중소기업의 신규상장과 정보비대칭

• 영문명: IPO of SMEs and Information Asymmetry
• 발행기관: 강원대학교 경영경제연구소
• 저자명: 김주환(Joo-Hwan Kim) 박진우(Jin-Woo Park)
• 간행물 정보: 『아태비즈니스연구』제11권 제2호, 173~188쪽, 전체 16쪽
• 주제분류: 인문학 > 문학
• 파일형태: PDF
• 발행일자: 2020.06.30

영문 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.

목차

Ⅰ. 서론

Ⅱ. 자료 및 연구방법

Ⅲ. 실증분석 결과

Ⅳ. 요약 및 결론

References

키워드

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