벤처캐피탈 투자 IPO의 장기성과에 대한 연구

We explore the performance of IPOs listed on KOSDAQ between 1997 and 1999. In particular, we utilize three factor model to analyse the long-term performance of KOSDAQ IPOs. It is argued that the model developed by Fama and French(1993) could solve the bad model problem and crossectional correlation. Most of the existing studies whcih examined the long-term performance of IPOs in Korea showed that IPOs outperformed the market return. However, in our study using three factor model, IPOs underperformed in the long-run horizon. It is thought that the price of IPO shares will approach to the market price reflecting the information regarding IPO firms over time. In addition, we found that in the short-term venture capital-backed IPOs show less return than nonventure capital-backed IPOs, but in the long-run the former is higher than the latter. This finding means that venture capital play the certification role in KOSDAQ IPOs market.