비재무적 지표를 이용한 벤처기업의 신규상장(IPO)성공요인에 관한 연구

The objective of this study is to examine whether there are any differences in firm’s non-financial characteristics between IPO succeed firms and failed firms, using sample firms which applied for initial public offering(IPO) in KOSDAQ. In addition, this study has attempted to analyze impact degrees of non-financial variables on how much affect on IPO for venture corporations. Four non-financial variables affecting on IPO and used in this study are ① roles of CEO and top management, ② management system and employees, ③ marketability of firm's products, and ④ technology owned by the firm.The results of T-test show that IPO succeed firms have greater means in all four variables than ones for failed firms and they are statistically significant. The results of logistic regression analyses show that only two factors affect on successful IPO. They are roles of CEO and top management, and marketability of firm’s products. The technology variable was expected to be the core factor affecting on IPO but it is not statistically significant. These results provide three practical implications. First, this study gives some directions on what has to be considered as more important factor for successful IPO in KOSDAQ. Second, it provides index of non-financial variables on how much impacts on successful IPO and it could be used as a guideline for venture capitalists to develop a screen technique investing to venture corporations. Third, it gives a guidance on which factors should be considered for regulators to prepare screen standards needed to list in KOSDAQ. That is, this study may assist not only venture corporations which prepare for IPO but also venture capital firms and/or venture capitalists, and government regulators by providing a guiding principle for successful IPO. Thus the results of this study may contribute to revitalizing Korean venture industry.