코스피시장에서 신규 공모기업에 대한 벤처캐피탈의 인증효과

Most of domestic literature that has studied certification effect of venture capital and underpricing of venture capital backed IPOs is not for only KOSPI market but KOSDAQ market. A few papers has investigated certification effect of venture capital for venture capital backed IPOs in KOSPI market using small samples from 1998 to 2000. This study uses large sample from 2000-2015 in Kospi market compared to earlier papers and using different methods from previous papers, which is as following; First, this study uses market adjusted excess returns applied bid distribution date that earlier studies have ignored. Second, this study employs 4 cumulative excess returns from IPO price to first date, 10, 20, 30 days after listing to avoid the distortion of measuring date on the IPO excess return. Third, this study uses venture capital backed firms as venture firms. The results from study on certification effect of venture capital in KOSPI market are as follows; First, IPO underpricing is not lower for VC-backed firms than for non-VC backed firms. This means that there is no certification effect of venture capital in Kospi market. This finding is supported by regression model considering fixed effect of year and industry, after controling other variables to influence IPO underpricing. This result contrasts with that of Oho and Han(2014), Song and Lee(2018), which found certification effect of venture capital in KOSDAQ market. On the other hands, this result is consistent to that of Lee et al.(1998), Chang and Kill(2000). Second, this study finds that there is significant reduction of level of underpricing after the abolition of put back option system for Non-VC backed firms except VC-backed firms. This result is interesting because Song and Lee(2018) suggests significant reduction of level of underpricing after the abolition of put back option system for VC-backed and Non-VC backed firms in KOSDAQ market.