Earticle

초록

한국어

본 논문은 2001년 1월부터 2010년 12월까지 한국 KOSDAQ 시장에 신규 상장한 기업을 대상으로 기업의 신규 상장시 주간사 평판에 따라 저평가되는 정도의 차이를 실증․분석하였다. 여기서 주간사 평판은 주간사가 전년도에 IPO를 실행한 건수, 주간사가 전년도에 IPO를 실행한 총금액, 그리고 주간사가 전년도에 실행한 IPO의 평균수익률 등 3가지를 기준으로 삼았다. 그리고 발행기업 관련 독립변수는 공모가와 IPO 금액으로 구분하여 2가지 회귀분석을 실행하였다. 추가적으로 IPO 기업에 대한 정보노출 정도와 저평가 정도, 규제변화와 저평가 정도 등을 실증․분석하였다. 그 결과 첫째, 주간사의 전년도 IPO 건수와 저평가 정도는 전년도에 IPO 건수가 많은 주간사가 IPO를 실행한 경우 저평가율이 높은 것으로 나타났다. 반면, 전년도에 많은 금액의 IPO를 실행한 주간사일수록 저평가율은 낮은 것으로 나타났다. 둘째, 발행기업에 대한 정보의 노출정도는 기업공개 시 저평가 현상에 미치는 영향은 없는 것으로 나타났다. 셋째, 부분자율화와 완전자율화를 통하여 점진적으로 저평가 현상이 완화되고 있음을 알 수 있었다. 이는 규제완화가 주간사의 기업평가능력 향상으로 이어져 저평가현상이 완화된 것으로 추정된다. 넷째, ROE, EPS, BPS가 큰 기업일수록 IPO 금액도 큰 것으로 나타났다. 이는 ROE 등이 높은 기업은 자기자본을 더욱 증대시켜 수익극대화를 하고자함을 의미한다.

영어

This paper is an empirical analysis of the difference in underpricing that newly listed KOSDAQ companies between January 2001 to December 2010 undergo upon Initial Public Offering (IPO) based on the underwriting securities companies’ reputation. The underwriting securities companies’s reputation is based on three criteria, the number of IPOs, the total amount of IPOs and the average return on the IPO companies’ stocks during the previous year. We have done two regression analyses differentiating the two independent variables, the IPO price and the IPO amount. Additionally, We have done regression analysis on the degree of information leakage and underpricing, and the change in regulation and underpricing. The results are as follow. First, as far as the underwriting securities companies’ number of IPOs and the degree of underpricing is concerned, the degree of underpricing is high when the number of IPOs was high in the previous year. On the contrary, for underwriters with high IPO amounts in the previous year, the result shows the degree of underpricing is low. But it was not a statistically significant level. This means that if the underwriter of the IPO amount used last year when the IPO underwriter reputation is not to be construed to affect valuation. Second, we analyzed the effect of the degree of underpricing on underpricing according to the age and location of the certain corporate issuers. Using two-factor information for issuer disclosure of the company’s exposure to the impact of valuation showed no symptoms. The result shows the degree of information leakage on the IPO companies has no influence on its underpricing upon IPO. Third, the degree of underpricing of IPO companies gradually improves based on partial and total liberalization of regulations. Easing of regulation leads to improvement in the underwriter’s ability to evaluate companies which in turn leads to amelioration of the degree of underpricing of IPO companies. Fourth, companies with high ROE, EPS, BPS tend to offer high IPO amount. It is obvious that companies with high ROE will wish to increase its capital to maximize profit. Companies with high EPS will increase investments via capital increase to maximize profit. In conclusion, underwriter reputation influence on underpricing of IPO companies. The company with good profitability and asset values should do IPO through underwriting securities with large the number of IPO and IPO volume. Then the discount rate of IPO will be low relatively. However, this study has the following limitations. First, in the case of IPO, it can be tendency of sensitive response depending on the level of the economic circumstance by year. Therefore, future studies need to develop extended model which include year effect. Second, we explored the relation between underwriter reputation and underpricing by separated model due to multicollinearity problem. Developing new model of reflecting this problem will be need in the future. Third, there are a limitations of return measurement which was measured by first day return only. So, the other return measurement should be consider for the further study. Therefore, to supplement this paper reflecting these limitations, more objective theoretical models that can bring out the relationship between underwriter Reputation and Underpricing must be created, and also, further studies that can analyze it more empirically are needed. And it need to use a variety of underpricing measurement based on previous studies.

목차

국문 요약
 Ⅰ. 서론
 Ⅱ. 기존문헌연구
  2.1 투자은행 영향 이론
  2.2 정보의 비대칭성관련 이론
  2.3 규제관련 이론
 Ⅲ. 연구설계
  3.1 연구자료
  3.2 연구가설 및 연구방법
 Ⅳ. 실증분석 결과
  4.1 기초통계분석
  4.2 주간사 평판과 저평가간의 관계
  4.3 IPO 기업의 정보노출의 정도와 저평가
  4.4 규제변화와 저평가
  4.5 신규상장기업의 특성과 IPO 금액
 Ⅴ. 요약과 결론
 참고문헌
 Abstract

저자

• 엄승섭 [ Eum, Seung-Sub | 동서대학교 경영학부 부교수 ] 주저자
• 홍재원 [ Hong, Jae-Weon | 동서대학교 경영학부 조교수 ] 교신저자

참고문헌