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중소기업의 신규상장과 정보비대칭

IPO of SMEs and Information Asymmetry

박진우|김주환
경영경제연구소 (management & economic research institute)|2020.06|아태비즈니스연구 ((APJB) Asia Pacific Journal of Business)|제11권 제2호|pp. 173-188|DOI https://doi.org/10.32599/apjb.11.2.202006.173

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키워드

Information AsymmetryIPOs(Initial Public Offerings)SPAC(Special Purpose Acqisition Company)Technology-based Special Listing

초록

Purpose This study examines the determinants of offer price and short-term and long-term performance of small and medium-sized enterprise(SME) IPO stocks listed on the KOSDAQ during the period from July 2007 to December 2016. Design/methodology/approach The SME IPO samples are classified into three categories of regular listing, technology-based special listing, and listing by merger with special purpose acquisition company(SPAC), whose results are compared each other and compared to the result for the KOSDAQ listing of large firms. Findings From the point of SME management which attempts to list its company on the KOSDAQ, the listing by merger with SPAC is the most unfavorable, and the underpricing phenomenon of the technology-based special listing is severe in the second place. By contrast, IPO stock investors can earn the largest abnormal return by purchasing the SPAC which succeeds the merger with unlisted firm, and the next abnormal returns are obtained in the order of the IPO stocks of technology-based special listing, regular listing of SMEs, and regular listing of large firms. However, it is interesting to observe that the net buying ratio of individual investors is relatively large for the IPO stocks of regular listing of SMEs and large firms, which exhibit the long-term under-performance. Research implications or Originality This result implies that the exceptional listing system such as the technology-based special listing or the listing by merger with SPAC cost the SMEs which bypass the complicated procedure of the regular listing.

Abstract

Purpose This study examines the determinants of offer price and short-term and long-term performance of small and medium-sized enterprise(SME) IPO stocks listed on the KOSDAQ during the period from July 2007 to December 2016. Design/methodology/approach The SME IPO samples are classified into three categories of regular listing, technology-based special listing, and listing by merger with special purpose acquisition company(SPAC), whose results are compared each other and compared to the result for the KOSDAQ listing of large firms. Findings From the point of SME management which attempts to list its company on the KOSDAQ, the listing by merger with SPAC is the most unfavorable, and the underpricing phenomenon of the technology-based special listing is severe in the second place. By contrast, IPO stock investors can earn the largest abnormal return by purchasing the SPAC which succeeds the merger with unlisted firm, and the next abnormal returns are obtained in the order of the IPO stocks of technology-based special listing, regular listing of SMEs, and regular listing of large firms. However, it is interesting to observe that the net buying ratio of individual investors is relatively large for the IPO stocks of regular listing of SMEs and large firms, which exhibit the long-term under-performance. Research implications or Originality This result implies that the exceptional listing system such as the technology-based special listing or the listing by merger with SPAC cost the SMEs which bypass the complicated procedure of the regular listing.

참고문헌 (39)

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