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중국벤처기업의 미국증권시장 자본조달에 관한 연구

An Empirical Study on Acquisition of Financial Resources by Chinese Venture Firms Going Public in the U.S.

임창규|이상윤
한국중소기업학회|2017.09|중소기업연구|제39권 제3호|pp. 191-208

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키워드

정당성Isomorphism동형화LegitimacyInstitutional theory제도이론중국벤처기업 IPO외국기업 IPOChinese Venture IPOsForeign IPOs
주제분류경영학

초록

본 연구는 미국증권시장에 상장을 원하는 중국벤처기업이 미국기업과 비슷한 구조와 제도를 채택하면 성과에 도움이 되는가에 대한 논문이다. 제도이론에 의하면 정상적인 기대에 부응하는 기업들은 그렇지 않은 기업들보다 시장에서 혜택을 받을 것이라고 주장하고 있다. 특히 시장의 신뢰를 얻으려 애쓰는 최초공모(IPO) 기업들에게 동형화를 통해 얻을 수 있는 이러한 정당성은 매우 중요하다. 이 논문에서 우리는 미국 국내 IPO 기업들의 특징들과 강한 동질성을 보이는 중국 IPO 기업들이 미국자본시장 투자자들로부터 더 높은 가치를 부여 받을 것이라는 가설을 가지고 검정해보았다. 미국 시장에서 IPO를 거친 153개의 중국기업 표본에서 두 가지 동형화 유형, 즉 이사회 동형화와 IPO 과정상의 동형화를 살펴보았다. 검정결과, 이사회 동형화는 중국기업의 IPO 성과에 유의한 영향을 미치지 않지만, IPO 과정상의 동형화는 이점을 가져다준다는 것을 발견했다. 제도적 압력이 외국기업에게 여러 가지 동형화 행동들을 유발시키기는 하지만, 이론적으로 어떤 동형화가 도움을 줄 수 있는지에 대한 연구가 미약함을 고려할 때, 본 논문은 미국자본시장에 진출하려는 국내기업들에게도 시사점을 제공할 것이다.

Abstract

This study investigates whether adopting similar structural and institutional forms like US firms provides benefits to Chinese venture firms going public in the U.S. stock market. Institutional theory argues that those firms that conform to normal expectations will attain benefits in the market. In particular, this legitimacy through isomorphism is critical for firms undergoing an initial public offering (IPO) as these firms try to establish their credibility in the stock market. In this study, we test the hypotheses that Chinese IPO firms which exhibit stronger similarities to the characteristics of the U.S. domestic IPO firms will attain higher valuation from the investors. We examine two types of isomorphism, board capital isomorphism and IPO process isomorphism, in a sample of 153 Chinese firms going through an IPO in the U.S. According to our findings, IPO process isomorphism provides benefits to Chinese IPO firms although board capital isomorphism has no significant effect on the Chinese firms' IPO performance. Given that empirical studies are rare on which types of isomorphism are beneficial in the context of IPO, this study gives strategic implications to Korean companies planing to go public on the U.S. capital market.

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