코넥스(KONEX)시장의 발전과정과 활성화 방안에 관한 고찰

Abstract

The purpose of this Study is to present the major issues and implications for the future development direction of KONEX market. KONEX, as a market where only SMEs can be listed pursuant to the Framework Act on Small and Minor Enterprises, is specialized for the early SMEs. To promote the growth of SMEs with technological potentials, SMEs are allowed to enter the market in various ways including public offerings, private placements and direct listing, , being applied with lowered entry criteria.(KRX, www.krx.co.kr) Since the establish of the KONEX market in July 2013, as of the end of 2016, the number of listed companies increased from 21 to 141 and market value increased from 496billion won to 4,300billion won. In the case of the amount of financing through the KONEX market increased from 13.6billion won to 123.1billion won, and the investment of venture capital grew from 10billion won to 70.7billion won. However, the daily average trading volume and trading value are still low compared to the market size, and the proportion of individual investors is very high at 78%. This means that the liquidity of the market is low and the proportion of institutional investors and venture capitals is weak. For a balanced development and vitalization of the KONEX market should be made to compensate for the following : First, Expansion of IR and investment information for KONEX listed companies. Second, Increasing IPO of the KONEX market of excellent companies. Third, Enhance of financing function and institutional improvement for equity distribution. Finally, Improved taxation and regulation on venture capital and institutional investors.