벤처기업의 주가 결정 요인에 관한 비교연구

The purpose of this empirical study is to test the determinants of stock price in KOSDAQ venture firms of KOREA employing the extended version of the valuation model developed by Ohlson(1995). In the Ohlson model firm value is determined using abnormal earnings, book value and other information. The research model on this paper which modified and extended the traditional Ohlson model adds the sales growth rate and the ratio of R&D expenditure and industrial property rights to book value of beginning assets as independent variables. The analysis is based on firm level data on sales, R&D expenditure and industrial property rights of 539 venture firms and 1,162 non-venture firms in the KOSDAQ over the period from 1999 to 2003. The empirical findings of this study are as follows; The sales growth rate and the ratio of R&D expenditure and industrial property rights to book value of beginning assets are positively related to the stock prices of venture firms, suggesting that these variables are important determinants of stock prices. The coefficients of these variables for venture firms are larger than those for non-venture firms, indicating that these variables represent the characteristics of venture firms and are more value relevant for venture firms than for non-venture firms. The results of this study suggest that we should reflect information on growth and earnings potential as well as abnormal earnings and net book value in the KOSDAQ venture firm valuations. Therefore, in order to determine the value of venture firms preparing the IPO, the sales growth and the research and development expenditure on top of the information for non-venture firm valuation should be considered.