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학술연구 : 기업벤처캐피탈이 IPO 성과에 미치는 효과 분석
이기환 ( Lee Gi Hwan ),김강혁 ( Kim Gang Hyeog ),윤병섭 ( Yun Byeong Seob ) 한국중소기업학회 2003 기업가정신과 벤처연구 Vol.6 No.1
This study explores the short-term performance of initial public offerings of corporate venture capital-backed firms. The aftermarket performance is empirically examined by utilizing 97 firms listed on the KOSDAQ market from January 2000 to February 2002. We analyse the impact of corporate venture capital through exhibiting the difference in performance, business history, holding ratio between CVC-backed and non-CVC-backed firms. In order to conduct our research, we classify the sample into three groups : corporate venture capital directly-backed firms, corporate venture capital indirectly-backed firms and non venture capital-backed firms. Using ANOVA, the difference on initial returns, business history between three groups is explored. And using t-test method, the change of corporate venture capital`s holding between two CVC-backed groups after listing on KOSDAQ is analyzed. The major results of this thesis are as follows. First, we find that as the time after the listing day passes, corporate venture capital directly-backed firmsl` excess return shows higher than non-venture capital-backed firmsl` abnormal return. However, corporate venture capital indirectly-backed firmsl` return exhibits lower than non-venture capital-backed firmsl` return. In KOSDAQ`s IPOs market, corporate venture capitals could not reduce statistically the information asymmetry between public investors and issuing firms. Secondly, our empirical analysis shows that the business history of corporate venture capital indirectly-backed firms are shorter than that of non-venture capital-backed firms. But it fails to find that the business history of corporate venture capital directly-backed firms would be longer than that of corporate venture capital in directly-backed firms. This is inconsistent with the result of Gompers(1996) which found the grandstanding in the US IPOs market. Thirdly, this study also investigates whether there is the difference in the changes of corporate venture capitalsl holdings between corporate venture capital directly-backed firms and corporate venture capitalist indirectly-backed firms before and after going public. The holdings of corporate venture capital indirectly-backed firms are decreased more than corporate venture capital directly-backed firms.
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