공모전 소유구조가 기업공개(IPO)의 성공에 미치는 영향에 관한 연구
The Effect of Pre-IPO Ownership Structure on IPO Success
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본 연구는 공모전 최대주주 및 특수관계인, 기관투자자, 외국인투자자의 주식소유 분포로 개념화된 공모전 소유구조가 기업공개(IPO) 성공에 어떠한 영향을 미치는가를 실증분석하였다. 2001년에서 2003년까지 코스닥 시장에 신규상장된 363개 기업을 표본으로 한 실증분석 결과, 공모전 외국인투자자 및 기관투자자의 지분율, 그리고 기관투자자의 수가 IPO의 성공에 유의한 긍정적인 영향을 미치는 것으로 나타났다. 본 연구는 공모전 소유구조가 IPO 의 성공과 어떠한 관계를 가지고 있는지를 살펴본 국내 최초의 실증연구란 점에서 큰 의미를 갖을 수 있을 것으로 판단된다.
Abstract
Using a unique data set from a sample of 363 IPOs from January 2001 to December 2003 in the KOSDAQ stock market, this paper empirically investigates how a pre-IPO ownership structure affects the firm’s likelihood of IPO success. We confirm significant positive relationships between IPO success and both the proportion of institutional ownership and the number of institutional stockholders. In addition, we find strong evidence supporting the positive relationship between IPO success and foreign investors’ ownership. As the first study on the relationship between pre-IPO ownership structure and IPO success in Korean stock market, this study could provoke many important subsequent studies.
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