중국벤처기업의 미국증권시장 자본조달에 관한 연구

This study investigates whether adopting similar structural and institutional forms like US firms provides benefits to Chinese venture firms going public in the U.S. stock market. Institutional theory argues that those firms that conform to normal expectations will attain benefits in the market. In particular, this legitimacy through isomorphism is critical for firms undergoing an initial public offering (IPO) as these firms try to establish their credibility in the stock market. In this study, we test the hypotheses that Chinese IPO firms which exhibit stronger similarities to the characteristics of the U.S. domestic IPO firms will attain higher valuation from the investors. We examine two types of isomorphism, board capital isomorphism and IPO process isomorphism, in a sample of 153 Chinese firms going through an IPO in the U.S. According to our findings, IPO process isomorphism provides benefits to Chinese IPO firms although board capital isomorphism has no significant effect on the Chinese firms' IPO performance. Given that empirical studies are rare on which types of isomorphism are beneficial in the context of IPO, this study gives strategic implications to Korean companies planing to go public on the U.S. capital market.