코스닥시장에서 벤처기업과 일반기업의 재무적 및 주식 가치적 특성

This study empirically examined the financial and stock valuation characteristics of venture businesses listed on KOSDAQ. The financial and stock valuation ratio differences between venture and non-venture firms were examined by the paired t-tests. The empirical results are as follows: 1. Venture firms showed higher liquidity ratios than non-venture businesses. 2. In leverage & stability ratios, venture firms revealed higher debt and equity ratios than non-venture firms, but venture businesses illustrated lower fixed ratio than non-venture businesses. 3. In profitability ratios, venture firms demonstrated higher margin on sales ratio than non-venture firms. 4. Even though activity ratios revealed the insignificant differences between venture and non-venture businesses, actually venture businesses showed a little lower ratios than non-venture businesses. 5. Growth ratios demonstrated the insignificant differences between venture and non-venture businesses, but venture businesses showed higher ratio than non-venture businesses in sales growth rate. 6. In stock valuation ratios, venture firms showed higher ratios than non-venture businesses, but only PSR demonstrated the significant difference between venture and non-venture businesses From this study, we learned that the maintaining of the excellent financial and stock valuation characteristics of venture firms requires continuous researches and creative technology developments.