기업의 소유구조와 신규공모과정에 관한 연구 : 국내 신규공모상장기업의 지배주주 지분을 중심으로

Before and after initial public offering(IPO), the ownership structure has been less-known to affect the decision to list newly and IPO process in Korea. This paper examines whether the ownership structure of newly listed firms affects the decision and IPO process by analyzing these thru data. The examination includes the choice of underwriters as well as the effect of the change of the ownership structure on the underpricing. The underpricing is measured as the excess return of the first secondary market date closing price over the offer price. Ownership means the aggregated share of controlling shareholders. From the data on ownership structure of newly listed Korean firms in the KOSDAQ board of Korea Exchange, our main empirical results are as follows. First, the event of IPO reduces the share of controlling shareholders around 10% on median. Second,more share of controlling shareholders just before and just after leads higher underpricing. Moreover, the underpricing is positively associated with the change of the ownership by IPO. These results imply that the ownerships at just before as well as just after IPO positively affects IPO process and that IPO becomes a significant method to improve the performance.