메뉴 건너뛰기
Library Notice
Institutional Access
If you certify, you can access the articles for free.
Check out your institutions.
ex)Hankuk University, Nuri Motors
Log in Register Help KOR
Subject
Humanities
General Humanities History Philosophy Religious Studies Linguistics and Literature Other Humanities
Social science
General Social Science Business Management Tourism Education Military Science Library and Information Science Law Sociology Journalism and Media Studies Psychological Science Political Science and Diplomacy Geography Public Administration Economics International Trade Anthropology Other Social Science
Natural science
General Natural Science Physics Biology Life Sciences Mathematics/Statistics Astronomy Earth Science Chemistry Other Natural Science
Engineering
General Engineering Architectural Engineering Mechanical Engineering Industrial Engineering Material/Energy Engineering Electrical and Electronic Engineering Marine and Ocean Engineering Chemical Engineering Computer Science Other Engineering
Medical science
General Medical Science Nursing Science Veterinary Pharmacy Traditional Korean Medicine Basic Medicine Clinical Medicine Other Medicine
Agriculture and Fishery
General Agriculture and Fishery Agriculture Fishery Science Food Science Forestry Animal Husbandry Marine Transportation Studies Other Agriculture and Fishery
Art and Kinesiology
General Arts Design Fine Arts Cosmetology Photography Music Fashion Kinesiology Performing Media Arts Other Arts and Kinesiology
Interdisciplinary Studies
Interdisciplinary Research Science and Technology Studies Brain and Cognitive Science Technology Policy Other Interdisciplinary Studies

KOR

A Study on the Earnout Payment in M&A18
Recommendations
Search
Questions

기업인수합병대가 지급수단으로서의 조건부분할지급(Earnout)에 대한 연구

논문 기본 정보

Type
Academic journal
Author
Key-Hyok Kim (한국외대) Yun-Sung Koh (한국외대)
Journal
Korean Industrial Economic Association Journal of Industrial Economics and Business Vol.25 No.2 KCI Accredited Journals
Published
2012.4
Pages
963 - 989 (27page)

Usage

cover
📌
Topic
📖
Background
🔬
Method
🏆
Result
A Study on the Earnout Payment in M&A18
Ask AI
Recommendations
Search
Questions

Abstract· Keywords

Report Errors
Earnout payment can solve the adverse selection & uncertainty issue originating from the information asymmetry between transaction parties and the moral hazard & agency cost problem with the solution for retention of key managers and inducing their maximum effort for the best performance. In particular, the earnout can provide mutual benefit for both parties in M&A for the companies in high-tech, high-growth, high R&D, services industries as well as small sized, not well disclosed companies in cross industries and countries where serious adverse selection & uncertainty and moral hazard & agency cost problems are included.
Among the factors composing the earnout, the earnout size of the total transaction value and the period of earnout payment is proportionate to the seriousness of adverse selection & uncertainty and moral hazard & agency cost problems. The performance measures as bases of earnout calculation tend to be the sales or non-accounting measures rather than earnings in cases where the adverse selection & uncertainty problem is serious. The business case for the earnout exhibits objectives applied in the earnout, timing and considerations when we apply earnouts in the real market.
Finally, K-IFRS No. 1103 states that the contingent payment in business combination should be recognized as fair value at the time of transaction, and the differences with the previous accounting standards for the recognition of the contingent payment and goodwill are discussed in detail within each case.
#인수합병 #조건부분할지급(Earnout) #K-IFRS #공정가치 #M& #A #Earnout #K-IFRS #Fair Value

Contents

Ⅰ. 서론
Ⅱ. Earnout에 내재된 계약의 이론적 근거와 선행연구
Ⅲ. Earnout의 주요 구성요소 및 설계
Ⅳ. Earnout지급의 실제 사례
Ⅴ. Earnout의 공정가치 평가
Ⅵ. 결론 및 시사점
참고문헌
Abstract

References (15)

Add References
1. [학술지(정기간행물)] - Brickley, J.A. / 2002 / Royalty Rates and Upfront Fees in Share Contracts: Evidence from Franchising / Journal of Law and Economics & Organization 18 : 511 ~ 535 google schola 2. [학술지(정기간행물)] - Cain, M.D. / 2010 / Earnouts: A Study of Financial Contracting in Acquisition Agreements / Journal of Accounting and Economics 51 : 151 ~ 170 google schola 3. [보고서] - Coff, R.W. / 1997 / Getting to ‘Yes’ When Acquiring Firms in Human Capital Intense Industries: Medium of Exchange, Diversification Strategy, and Impasse google schola 4. [학술지(정기간행물)] - Datar, S. / 1991 / The Role of Audits and Audit Quality in Valuing New Issues / Journal of Accounting and Economics 14 : 3 ~ 49 google schola 5. [학술지(정기간행물)] - Datar, S. / 2001 / Earnouts: The Effects of Adverse Selection and Agency Costs on Acquisition Techniques / Journal of Law, Economics, and Organization 17 : 201 ~ 238 google schola

Related Authors

Frequently Viewed Together

The Effects of M&A Diversification on Acquirer's Return
Sung-Woo Lee Journal of Industrial Economics and Business 2012 .12
Do Institutional Investors Monitor Corporate M&A?
Mi Yong Lee ,  Jeong Yun Pa ,  k 한국경영학회 융합학술대회 2009 .08
Smart phone Application Development for Aware of Unexpected Conditions using Accelerometer Sensors
Kyung-Ae Cha ,  SunDong Yeo Journal of the Korea Industrial Information Systems Research 2012 .10
The Case Study on Hana Financial Group’s M&A of KEB
Hyo-Sang Ryou Journal of Strategic Management 2012 .12
The value relevance of goodwill
Kim ,  Jin Hwang KOREAN INTERNATIONAL ACCOUNTING REVIEW 2012 .12

Recently viewed articles

Hauerwas on Suffering: From the Perspective of Virtue Ethics
MOON, Si-YoungCenter for Studies of Christian Thoughts and Culture2020.12
 전자파 저감부품 기술과 산업동향
김철수Korea Electromagnetic Engineering Society2018.01
 Gendered Snobbery and Animality in Helpless and Architecture 101
LEE YUN JONG2015
 Some Questions about ‘Doing Moral’ in 2015 Revision of Moral Subject Education Curriculum
Sangdon Kim2017

Comments(0)

0

Write first comments.