벤처기업에 대한 신용평가가 기업가치에 미치는 영향

This study aims to verify the association between a credit rating for venture firms and their firm value, while there is no effective corporate governance and monitoring of the stakeholders. The results of this study can be divided into the following three aspects. First, the credit rating on firms listed in the KOSDAQ market is positively associated with stock price. Consistent with Jin (2013) who find the positive association between a credit rating and the firm value using the sample of firms listed on KOSPI market, this result presents that the investor in KOSDAQ market may significantly consider the credit rating into their firm value-assessment process. Second, the credit rating on venture firms is positively associated with the firm value. It also appears that the interaction between ventures and credit ratings are positively associated with the firm value. This result suggests that the investors may take the credit rating as the determinants of the firm value when they assess the venture firms with weaker corporate governance. Third, the positive association between the credit rating and the firm value is magnified for the venture firms with lower major shareholder's holdings. This shows that the investors may assess the good credit rating more positively in the case of lower major shareholder's holdings.