한국자본시장의 거시구조 측면에서 고찰한 코스닥의 경제적 의의와 가치제고 방안

The current macrostructure of the Korean capital market consists of KOSPI market (main board), KOSDAQ market (new market), and FreeBoard (organized OTC market). This structure will change as the amendment of the Financial Investment Services and Capital Markets Act introduces Korea New Exchange (KONEX) and alternative trading systems (ATS). In this study, we systematically identify structural problems that KOSDAQ faces because of environmental changes, then offer policy solutions within the framework of the macrostructure with a focus on enhancing the value of KOSDAQ. Key solutions derived for value enhancement of KOSDAQ are as follows: First, policy makers should pursue a dynamic macrostructure relationship between KOSPI market (main board) and KOSDAQ market (new market), and reestablish the identity and function of KOSDAQ as the new market. Second, even if KONEX is successfully settled, KOSDAQ should continue to perform the exact function that it was established for. Third, the emergence of ATS (including multiple exchanges) is a significant threat against maintaining and enhancing the dynamism and vitality of KOSDAQ. Therefore, listing and listing-maintenance functions, the efficient operation of market microstructure, and the minimization of the departure of leading companies should be primary objectives of the policy. Fourth, based on the results of thorough analyses about the market quality, KOSDAQ should increase publicity efforts. Fifth, policy makers and KOSDAQ itself should have confidence in KOSDAQ’s ability to perform the role of a successful new market. Sixth, it is important that regulators effectively supervise the soundness of companies listed on KOSDAQ, but companies themselves must work hard to gain trust. Finally, KRX’s transition to a substantial corporation through self-listing is essential and the improvement of market microstructure such as order types and price limits system is also necessary to meet the needs of investors.