earticle

영어

In these days, government tries to boost the creation of ventures for creating jobs and recovery of economy. Venture has suffered from receiving investment due to lack of information and high risk. Startup Company has been recognized as an alternative for job creation and economic revitalization, and the role of venture capital has been emphasized as a financing or IPO partners of startups. Venture capitals have tries to find technology intensive small and middle sized enterprises and invest them and return their investments by IPO through supporting technology and consulting management skills. However, empirical studies on the role of venture capital influencing the IPO(initial public offering) of startup companies are not sufficient. This research analyzes the role of venture capital in view of grandstanding and certification role. Grandstanding is measured by the listed company’s shorten period between the company’s foundation and listing date, and certification role is defined as average residual rate by comparing to IPO price. These variables are given as dependent variables. The investment by venture capital, the reputation of investing venture capital, the percentage of share holding, major shareholder’s resume, revenue are given as independent variables. Hypotheses are tested by Wilcoxon’s Rank Sum Test, robust ANOVA and regression analysis. Company’s revenue size, the amount of public offering and lead manager’s reputation are controled as control variables. As a result, grandstanding is often observed in Korean IPO market. In other words, venture capital invested companies have more tendency to go IPO relatively early than uninvested companies. The number of venture capitals, percentage of shareholding, and revenue size would help speeding up to IPO. The reputation of venture capital are observed to have slim to none chance of influencing IPO timing. But certification role of venture capital has not been discovered in this research. The independent variables regarding investment of venture capital do not seem to affect average residual rate. The meaning of this study has its own objective of having a differentiated analysis of the time period where the put-back option had repealed so that this study concludes that market is being a controller not to have undervalued pricing outcome which could be intentionally caused by lead manager and IPO company in the aspect of analyzing average residual rate. However, sample size is relatively small due to short time span given after put-back option repealing and it may cause different outcome after better market maturing like a precedent study of the US benefited by large sample size and long time span.

한국어

최근 정부는 일자리 창출과 경제 활성화를 위하여 벤처기업 창업을 촉진하고 있지만, 벤처기업은 고위험과 정보비대칭성 때문에 타인자본 조달에 어려움을 겪고 있다. 벤처캐피탈은 벤처기업과 외부투자자 사이에 정보비대칭 문제와 대리인 문제를 완화시킴으로서 외부투자자의 자금을 벤처기업에 원활하게 유입되도록 하는 역할을 하고 있다. 벤처기업은 일자리 창출과 경제 활성화를 위한 대안으로 인식되고 있으며, 벤처기업의 자금조달 및 코스닥 상장 파트너로서 벤처캐피탈의 역할이 강조되고 있다. 그러나 벤처기업의 IPO(initial public offering)에 영향을 미치는 벤처캐피탈의 역할에 관한 실증적인 연구는 미진한 실정이다. 본 연구는 벤처기업의 IPO에 영향을 미치는 것으로 알려져 있는 벤처캐피탈의 조기업적과시현상(grandstanding)과 보증역할(certification role)을 실증적으로 분석한다. 분석 결과, 벤처기업 상장 과정에서 벤처캐피탈의 조기업적과시현상은 발견되었으나, 보증역할은 발견되지 않았다. 본 연구는 그 동안 연구가 부족했던 벤처기업의 창업 후 코스닥 상장과정에 관한 실증적인 분석을 수행했다는 점에서 의의가 있다. 특히, 본 연구는 풋백옵션제도가 폐지된 이후의 시기를 분석대상으로 함으로써 의도적인 공모가격 저평가 결정의 가능성을 어느 정도 통제하고 있다는 데 기존 연구와 차별성이 있다. 본 연구는 풋백옵션제도의 폐지 이후의 변화를 주요 이슈로 삼았기 때문에 장기적인 주가의 흐름 및 연도별 효과를 확인하지 못했다.