우리나라 벤처기업의 IPO 가치에 관한 실증연구

The purpose of this study suggest a direction for new evaluation Model about venture business' IPO value. Also, this study tests whether the value at IPO can be estimate rationally the venture enterprise's value at first public offering because the estimation of optimum value at IPO is very important to get the investor and company's reliability. The methodology was tested empirically the data to analyse to 123 companies which register to Korea Securities Dealers Automated Quotation from 2000 to 2002. The data was collected from an available 145 enterprises by random sampling among venture companies that has registered to KOSDAQ market until July, 2003. The research model was applied Black․Scholes Evaluation Model that verified superior to evaluate venture companies in much prior researches. This study was compared the IPO value that measured by Black․Scholes Evaluation Model with the IPO value that measured by traditional IPO estimation method to financial accounting information of each company. If there is no rapidly change of market situation, the study result was construed that the book value and future value of company was measured more properly than traditional IPO value when Black․Scholes Evaluation Model use at venture business' first public offering. The result of this study can may present a direction for new IPO value Evaluation Model research and also this study has many problems in order to generalize results because of the limitation to the data.