벤처기업의 공모가 저평가율과 유형자산 가치관의 관계분석

The purpose of this paper is to estimate the extent to which intangible assets of venture firms are valued in the market price and to determine the factors which influence underpricing of venture firms. Firstly, we classified venture firms listed in KOSDAQ from 1999 to 2001 into four groups: new technology developing venture firms, R&D venture firms, technology valued venture firms, and venture capital investee venture firms. For each group we analyzed what factors influence underpricing of those firms. Secondly, we estimate how the degree of undervalued intangible assets changes over time after IPO. We conjecture that as uncertainty as to value relevance of intangible assets diminishes, market price reflects more of intangible asset value. The empirical results are as follows : First, we find that the underpricing diminishes as equity holdings of manager of venture firms, asset value, ROA, and operating income increase. And we find that the value of intangible assets before IPO increases, underpricing increases. Second, the empirical results show that the intangible asset values are underestimated in the IPO price(21% to 83%) and that the underestimation level decreases over time after IPO. Therefore, Empirical results are consistent with initial underpricing reflecting the level of underestimated intangible asset value.