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The IPO Underpricing Between Ventures and Non-Ventures in Korea's KOSPI and KOSDAQ Markets

송치승|최원근
신용보증기금 (Korea Credit Guarantee Fund)|2021.06|중소기업금융연구 (Journal of SME Finance)|제41권 제2호|pp. 51-84|DOI 10.33219/jsmef.2021.41.2.003

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키워드

코스닥시장기업벤처캐피탈Corporate Venture CapitalIPO 저가발행IPO UnderpricingKOSPI MarketKOSDAQ MarketTraditional Venture Capital코스피시장전통적 벤처캐피탈

초록

This article investigates the difference and the level of IPO underpricing of ventures from January 2000 through December 2015 in Korea’s KOSPI and KOSDAQ markets using different methods from previous work (for example, usage of bid distribution date that earlier studies have ignored, employing four cumulative abnormal returns from IPO price to the closes of first, 10th, 20th, and 30th day after listing in order to avoid the distortion of measuring date on the IPO abnormal return, and so on.). The results of the study on the level of IPO underpricing between venture capital backed firms and non-ventures listed in the KOSPI and KOSDAQ markets are as follows: First, we rediscovered the results of the earlier research based on separate markets. That is, the certification effect of venture capitalists was not found in the KOSPI while it was in the KOSDAQ market. Second, the certification effect was not found also on an inter-market comparison basis as non-venture capital (hereafter VC) backed KOSPI firms revealed the lowest IPO underpricing compared to VC backed KOSPI firms, VC backed KOSDAQ firms, and non-VC backed KOSDAQ firms. Finally, it is believed that the reason for the low IPO underpricing of non-VC backed KOSPI firms is due to a small sample number of the non-VC KOSPI firms and the sample composition of ventures centered on corporate venture capitalists in the KOSPI market.

Abstract

This article investigates the difference and the level of IPO underpricing of ventures from January 2000 through December 2015 in Korea’s KOSPI and KOSDAQ markets using different methods from previous work (for example, usage of bid distribution date that earlier studies have ignored, employing four cumulative abnormal returns from IPO price to the closes of first, 10th, 20th, and 30th day after listing in order to avoid the distortion of measuring date on the IPO abnormal return, and so on.). The results of the study on the level of IPO underpricing between venture capital backed firms and non-ventures listed in the KOSPI and KOSDAQ markets are as follows: First, we rediscovered the results of the earlier research based on separate markets. That is, the certification effect of venture capitalists was not found in the KOSPI while it was in the KOSDAQ market. Second, the certification effect was not found also on an inter-market comparison basis as non-venture capital (hereafter VC) backed KOSPI firms revealed the lowest IPO underpricing compared to VC backed KOSPI firms, VC backed KOSDAQ firms, and non-VC backed KOSDAQ firms. Finally, it is believed that the reason for the low IPO underpricing of non-VC backed KOSPI firms is due to a small sample number of the non-VC KOSPI firms and the sample composition of ventures centered on corporate venture capitalists in the KOSPI market.

참고문헌 (35)

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