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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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- 발행기관
- 한국창업학회 바로가기
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- 간행물
- 한국창업학회지 바로가기
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- 통권
- 제4권 제2호 (2009.06)바로가기
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- 페이지
- pp.39-60
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- 저자
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- 언어
- 한국어(KOR)
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- URL
- https://www.earticle.net/Article/A142068
※ 원문제공기관과의 협약기간이 종료되어 열람이 제한될 수 있습니다.
원문정보
초록
- 영어
- 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.
목차
Ⅰ. 서론
Ⅱ. 벤처캐피탈의 개요 및 현황
Ⅲ. 벤처캐피탈의 보증역할에 대한 선행연구
Ⅳ. 실증분석
Ⅴ. 우리나라 벤처캐피탈의 역할 제언
Ⅵ. 결론
참고문헌
Abstract
저자
간행물 정보
발행기관
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- 발행기관명
- 한국창업학회 [The Korea Enterpreneurship Society]
- 설립연도
- 2006
- 분야
- 사회과학>경영학
- 소개
- 한국창업학회는 기업가정신, 사회적기업가정신, 조직기업가정신, 국제․지역창업, 기술창업, 문화창업, 비영리창업, 여성창업, 소상공․자영업창업, 중소벤처창업, 창업경영, 창업교육, 창업지원정책, 창업컨설팅, 가족기업, 사회적기업, 벤처캐피탈 등 창업학 및 이와 관련되는 학문의 연구와 적용을 통하여 한국창업학의 발전과 창업정책개발, 국가경제 및 기업의 성장 발전에 기여하며, 회원 상호간의 학술교류와 친목 도모를 목적으로 한다.
간행물
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- 간행물명
- 한국창업학회지 [Journal of the Korean Entrepreneurship Socieity]
- 간기
- 격월간
- pISSN
- 2092-8068
- 수록기간
- 2006~2026
- 등재여부
- KCI 등재
- 십진분류
- KDC 325 DDC 658
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