성장형 중소기업 발전을 위한 “사적 자본시장” 도입 가능성: 시장거시구조 관점의 탐색적 논의

This paper discusses the possible creation of a Korean private capital market to promote the growth of SMEs. A private capital market usually targets stocks of emerging growth companies (EGC; growth SMEs) and is loosely regulated, due to the low need for protection of sophisticated investors. This paper examines the evolution of the US private capital markets, emerged only after the JOBS Act in 2012, from the market macrostructure point of view and suggests the applicability of the US experience to Korean capital markets. From a market macrostructure point of view, the functional position of the private capital market is the submarket consisting of stocks currently traded on either the organized OTC markets or the markets for mature EGCs. Therefore, the ideal form for a Korean private capital market should include stocks traded on the KONEX, K-OTC/K-OTCBB, the pure OTC markets, and newly formed ATSs for unlisted stocks. The ideal candidate would be ATSs for unlisted stocks, which should cover all of the above markets. Several existing legal limitations that have weakened the organized OTC markets in Korea should be revamped in the near future. If the KONEX cannot be closed nor transformed for the formation of a new private market in Korea, then ATSs for unlisted stocks should be introduced in Korea, creating a competitive environment in the submarket for unlisted mature EGCs. This introduction of ATSs for unlisted stocks is highly desirable since it can be a meaningful starting point for competition among the capital markets, as envisioned under the Financial Investment Services and Capital Market Act in Korea.