코스닥시장 최초공모주의 초과수익률 분석을 통한 벤처캐피탈의 역할 제언
Proposing the Role of Venture Capital through Analyzing the Abnormal Rate Return of the Newly Listed Stocks in KOSDAQ
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Abstract
In this study, we sampled 128 companies that were newly listed on KOSDAQ market from January 2004 to December 2006. Among these 128 companies, 64 companies were invested by venture capitals and the others were not. While comparing the abnormal rate of return of our samples, we analyzed the role of venture capitals. In sum, this study shows the following results; First, the abnormal rate of return tends to be higher for the companies that were invested by venture capital. From this result, we conclude that venture capital neither successfully minimize the information asymmetry, nor prevent undervaluation of companies. Regression analysis on individual independent variable shows that the abnormal rate of return on the first day of trade (AR1) is affected by the factors such as the total amount of public subscription, the equity ownership percentage of venture capital, and the market power of security underwriter. Moreover, it shows that accumulated abnormal rate of return for the first 30 days (CAR) after the IPO is influenced by the total asset of venture companies, the length of investment period, and the equity ownership percentage of venture capital. Second, the abnormal rate of return is proved to be higher on the first day of trade for the companies that were invested by new technology specialized venture capital(referred to as 'A group') than those supported by entrepreneurship specialized capital(referred to as 'B group'). However, when we compare the accumulated abnormal rate of return for two groups, B group has higher CAR than A group. In turn, The required time for the company to go public is affected by the length of investment period and the market power of the underwriter. Third, the abnormal rate of return turns out to be the same for the companies that were invested by many capital and those that were invested by only one capital. In other words, venture capital don't collaborate together for exchanging information or providing strategic advise to the companies when they make joint investments, and they fail to prevent undervaluing the companies.
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