145) Unocal Corp. v. Mesa Petroleum Co. (, Unocal ) 146). Unocal M&A 2. 1 M&A, 2. Unocal. Revlon, Inc. v. MacAndrews & Forbes Holdings, Inc. 147), Revlon (Revlon duty).,. 1989 Paramount Communications, Inc. v. Time Inc. 148) 144) (2008, pp.67 73). 145) M&A, M&A (, 2009). 146) Mesa M&A Unocal Mesa Mesa. 493 A.2d 946(Del. 1985). 147) Revlon MacAndrews & Forbes Holdings, MacAndrews & Forbes. 506 A.2d. 173(Del. 1986). 148) Time Warner Brothers, Paramount

108 M&A M&A. 149) 2. 150) EU (Treaty on the Functioning of the European Union) 101 102. 151) M&A (effective competition) 152), M&A. 2004 EU (EC Merger Regulation 139/2004) 153), EU EU (, (all-cash, all shares) Time. Time Paramount Warner Brothers. Paramount Time Time Warner Brothers. 571 A.2d. 1140(Del. 1990). 149) Time Warner Brothers Paramount, (, 2009). 150) Kotra(2013). 151) EC EU. 152) (EU 101, 81 ),,, (EU 102, 82 ). 153) http://eur-lex.europa.eu/legal-content/en/txt/pdf/?uri=celex:32004r0139&from=en.

3 M&A 109 one-stop shop ).,. 154) EU (takeover bid), EU EU (Directive 2004/25/EC) 155). EU City code 156). 9 M&A (neutrality rule) 11 M&A (breakthrough) 157) EU. 158) EU M&A EU., M&A. 159), M&A 154) EU 8. 155) http://eur-lex.europa.eu/legal-content/en/txt/pdf/?uri=celex:32004l0025&from=en. 156) (mandatory bid), (equitable price), offer, (squeeze out right), (sell-out provision) (, 2009). 157) (2009, pp.70 72). 158) Kotra(2013). 159) http://www.globalwindow.org/quasar_jsp/inc/gw_downloadpdf.html?filename=/gw_file s/nationpdf/101016/101016_203_5019854.pdf.

110 M&A, 2012 1 90, 250. 160) M&A M&A, M&A. (2007), 2006 11 161) M&A., M&A., goodwill( ) 30%. M&A EU, EU EU. 162) 3. M&A 2002 M&A. (2003 4 ) 2006 9 160) Kotra(2013). 161),,,,,,,,,, ( ). 162) (2007).

3 M&A 111. 6 61 163), ( ). 164) M&A 3 1 M&A ( ) ( ),, ( ) ( ) ( ) ( ) ( ), ( ) ( ) (QFII) ( ) ( ) ( ) ( ) : (2006). 163), (, 2006). 164) (2006).

112,,. 2012 1 30 ( ) 1995.,,.,,. 165) 3 2. 3 2 ( ) : (2012. 1. 3).,,,, IPv6,,,,,. 3 3. 165) (2012. 1. 3).

3 M&A 113 3 3 (1999) 172 (2000) 49 (2008) 103 (2006) 61 : Global Window(2014), p.5., 3 15% 40%,,,, A/S, M&A. 2008 8 166) M&A., ( ) M&A., 167) M&A 168), 166) M&A 15 20% 51 (, 2009; p.95). 167) ( ). 168) ( ).

114. 169), 2013 1 M&A ( ). 170),,, 9,,,,.,,. 3 M&A. M&A (animal sprit) M&A M&A. M&A M&A. M&A., M&A, 171) M&A. EU EU 169) (2007). 170) (2013).

3 M&A 115 M&A M&A. M&A ( : ), EU. EU,. 172), M&A. M&A M&A., M&A M&A.,, M&A, M&A M&A. M&A M&A. M&A M&A. M&A,,,.,,,,. 171) (2009). 172) (2007).

116 PEF. M&A. SPAC. M&A,. M&A ( M&A ) M&A M&A.., M&A. M&A.,.

4 M&A 117 4 M&A M&A. M&A. M&A. Thomson Reuters Thomson One. 1 M&A.. 2 (VC-backed) M&A. 1,.,, M&A. 3 NASDAQ 400 ICT M&A.,, M&A M&A M&A.. ICT M&A, 4.

118 1 M&A, M&A (wave). M&A. Shleifer and Vishny(1991), 1960 M&A 1950 (Antitrust law). M&A 1970 173) 1992 174).. Andrade and Stafford (2004) M&A. Servaes and Tamayo(2007).,, M&A. Uysal(2011) (leverage) M&A,. (over-leverage).. 4 1 1990 2007 (leverage deficit) M&A. 173) Spiller(1983), Slovin, Sushka, and Hudson(1991). 174) Jovanovic and Rousseau(2004).

4 M&A 119 4 1 : Uysal(2011). Bae and Chung(2014) (zero-leverage) M&A.. M&A., Uysal(2011) M&A. M&A.,,,. 175),, (EBITDA: Earnings Before Interest, Taxes, Depreciation and Amortization). 176) M&A 175) Betton, Eckbo and Thorburn(2008), Officer(2003), Bargeron, Schlingemann, Stulz, and Zutter(2008), Harford(1999). 176) Harford(1999).

120. 177) M&A. Uysal(2011),.. 178),,.,, M&A.,.,.... M&A M&A. (limited arbitrage)... (cumulative abnormal stock returns of target) 177) Almazan, de Motta, Titman, and Uysal(2010). 178) Palepu(1986), Mikkelson and Partch(1989), Shivdasani(1993).

4 M&A 121. 179) Betton, Eckbo and Thorburn(2008). 1980 CEO.. M&A.,,. Betton, Eckbo and Thorburn(2008) 4 1. 4 1 (A) M&A 42 (B), (C), (D), (E), 1995 (F). 41 2 (runup period) 1 1 (announcement period). 179) Walkling(1985), Eckbo and Langohr(1989), Betton and Eckbo(2000), Officer(2004), Betton, Eckbo, and Thorburn(2007), Levi, Li, and Zhang(2008).

122 4 1

: Betton, Eckbo, and Thorburn(2008). 4 M&A 123

124 (public private) 4 2.,. M&A. 4 2 ( : %) : Betton, Eckbo, and Thorburn(2008)... 180).. 181) 180) Ragozzino and Reuer(2007). 181) Sahlman(1990), Black and Gilson(1998).

4 M&A 125 (preplanned acquisition),,,. CEO (anti-dilution protection),.,.. 182) M&A., 128. 183), Masulis and Nahata(2011). M&A.. M&A. Ozmel, Robinson and Stuart(2013) (strategic alliances), M&A. 182) Cumming and Johan(2008). 183) Giot and Schwienbacher(2007).

126 2 M&A 1. M&A. (VC-backed) M&A M&A. 10. 2003 2005, 2003 2013, 10 M&A.., M&A. Thomson One DB 2003 2005 15,968. 4 2 4 2 2003 2005 ( :, %) (active) 8,899 55.8 (merger & acquisition) 4,086 25.6 (went public) 1,515 9.5 (LBO) 741 4.6 (defunct) 515 3.2 (pending acquisition) 101 0.6 (bankruptcy) 52 0.3 (in registration) 40 0.3 6 0.0 15,968 100.0

4 M&A 127, 55.8%, 25.6%. 9.5% 1,515, 0.3% 40. M&A., 4 3. 100., 6,575 M&A 33.2%. (2003 2013 ) M&A 3,187, 2,180 (68.4%).,,,, M&A. 2003 2005 597 17 M&A 2.8% M&A. 4 3 2003 2005 M&A ( :,, %) M&A M&A 6,575 2,180 33.2 1,300 124 9.5 1,248 198 15.9 1,110 145 13.1 597 17 2.8 471 28 5.9 391 42 10.7 371 57 15.4 353 60 17.0 332 22 6.6 292 25 8.6 283 35 12.4

128 M&A M&A 229 21 9.2 185 22 11.9 173 16 9.2 171 13 7.6 164 27 16.5 155 6 3.9 139 9 6.5 136 28 20.6 15,994 3,187 19.9 : 100 4 4. 184). 3,076 71.55%.,. (42.87%) 4 4 M&A : 1,801 (84.04%) 400 (42.87%) 2,201 (71.55%) 342 (15.96%) 533 (57.13%) 875 (28.45%) ( :, %) 2,143 (100%) 933 (100%) 3,076 (100%) 184) Grote and Umber(2007), Keller(2002).

4 M&A 129 (cross-border M&A) (57.13%). 287, M&A,. (40 ), (24 ), (22 ), (13 ), (13 ) M&A. 4 5 2003 2005 M&A ( :,, %) SIC ( ) M&A M&A (%) 7372 (Prepackaged Software) 2,344 1,000 42.7 7375 (Information Retrieval Services) 591 210 35.5 3674 (Semiconductors and Related Devices) 586 186 31.7 2836 (Biological Products) 458 116 25.3 2834 (Pharmaceutical Preparations) 406 88 21.7 8731 (Commercial Physical and Biological Research) 330 54 16.4 7373 (Computer Integrated Systems Design) 281 109 38.8 3841 (Surgical and Medical Instrumetns and Appartus) 251 70 27.9 7371 (Computer Programming Services) 209 53 25.4 6799 (Investors, Not Elsewhere Classified) 199 7 3.5 3845 (Electromedical and Eletrotherapeutic Appratus) 192 47 24.5 7389 (Business Services) 162 35 21.6 7379 4899 (Computer Related Services, Not Elsewhere Classified) (Communications Services, Not Elsewhere Classified) 158 49 31.0 156 49 31.4 8999 (Services, Not Elsewhere Classified) 135 2 1.5 4813 (Telephone Communications) 134 28 20.9 3663 (Radio and Television Broadcasting and Communications Equipment) 130 25 19.2 4812 (Radiotelephone Communications) 115 28 24.3 5,454 894 16.4 12,291 3,050 24.8

130 4 5. 2003 2005 (prepackaged software) 2,344, M&A 42.7% M&A., (information retrieval services), (semiconductors and related devices) M&A. M&A,.. 4 6. (SIC: Standard Industry Classification), SIC,. M&A M&A M&A, M&A. 9.49%., 241 (96.27%). M&A 14.41%,,. 4 6 (76.1%) M&A M&A. M&A.

4 M&A 131 4 6 ( :, %) ( ) 268 (9.49%) 407 (14.41%) 2,149 (76.10%) 2,824 (100%) M&A,. 4 7. 4 7 (SIC 2 ) ( : ) 20 28 35 36 37 38 48 73 80 87 28 0 11 32 3 18 13 82 3 9 208 35 0 13 8 0 3 3 21 2 1 62 36 2 34 19 0 21 3 131 3 6 261 38 0 20 9 29 0 6 75 2 9 179 48 0 8 7 14 0 9 41 3 4 107 73 11 126 126 161 13 113 55 12 50 864 80 0 8 3 7 0 0 1 18 2 41 87 1 7 15 12 1 7 2 53 0 122 14 251 216 299 18 197 94 551 27 90 2,160 : 20: (Food and Kindred Products) 28: (Chemicals and Allied Products) 35: (Industrial and Commercial Machinery) 36: (Electronic and Other Electrical Equipment) 37: (Transportation Equipment) 38:,, (Measuring, Analyzing, and Controlling Instruments) 48: (Communications) 73: (Business Services) 80: (Health Services) 87: (Engineering, Accounting, Research, Management, and Related Services)

132 2. 4 7 (SIC 73, SIC 737 ) M&A. (SIC 20) / (SIC 28), (SIC 36), (SIC 48), (SIC 87). M&A 864.,, /,,. 551., 10 M&A,., / (SIC 28) (SIC 36) M&A (66 ), (SIC 36) (SIC 38) M&A (50 ). M&A M&A. M&A,. M&A, M&A. 4 3, 20 M&A, 10 M&A., 6 8 M&A 32.4%. 5 22.3%., M&A 8.

4 M&A 133 4 3 M&A M&A. 4 4 M&A 30. 4 4 M&A ( : %) 4 4, 5 10 5%p, 15 25

134., M&A M&A. M&A 8. M&A, M&A 4 5. 4 5 M&A M&A VC 4 5, 3,202 M&A (seed) 713 22.27%, (early) 1,502 46.91%., 3%, 30%, 35%, 32%, 185)., 185) Thomson Reuters & National Venture Capital Association(2013).

4 M&A 135 M&A., M&A., A, B,.,. M&A. 4 6 10 M&A. 4 6 M&A M&A 4 6,, M&A 1 3 3 5., 4.23 M&A 4.76

136. M&A.,. (syndication).. 4 7., M&A. 4 7 M&A M&A 4 7 1, 2, 3. M&A

4 M&A 137. 4.23, M&A 5.64., M&A. 2.. Thomson One 2003 2005 10. ( EXIT) M&A ( MNA). (M&A) (IPO). EXIT M&A IPO 1, 0. MNA 1, 0. (VCFIRM), (ROUND), (AGE, ), M&A (USDUM). SIC 2. 4 8. 10,348. 48.2%, 33.9% M&A. 5.33, 4.65.

138 4 8 EXIT 10,348 0 1 0.4817 0 MNA 10,348 0 1 0.3391 0 VCFIRM 10,348 1 33 5.3309 4 ROUND 10,348 1 32 4.6457 4 AGE 10,348 336 2,811 88.2563 28 USDUM 10,348 0 1 0.5034 1 4 9.. 4 9 EXIT MNA VCFIRM ROUND AGE EXIT 1.00 MNA 0.79*** 1.00 VCFIRM 0.25*** 0.20*** 1.00 ROUND 0.09*** 0.10*** 0.78*** 1.00 AGE 0.05*** 0.07*** 0.19*** 0.18*** 1.00 : *** 1%, ** 5%, * 10% M&A (Logistic Regression Model). (MLE: Maximum Likelihood Estimation). P r 1

4 M&A 139 1 Y, X, β. 4 10 4 11. 4 10 4 11 ICT. ICT 5,016. 4 10. SIC 2. (*) 1%, 5%, 10%. M&A (USDUM). 4 10 ( ) Logit Estimation EXIT EXIT MNA MNA VCFIRM 0.0850*** 0.0733*** 0.0431*** 0.0457*** ROUND 0.0919*** 0.0543*** 0.0629*** 0.0163 AGE 0.0001 0.0003** 0.0001 0.0002 USDUM 0.3483*** 0.6250*** 0.8616*** 1.5148*** VCFIRM X USDUM 0.0181 0.0018 ROUND X USDUM 0.0665*** 0.1321*** AGE X USDUM 0.0009*** 0.0011*** SIC 2 yes yes yes yes Obs. 10,348 10,348 10,330 10,330 LR X2 655.81*** 682.32*** 971.95*** 1,064.29*** : *** 1%, ** 5%, * 10%. EXIT, MNA., (VCFIRM) 1%

140., M&A IPO. (VCFIRM X USDUM)., (ROUND).. 4 9, (VCFIRM) (AGE).. (ROUND).,. M&A IPO.,. (ROUND X USDUM) 1%. M&A IPO,.,. EXIT, MNA AGE,. (AGE).

4 M&A 141 EXIT MNA, AGE (AGE X USDUM).,.,, IPO M&A. 4 11 ICT. ICT SIC 3 (SIC 357), (SIC 366), (SIC 367), (SIC 481), (SIC 484), (SIC 489), (SIC 731), (SIC 737), (SIC 738). 4 11., (VCFIRM) 1%., ICT. (VCFIRM X USDUM)., (ROUND), ICT., (ROUND X USDUM) 1%.

142 4 11 (ICT ) Logit Estimation EXIT EXIT MNA MNA VCFIRM 0.0750*** 0.0676*** 0.0406*** 0.0519*** ROUND 0.0911*** 0.0447** 0.0590*** 0.0304 AGE 0.0006 0.0007 0.0002 0.0002 USDUM 0.5210*** 0.8144*** 1.0514*** 1.7367*** VCFIRM X USDUM 0.0131 0.0074 ROUND X USDUM 0.0761*** 0.1422*** AGE X USDUM 0.0002*** 0.0000 SIC 2 no no no no Obs. 5,016 5,016 5,016 5,016 LR X2 175.26*** 189.11*** 350.58*** 413.14*** : *** 1%, ** 5%, * 10%.,. EXIT, MNA AGE, ICT., (AGE X USDUM) M&A IPO. EXIT,. MNA, ICT M&A. ICT ICT (AGE). ICT. 4 12. 4 12 ICT ICT (AGE).

4 M&A 143 4 12 ICT ICT ( ) ICT 5,016 189 1,127 46.22 22 76.49 ICT 5,332 43 2,811 127.80 38 246.97 ICT ICT, ICT.,, ICT.,. 3 M&A ICT M&A. M&A. 1. Thomson Reuters Thomson One DB. 2014 NASDAQ Thomson Reuters (Technology Sector), 467. 4 13, 4 14, 84%, (18%), (16%), (15%), (10%).

144 4 13 NASDAQ Technology ( :, %) 391 83.91 28 6.01 26 5.58 5 1.07 16 3.43 466 100.00 4 14 NASDAQ Technology ( :, %) SIC ( ) 3674 (Semiconductors and Related Devices) 87 18.63 7372 (Prepackaged Software) 76 16.27 7371 (Computer Programming Services) 71 15.20 7375 (Information Retrieval Services) 45 9.64 7373 3663 (Computer Integrated Systems Design) (Radio and Television Broadcasting and Communications Equipment) 24 5.14 17 3.64 3661 (Telephone and Telegraph Appratus) 15 3.21 3577 (Computer Peripheral Equipment) 11 2.36 3571 (Electronic Computers) 10 2.14 3572 (Computer Storage Devices) 10 2.14 101 21.53 467 100.00 M&A, M&A. Thomson One (Deals). 2011 2013 3 M&A (acquirer) (target) (private company)

4 M&A 145. (public company),. 3 ( : whmna) 0 1. 3 ( : nomna).. 266, NASDAQ Technology 57%., 3 10 17 M&A. 4 8 3 M&A. M&A, 20 M&A 8., (48 ), (33 ), (33 ), (33 ), (28 ), (21 ), (20 ), (20 ) ICT. 4 8 NASDAQ Technology M&A

146 NASDAQ 4 15, 4 16. 746, (482, 65%), (38 ), (24 ), (24 ), (21 ), (21 ). 4 15 ( :, %) 482 64.61 38 5.09 24 3.22 24 3.22 21 2.82 21 2.82 13 1.74 12 1.61 10 1.34 101 13.54 746 100.00 4 16, 314 (42.15%), (9.40%), (7.52%), (6.85%). SIC 3 737, 2 M&A., NASDAQ,.

4 M&A 147 4 16 ( :, %) SIC ( ) 7372 (Prepackaged Software) 314 42.15 7375 (Information Retrieval Services) 70 9.40 3674 (Semiconductors and Related Devices) 56 7.52 7376 7373 (Computer Facilities Management Services) (Computer Integrated Systems Design) 51 6.85 30 4.03 7389 (Business Services) 23 3.09 8748 (Business Consulting Services) 12 1.61 7374 (Computer Processing and Data Preparation and Processing Services) 12 1.61 8742 (Management Consulting Services) 11 1.48 166 22.28 745 100 M&A, NASDAQ. 1 M&A,,,,.,, (net sales), (operating EBIT), (total assets), (tangible assets), (total liabilities), (market capitalization). IPO 2014,.,.,.

148.,,.,,.,. M&A. M&A, M&A.,.,, M&A. M&A., 3., 2011, 2012, 2013., 3, 3 (2008 2010 ) 3 (2011 2013 ).,,,, 3 3. 4 17. M&A., M&A.. M&A,

4 M&A 149 M&A.,..,, M&A.,.,.. /,. 186), M&A, M&A. M&A... M&A.. 187) 186),,. (, 2014. 9. 26).

150. (, Private Equity)., (PEbacked) 1, 0., M&A. M&A,,. M&A M&A. M&A. 10 (2004 2013 ) M&A M&A., M&A. M&A M&A. 4 17 NASDAQ.. whmna 0.57 467 57% 2011 2013 3 M&A. nomna, M&A 2, 48 M&A. (PEbacked) 0.62 62%., M&A 2004 2013 10 M&A (MNA10years) 8.78., M&A. 143 M&A 187) 1.

4 M&A 151, 5.. 15. (Sales) 17 200, (Sales_g) 0.87 NASDAQ. (MarketCap) 49 4,900 24 9,800 NASDAQ., (ProfitRatio) 0.54 0.35, (ProfitRatio_g) 0.21. (TangibleRatio) 0.10, (LiabilityRatio) 0.43 (LiabilityRatio_g) 0.89. 4 18. whmna, nomna PEbacked, MNA10years, Sales, MarketCap,.,.. 4 4,.,,,, 4,,,,,,,,,. 4 19.

152 4 17 whmna 2011 2013 M&A 467 0 1 0.57 1 0.50 nomna 2011 2013 M&A 467 0 48 1.99 1 4.49 PEbacked MNA10years 2004 2013 M&A 467 0 1 0.62 1 0.49 467 0 143 8.78 5 16.31 Age IPO 2014 467 0 41 15.16 15 9.93 Sales 2011 2013 ( ) 463 0 145,338 1,702 246 8,769 ProfitRatio TangibleRatio 2011 2013 ( ) 2011 2013 ( ) 460 74.30 0.54 0.35 0.05 3.94 467 0.05 0.60 0.10 0.07 0.10 LiabilityRatio 2011 2013 ( ) 467 0.05 5.01 0.43 0.38 0.36 MarketCap 2011 2013 ( ) 446 4.20 459,318 4,949 441 28,690 Sales_g ProfitRatio_g TangibleRatio_g LiabilityRatio_g MarketCap_g 2008 2010 2011 2013 2008 2010 2011 2013 2008 2010 2011 2013 2008 2010 2011 2013 2008 2010 2011 2013 445 1.00 97.17 0.87 0.32 4.87 443 70.87 112.79 0.21 0.16 9.05 433 0.99 14.02 0.11 0.07 1.14 394 0.97 339.32 0.89 0.00 16.33 394 0.94 132.02 1.08 0.38 7.01

4 M&A 153 4 18 whmna nomna PE backed MNA 10years Age Sales Profit Ratio Tangible Ratio Liability Ratio Market Cap Sales_g Profit Ratio_g Tangible Ratio_g Liability Ratio_g Market Cap_g whmna 1.00 nomna 0.39*** 1.00 PEbacked 0.15*** 0.13*** 1.00 MNA10years 0.29*** 0.87*** 0.11** 1.00 Age 0.09* 0.08* 0.03 0.21*** 1.00 Sales 0.12*** 0.48*** 0.09** 0.56*** 0.17*** 1.00 ProfitRatio 0.08 0.04 0.05 0.05 0.10** 0.03 1.00 TangibleRatio 0.08* 0.02 0.01 0.04 0.01 0.05 0.06 1.00 LiabilityRatio 0.10** 0.06 0.07 0.03 0.19*** 0.00 0.02 0.01 1.00 MarketCap 0.12** 0.53*** 0.09* 0.56*** 0.14*** 0.96*** 0.03 0.02 0.02 1.00 Sales_g 0.07 0.00 0.06 0.04 0.15*** 0.00 0.02 0.03 0.06 0.01 1.00 ProfitRatio_g 0.05 0.05 0.06 0.04 0.06 0.00 0.27*** 0.03 0.01 0.00 0.02 1.00 TangibleRatio_g 0.01 0.02 0.09* 0.03 0.10** 0.02 0.02 0.09* 0.04 0.02 0.58*** 0.02 1.00 LiabilityRatio_g 0.06 0.02 0.07 0.02 0.07 0.01 0.04 0.04 0.04 0.01 0.08 0.12** 0.06 1.00 MarketCap_g 0.06 0.03 0.02 0.04 0.05 0.01 0.07 0.08 0.06 0.01 0.06 0.02 0.04 0.10* 1.00 : *** 1%, ** 5%, * 1%.

154 4 19 SIC 1 2 3 4 3674, 3672, 3679, 3812, 3357, 3825, 3699, 3861, 5065, 3451, 3555, 3671, 3678, 3826, 3829, 3845, 5063 7371, 7372, 7373, 7374, 7375, 7376, 7379 3663, 3661, 3577, 3571, 3572, 3669, 3559, 3651, 4813, 5045, 3564, 3634, 3635, 3646, 3724, 4812, 4841, 4899 5961, 8999, 2721, 5734, 6411, 7311, 8731, 8732, 8742 2. M&A M&A. M&A whmna. 1 (MLE: Maximum Likelihood Estimation). 4 20. NASDAQ M&A., PEbacked M&A., M&A.

4 M&A 155, 4 20 10 M&A MNA10years 1%. M&A M&A. (TangibleRatio) (LiabilityRatio), M&A. 4 20 M&A ( ) Logit Estimation Model(1) Model(2) Model(3) PEbacked 0.2502 0.4914** 0.2815 MNA10years 0.0871*** 0.1040*** 0.0856*** Age 0.0127 0.0031 0.0137 Sales 0.0000 0.0000 ProfitRatio 0.0609 0.0880 TangibleRatio 1.9484* 2.3947* LiabilityRatio 0.9092* 0.8566 MarketCap 0.0002 0.0001* Sales_g 0.1956 0.1824 ProfitRatio_g 0.0034 0.0092 TangibleRatio_g 0.2661 0.1970 LiabilityRatio_g 0.2844 0.1872 MarketCap_g 0.0233 0.0156 yes yes yes yes yes yes Obs. 440 389 389 LR X2 94.84*** 69.48*** 85.98*** : *** 1%, ** 5%, * 10%., (Age), (Sales), (ProfitRatio) M&A., (Sales_g), (ProfitRatio_g), (TangibleRatio_g), (LiabilityRatio_g), (MarketCap_g)

156., (Sales) 4 18., (PEbacked) M&A (MNA10years),. M&A., 4 21 4 22 (PEbacked) M&A (MNA10years) (Sales) (MarketCap). 4 21 (Pebacked) (Sales), (MarketCap), 4 22 M&A (MNA10years) (Sales), (MarketCap). M&A PEbacked, MNA10years Sales, MarketCap., (multicollinearity),. 4 20, 4 21. 4 21, 4 20 PEbacked, MNA10years. M&A M&A., (Sales_g), (ProfitRatio_g). PEbacked Sales, MarketCap. 4 21 Model (1), (3) PEbacked X Sales, 10%. (Sales), M&A

4 M&A 157, M&A. 4 21 M&A ( ) Logit Estimation Model(1) Model(2) Model(3) Model(4) Model(5) Model(6) PEbacked 0.4876* 0.1971 0.2827 0.5619** 0.4641* 0.6020* MNA10years 0.0822*** 0.1039*** 0.0852*** 0.0797*** 0.1042*** 0.0764*** Age 0.0112 0.0004 0.0069 0.0099 0.0029 0.0099 Sales 0.0005 0.0006 0.0000 0.0000 ProfitRatio 0.0580 0.1887** 0.0570 0.0826 TangibleRatio 2.1613* 2.7565** 2.0508* 2.4805* LiabilityRatio 0.9599* 1.0362 0.8739* 0.6979 MarketCap 0.0002*** 0.0001 0.0007** 0.0008** Sales_g 0.0838 0.0992 0.2021 0.1815 ProfitRatio_g 0.0076 0.0154 0.0034 0.0085 TangibleRatio_g 0.2438 0.1676 0.2693 0.1886 LiabilityRatio_g 0.3070 0.1753 0.2918 0.2206 MarketCap_g 0.0265 0.0211 0.0654 0.1255 PEbacked X Sales 0.0006* 0.0005 PEbacked X Sales_g 0.8414*** 0.7334** PEbacked X MarketCap 0.0006* 0.0007** PEbacked X MarketCap_g 0.0435 0.1081 yes yes yes yes yes yes yes yes yes yes yes yes Obs. 440 389 389 440 389 389 LR X2 98.10*** 77.92*** 96.15*** 99.19*** 69.58*** 91.40*** : *** 1%, ** 5%, * 10%. M&A. M&A. 4 21 M&A

158. M&A.,. 4 21 Model(2), (3) PEbacked (Sales_g) 1%, 5%. (, PEbacked 1 ) (Sales), (Sales_g)., M&A, M&A. M&A. 4 21 Model(4), (5), (6) PEbacked (MarketCap), (MarketCap_g). Model(4), (6) PEbacked X MarketCap 5%, 4 20 (MarketCap). (Sales). M&A. M&A, MarketCap PEbacked., Model(5), (6) (MarketCap_g) M&A. M&A (MNA10years) (Sales), (MarketCap) 4 22. PEbacked 5%, MNA10years 1%. (ProfitRatio) 5%

4 M&A 159 M&A TangibleRatio, LiabilityRatio M&A. 4 22, Model(1), (3) M&A (Sales)., M&A. Model(2), (3) (Sales_g) 1%, 5%., M&A M&A.. M&A M&A. M&A. 4 22 Model(4), (6) MNA10years MarketCap, MNA10years X MarketCap 1%. M&A M&A. M&A. Model(5), (6) MNA10years (MarketCap_g), M&A M&A.

160 4 22 M&A (M&A ) Logit Estimation Model(1) Model(2) Model(3) Model(4) Model(5) Model(6) PEbacked 0.2500 0.3132 0.1710 0.2391 0.4790** 0.2828 MNA10years 0.0848*** 0.0968*** 0.0775** 0.0904*** 0.0669*** 0.0523* Age 0.0125 0.0033 0.0100 0.0130 0.0033 0.0140 Sales 0.0001 0.0000 0.0000 0.0001 ProfitRatio 0.0611 0.1752** 0.0600 0.1334** TangibleRatio 1.9155* 2.8431** 1.9614* 2.8362** LiabilityRatio 0.8945* 1.1162 0.9165* 1.1026* MarketCap 0.0002*** 0.0001 0.0002*** 0.0001 Sales_g 0.2608** 0.2880* 0.1464 0.1465 ProfitRatio_g 0.0074 0.0184 0.0060 0.0144 TangibleRatio_g 0.2986 0.2085 0.2043 0.1007 LiabilityRatio_g 0.3934* 0.2700 0.3068 0.1758 MarketCap_g 0.0302 0.0260 0.3139** 0.2630 PEbacked X Sales 0.0000* 0.0000 PEbacked X Sales_g 0.2597*** 0.2778*** PEbacked X MarketCap 0.0000*** 0.0000** PEbacked X MarketCap_g 0.1062*** 0.1057*** yes yes yes yes yes yes yes yes yes yes yes yes Obs. 440 389 389 440 389 389 LR X2 94.95*** 113.61*** 127.35*** 95.94*** 84.10*** 102.00*** : *** 1%, ** 5%, * 10%. 3. M&A M&A (nomna) (negative binomial regression model). (count data) (Poisson regression model), 0. equidispersion property 0. M&A

4 M&A 161 4 8, NASDAQ M&A 0 43%.,. 2, (MLE: Maximum Likelihood Estimation). Pr 2 2 Y M&A, X β. δ. 4 23. M&A 4 20 PEbacked. M&A. MNA10years. M&A M&A., (Sales), (ProfitRatio), (MarketCap), (Sales_g) M&A, 10%. (TangibleRatio), (TangibleRatio_g), (LiabilityRatio), (LiabilityRatio_g), M&A.

162 4 23 M&A ( ) Logit Estimation Model(1) Model(2) Model(3) PEbacked 0.3509*** 0.3395** 0.3320** MNA10years 0.0441*** 0.0452*** 0.0414*** Age 0.0048 0.0018 0.0047 Sales 0.0000* 0.0000 ProfitRatio 0.0504 0.0346 TangibleRatio 0.7992 1.1390 LiabilityRatio 0.4393* 0.0296 MarketCap 0.0000*** 0.0000* Sales_g 0.0169 0.0128 ProfitRatio_g 0.0112 0.0097 TangibleRatio_g 0.0333 0.0192 LiabilityRatio_g 0.2062* 0.1766 MarketCap_g 0.0215 0.0204 yes yes yes yes yes yes Obs. 440 389 389 LR X2 244.29*** 202.97*** 217.08*** Alpha test Xbar2 328.31*** 281.93*** 281.10*** : *** 1%, ** 5%, * 10%., PEbacked, MNA10years M&A M&A,,. M&A (conditioning effect). 4 24 PEbacked (Sales), (Sales_g), (MarketCap), (MarketCap_g), 4 25 MNA10years. 4 24, Model(1), (3) PEbacked

4 M&A 163 (Sales). (Sales), M&A, M&A., M&A, M&A. M&A. 4 24 M&A ( ) Logit Estimation Model(1) Model(2) Model(3) Model(4) Model(5) Model(6) PEbacked 0.4610*** 0.1825 0.2579* 0.4102*** 0.3117** 0.3743** MNA10years 0.0401*** 0.0450*** 0.0384*** 0.0409*** 0.0452*** 0.0376*** Age 0.0046 0.0007 0.0005 0.0046 0.0017 0.0040 Sales 0.0001 0.0001** 0.0000 0.0000 ProfitRatio 0.0504 0.1232*** 0.0510 0.0361 TangibleRatio 0.7264 1.2640* 0.7182 1.0953 LiabilityRatio 0.4823* 0.1372 0.4733* 0.0722 MarketCap 0.0000 0.0000 0.0000** 0.0000** Sales_g 0.0095 0.0061 0.0206 0.0170 ProfitRatio_g 0.0096 0.0062 0.0113 0.0101 TangibleRatio_g 0.0004 0.0156 0.0336 0.0146 LiabilityRatio_g 0.2048* 0.1566 0.2106* 0.1660 MarketCap_g 0.0432 0.0259 0.0721 0.0712 PEbacked X Sales 0.0001* 0.0001** PEbacked X Sales_g 0.3300*** 0.4585*** PEbacked X MarketCap 0.0000 0.0000* PEbacked X MarketCap_g 0.0525 0.0528 yes yes yes yes yes yes yes yes yes yes yes yes Obs. 440 389 389 440 389 389 LR X2 249.06*** 211.47*** 235.95*** 247.73*** 203.21*** 221.79*** Alpha test Xbar2 272.73*** 275.10*** 200.72*** 274.81*** 281.05*** 228.42*** : *** 1%, ** 5%, * 10%.

164,, M&A. 4 24 Model(2), (3) PEbacked (Sales_g) 1%,., M&A, M&A. M&A. 4 24 Model(4), (5), (6) PEbacked (MarketCap), (MarketCap_g). Model(4), (6) PEbacked X MarketCap 10%, Model(5), (6) PEbacked (MarketCap_g).. M&A. 4 25 M&A MNA10years (Sales), (Sales_g), (MarketCap), (MarketCap_g). 4 25, Model(1), (3) M&A (Sales) 1%., M&A M&A. 4 22, M&A M&A M&A M&A. Model(2), (3) (Sales_g) 1%, M&A M&A.

4 M&A 165 Model(2), (3) (Sales_g) 1%, M&A M&A. 4 25 M&A (M&A ) Logit Estimation Model(1) Model(2) Model(3) Model(4) Model(5) Model(6) PEbacked 0.3363*** 0.3158** 0.2886** 0.3412*** 0.2964** 0.2509* MNA10years 0.0642*** 0.0352*** 0.0531*** 0.0639*** 0.0305*** 0.0456*** Age 0.0102 0.0021 0.0083 0.0108 0.0025 0.0106 Sales 0.0000 0.0000* 0.0001*** 0.0000 ProfitRatio 0.0466 0.0422 0.0462 0.0453 TangibleRatio 0.7133 1.2691* 0.6754 1.3604** LiabilityRatio 0.5036* 0.2094 0.4560* 0.2284 MarketCap 0.0000* 0.0000 0.0000*** 0.0000 Sales_g 0.0480** 0.0613*** 0.0177 0.0108 ProfitRatio_g 0.0083 0.0045 0.0055 0.0027 TangibleRatio_g 0.0045 0.0067 0.0098 0.0067 LiabilityRatio_g 0.2321** 0.2262* 0.2525** 0.2159* MarketCap_g 0.0282 0.0180 0.1789*** 0.1072 MNA10years X Sales 0.0000*** 0.0000*** MNA10years X Sales_g 0.0286***8 0.0346*** MNA10years X MarketCap 0.0000*** 0.0000*** MNA10years X MarketCap_g 0.0386*** 0.0314*** yes yes yes yes yes yes yes yes yes yes yes yes Obs. 440 389 389 440 389 389 LR X2 262.86*** 224.44*** 253.39*** 267.43*** 234.85*** 256.23*** Alpha test Xbar2 222.69*** 263.39*** 168.12*** 202.29*** 222.96*** 146.15*** : *** 1%, ** 5%, * 10%., M&A M&A. M&A,, M&A,

166. Model(4), (5), (6) MNA10years (MarketCap), (Market Cap_g). MNA10years X MarketCap, MNA 10years X MarketCap_g 1%.. M&A M&A. M&A. 4 ICT M&A 1. M&A M&A 2011 7.2% 2013 1.8%. 188) 189) M&A. 4 26 ICT M&A (2011 2013 ) 2011 2012 2013 87 (16.0%) 44 (8.1%) :. : (2014. 2. 19), p.14. 95 (14.6%) 38 (5.8%) ( :, %) 47 (8.0%) 34 (5.8%) 188) (2014). 189) 2012 M&A/ : ( )7.65%, ( )5.95%, ( )4.74%, ( )3.52%.

4 M&A 167, ICT M&A. ICT M&A,., ICT. ICT. ICT. M&A. M&A,,,, ICT M&A 190). (2013), ICT M&A M&A, M&A., M&A,, M&A. 191) ICT 190) M&A ICT M&A 3. 191) (2013).

168 M&A. 2. M&A. 2011 2014 10 ICT M&A (, ). 4 27 ICT M&A (2011 2014 ) ( :, %) 8 (20%) 24 (60%) : M&A. :. 8 (20%) 40 (100%) M&A 100, 40. M&A 56. 4 28 ICT M&A (2011 2014 ) ( : ) M&A 140 145 56 36 38 : 1) M&A. 2). :.

4 M&A 169. ICT M&A,. M&A, M&A. 4 29 M&A 2011. 1 SKT Viki( ) ( ) 170 200 2011.12 KT ( ) 200 n 2012. 4 KT ( ) 40 2012. 4 SK 2012. 9 SKT 2013.11 SKT ( ) ( ) ( ) 160 77 2014. 2 SKT NSOK( ) 2014. 6 SKT ( ) 295 :,. :. M&A. 2011 M&A

170, 2012 M&A. 2 M&A. M&A,. 4 30 M&A 2011. 1 ( ) ( ) 3 2011. 4 ( ) 60 2011. 8 ( ) 40 2011. 9 ( SW ) 2011. 11 ( ) 19 2011. 12 ( ) 59 3 2012. 9 (DRM ) 2.1 DRM 2012. 12 ( ) 10 2012. 12 ( ) 65 2013. 1 ( ) 2013. 2 ( ) 2013. 2 ( ) 35 2013. 2 ( ) 2013. 4 ( ) 18 55 400, 160 B2C, C2C

4 M&A 171 2013. 5 2013. 6 ( ) ( ) 2013. 7 (, DB ) 2013. 7 2013. 7 ( ) TNK ( ) ( ) n.a 2 7 18 54 2013. 9 ( ) 10 2013.12 ( ) 21 2013.12 2013.12 GogoLook( ) ( ) 188 2014. 8 ( ) n.a 10 :,. :.. M&A. (, ).,..

172 4 31 M&A 2011. 1 2011. 5 2011. 5 2011.11 2012. 2 2012. 6 2012. 7 2013. 2 (, ) (, ) (, ) (, ) (, ) ( ) ( ) Integrated Methods ( ) ( ) 90 3 27.5 6.7 ( ) 51 ( ) ( ) ( ) ( SNS) 20 57 5.6 30 50 :,. :.

5 173 5 M&A, M&A. M&A., M&A. M&A., M&A,,, M&A. 1 M&A SPAC M&A. 2 M&A,, M&A.,.. M&A 3.,,.

174 1 M&A SPAC M&A. 2013, 134, 146 6,000, 451 18 6,000. 37.5% M&A. 192) 3, 2014 3 M&A. M&A M&A M&A M&A. PEF M&A. 9, M&A 193). M&A M&A M&A M&A. M&A (SPAC) M&A., M&A 3 1. M&A 192) (2014. 2. 19). 193) (2014. 3. 27).

5 175. M&A, M&A,, M&A., 15%.,. 2014 1 1,500 3,000. 5, ( 8, 4 ). M&A M&A, 25%. M&A 200 500 M&A. M&A M&A. M&A., M&A., M&A.,,.

176 M&A M&A M&A., 4 NASDAQ M&A M&A.,. M&A M&A M&A. 2012 305 ( 9 ). M&A, M&A M&A M&A.. M&A, M&A. M&A. M&A M&A M&A. M&A M&A, M&A

5 177.,,,,,,,,,. M&A. M&A M&A M&A., M&A M&A. M&A,. 2012 8 M&A 2013 53, 2014 10 30., M&A M&A,. M&A. 2014 3 M&A (SPAC). M&A, SPAC ( : 100 30 ),. 3 SPAC, 200 ( 400 ), 100 ( 200 ), 50, 30.,

178 SPAC. SPAC 2,. SPAC M&A., SPAC SPAC M&A. M&A, M&A. SPAC M&A IPO. M&A, IPO 2. M&A M&A SPAC., SPAC,, 194) IPO., SPAC. SPAC,. SPAC 194), 10% ( 5%) 20 ( 10 ), 30 ( 15 ),,.

5 179 90%, ( ) 80%. SPAC 2010 SPAC 200 300,., SPAC 19 10. SPAC, SPAC. SPAC 50 150. 195) SPAC. SPAC, M&A.., SPAC. M&A,,, SPAC. 2 M&A M&A,,,,. 195) (2014. 8. 8).

180,,,. M&A M&A ( ) ( ), (marketplace). M&A. 2000, 2007 IT M&A, 2008 M&A.,., M&A,,,,, ( ), ( ), ( ), M&A ( ). M&A M&A, M&A. 2012 M&A M&A M&A. M&A M&A,,,, M&A M&A,,,. M&A M&A,, M&A. 2013 53 M&A, 11.

5 181 M&A. M&A 2014 3 M&A, M&A. M&A. M&A, 196). M&A. 197) M&A,,,, M&A. M&A SEC(, Securities Exchange Commission) FINRA(Financial Industry Regulatory Authority). ( 68 ), M&A., M&A,,,,. M&A,,,. M&A M&A M&A 196) (2014). 197) (2013).

182., M&A.., M&A. M&A,,, M&A,.,,,,. M&A,.. M&A M&A,,.., M&A.,,, M&A.

5 183, M&A, M&A.. 3 1. 3 M&A. 2013 2014 M&A,. M&A, M&A (2014. 1), M&A (2013. 10), M&A, (2014. 2). M&A 10%,. M&A 2015.,,,. M&A, 3,,.,

184. 90%, 10% ( 80%, 20%)., 90% M&A. 2011 1/3,.,,.,,..., 100%. 2009 50% 20%, 40%,..., 3.

5 185 M&A.,.. M&A M&A., 198) 2009 10 2,000 2012 15 7,000. 199) 80.8%, 35.2%. 200).,,,.,.,. 198) (2013). 199) (2014. 9. 20). 200) (2013).

186.,.,,,. 2008 26 2013 5,685, 2017 20,000.,,,. 2014 11. M&A., M&A. M&A,,., M&A.. 2. M&A,.,, M&A.

5 187. 1, 10 3. (www.born2global.com),,. M&A.,. M&A. 2012 720, 2014 CJ E&M 5,300., 10 50.,,, 2004, 2010.,,..,...

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223 3 M&A M&A M&A. (pre-acquisition strategies) (post-acquisition integration). (fit) M&A. M&A. M&A. (Strategic Fit Typologies). Shelton(1988)., (identical), (related-supplementary), (related-complementary), (unrelated). (FTC) M&A M&A, M&A, M&A, M&A, M&A.

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225 M&A : Haspeslagh and Jemison(1991), p.145., Faulkner., Teerikangas, and Joseph (2012), p.58. Faulkner, D., Teerikangas, S., and Joseph, R. J.(2012). The handbook of mergers and acquisitions. Oxford University Press. Haspeslagh, P. and Jemison, D.(1991). Managing Acquisitions. Free Press. Shelton, L. M.(1988). Strategic Business Fits and Corporate Acquisition: Empirical Evidence. Strategic Management Journal. 9, pp.279 287.

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