벤처기업의 코스닥 상장에 영향을 미치는 벤처캐피탈의 역할에 관한 연구: 조기업적과시현상과 보증역할을 중심으로

Abstract

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this study has its own objective of having a differentiated analysis of the time period where the put-back option had repealed so that this study concludes that market is being a controller not to have undervalued pricing outcome which could be intentionally caused by lead manager and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.