IPO가 동종 산업 내의 기존 기업에 미치는 영향에 관한 연구

The purpose of this paper is to analyze the effects of initial public offerings (IPOs) on existing companies within the same industry, in terms of short-term and long-term operating performance. First, we selected IPO events between 2000 and 2015, excluding financial companies, and chose only those IPOs without larger IPO events within the same industry during the 4-year period before and after the IPO as the event. This method of identifying IPOs has both advantages and disadvantages. The advantage is that by selecting only larger IPOs, we can use IPOs with minimal contamination during the measurement period, and by comparing relative sizes, we can avoid the convenience of arbitrarily selecting IPOs. The disadvantage is that there may be a disadvantage of a concentration of IPOs during the early 2000s when IT-related companies were heavily listed. However, the analysis of the distribution by year and industry classification showed that they were evenly distributed each year. Therefore, by applying the criteria of selecting only IPOs without larger IPOs than the IPO within four years before and after, we can obtain the advantage of minimizing the dilution of IPO effects. The industry classification is based on the subcategories of Korean Standard Industrial Classification. For the selection of existing companies within the same industry, we used companies listed on the KOSPI and KOSDAQ markets, excluding financial companies between 2000 and 2019. To analyze the short-term performance of existing companies, we used the event study method, and for the long-term operating performance, we used univariate and multivariate analyses. To use the event study method, we calculated the cumulative abnormal returns (CAR) using the risk-adjusted return, market-adjusted return, and average return. For the univariate analysis, we used variables representing growth, *stability, and profitability, such as the total asset growth rate, sales growth rate, operating income growth rate, debt ratio, total asset turnover, and ROA1 (the ratio of net income to total assets) and ROA2 (the ratio of operating income to total assets). We conducted a mean difference test using the average values of each variable for the 3 years before and after the IPO. To determine if the results of the univariate analysis were due to the IPO or other factors, we also conducted a multiple regression analysis using the fixed effects model. The dependent variable (performance) included total asset growth rate, sales growth rate, operating income growth rate, ROA1, and ROA2, and the independent variables (controls) included the age of the company, the company's assets, the previous year's values of the dependent variables, and a dummy variable that took the value of 1 if an IPO event occurred in the industry in the year or within 3 years after the year, and 0 otherwise. The analysis of short-term performance showed that the cumulative abnormal returns (CAR) calculated using the risk-adjusted return, market-adjusted return, and average return all started to decline from five days before the IPO and continued to decline for the following five days. The univariate analysis showed that, except for the operating profit growth rate and debt ratio, all financial ratios had a significant decrease in the average value for three years after the IPO compared to the average value for three years before the IPO. The multivariate analysis showed that, except for the total asset turnover and debt ratio, IPO had a significantly negative impact on all financial ratios of existing companies in the same industry. Therefore, it can be analyzed that IPO has a negative impact on the short-term and long-term operational performance of existing companies in the same industry. As part of a robustness test, the IPO event was selected only for IPOs that were the largest in the industry and did not occur within four years before or after the IPO event. This was changed to three years for the analysis, and the results were found to be the same as those of the analysis conducted for four years. The industry classification was changed from the second-tier of the Korean Standard Industrial Classification to the second-tier of the Listing and Classification System for Industries, and the results were also found to be the same.