벤처캐피탈의 보증역할: 코스닥시장 IPO

An Empirical Study on the Certification Role of Venture Capitalists on the IPOs Underpricing in KOSDAQ

본 연구의 목적은 코스닥시장이 한국금융투자협회(구, 한국증권업협회)에서 한국거래소로 이관된 이후 벤처캐피탈의 보증역할이 벤처기업 IPO의 저가발행에 미치는 영향을 분석하는데 있다. 코스닥시장이 한국거래소로 이관된 시점인 2005년 1월부터 2012년 12월까지 8년 사이 벤처캐피탈 투자기업 연구표본 94개, 벤처캐피탈 미투자기업 연구표본 94개 등 188개를 가지고 분석하였 다. 연구결과는 다음과 같다. 첫째, 벤처캐피탈 투자기업이 벤처캐피탈 미투자기업보다, 명성도가 높은 벤처캐피탈 투자기업이 명성도가 낮은 벤처캐피탈 투자기업보다, 벤처캐피탈 투자지분율이 높은 벤처기업이 벤처캐피탈 투자지분율이 낮은 벤처기업보다, 공동투자하는 벤처캐피탈 투자기업이 단독투자하는 벤처캐 피탈 투자기업보다 신규공모주의 저가발행을 완화함으로서 초과수익률이 낮아짐을 밝혔다. 이러한 결과는 코스닥시장이 한국금융투자협회에서 한국거래소로 이관된 이후에도 여전히 벤처캐피탈의 보증역할이 존재하여 벤처기업 IPO의 저가발행에 긍정적인 영향을 미치고 있음을 시사한다. 둘째, 벤처캐피탈의 보증역할이 벤처기업 IPO의 저가발행에 미치는 영향을 회귀분석하여 그 원인을 찾아보았다. IPO 당일부터 +30일까지 초과수익률(AR)과 누적초과수익률(CAR)을 측정하고 사건 구간별 유의한 차이를 보이는 CAR(1.1), CAR(1.5), CAR(1.7), CAR(1.30) 등을 종속변수로 사용하여 회귀분석하였다. 그 결과 원인변수는 벤처캐피탈 투자기업, 벤처캐피탈의 IPO실적, 벤처 캐피탈 투자지분율, 벤처기업에 투자한 벤처캐피탈의 수, 벤처기업의 공모비율, 벤처기업의 청약 경쟁률, 벤처기업의 업력, 벤처기업의 규모 등임을 발견하였다.

The aim in this study is to analyze the effect of the certification role of venture capitalists on the IPOs underpricing after the KOSDAQ stock market transferred to Korea Exchange. We analyzed 188 samples, 94 venture business that received investments from venture capitalists and 94 venture business that did not received investments from venture capitalists, from January 2005 when KOSDAQ stock market transferred to Korea Exchange to December 2012. The study results are as follows. First, It was established that the excess earning rate of them is low compared to the venture business that did not receive investment from venture capitalists because the certification role of venture capitalists reduces the IPOs underpricing. Second, It was established the venture business that received investments from reputable venture capitalists decrease IPOs excess earning rate by reducing the IPOs underpricing more than the venture business that received investments from venture capitalists that have poor reputation. Third, It was established that the IPOs excess earning rate decreases because the venture business which have high venture capital share ratio reduce the IPOs underpricing. Fourth, It was established that the IPOs excess earning rate decreases because the venture business that received joint investments reduce the IPOs underpricing more than the business that received single investments. By using regression analysis, then, we found out what caused the effect on the IPOs underpricing by the certification role of venture capitalists. We measured excess earning rate(AR) and cumulative average residual(CAR) for 30 days from the date of publication, and did regression analysis using CAR(1. 1), CAR(1. 5), CAR(1. 7), CAR(1. 30) as dependent variables which have significant differences for each section. Consequently, we found out that the causal variables were the venture business that received investments from venture capitalists, IPO performance of venture capitalists, venture capitalists’ share ratio, number of venture capitalists that invested in venture business, IPO ratio of venture business, subscription rate of venture business, age of venture business, and size of venture business.