신기술금융투자회사와 창업투사회사의 투자기업 간 신규공모주 저가발행에 관한 연구

This research is to investigate that there is the difference of IPO underpricing of venture firms between Investment Company(IC) backed IPOs and New Technology Financing Company(NTFC) backed IPOs from 2000.1 to 2015.12 in KOSDAQ market using different methods from previous papers like usage of bid distribution date that earlier studies have ignored. Unlike other countries, Korea has traditional venture capital composed of Investment Company and New Technology Financing Company, which are similar functions of venture capital but different from regulation system. Besides this characteristics, they have different from the invested securities, ages of venture firms, and industries. I'm motivated to thes points. This paper is written about the difference of IPO underpricing of venture firms between Investment Company backed firms and New Technology Financing Company backed firms for the first time. The results from study on the level of IPO underpricing between IC -backed firms and NTFC-backed firms listed in KOSDAQ market are as follow; First, IC-backed Firms have more underpricing than NTFC-backed have. This pattern has been consistent to before abolition of put back option system in June 2007. Second, The phenomenon that IC-backed firms have shown more underpricing than NTFC-backed after the abolition of put back option system is supported by regression model considering fixed effect of year and industry, after controling other variables that influence IPO underpricing.