벤처ㆍ중소기업 코스닥 신규등록의 배당금지급과 벤처캐피탈 투자유치가 신규공모주 가치평가에 미치는 영향에 대한 연구

This paper examines the effects of the dividend payment and the certification of venture capital on the underpricing of shares of IPO firms listed in the KOSDAQ markets. The payment of dividends has been known to reduce the information asymmetry about the quality of firms and increase the value of firms with dividends. This result is supported by the information content and signalling hypotheses of the dividend payment and the certification effect of venture capital. Our empirical results show that IPO shares with dividend payments and venture capital investments were less underpriced than IPO shares without dividend payments and venture capital investments. Their difference is also statistically significant. This paper suggests that the payment of dividend and venture capital investment have indeed the information content and the effects of certification and signal the quality of firms to the market, resulting in the reduction of underpricing of IPO shares.