신규상장주식시장의 건전성 제고 방안

The main and ultimate purpose of the Capital Markets Act is investor protection, investor protection should take precedence before rapid price discovery and fair transaction opportunities are provided. Therefore, in order to simply improve the soundness of the newly listed stock market, it is necessary to derive problems and prepare improvement plans through a comprehensive approach in various ways rather than a fragmentary approach to expand the upper limit of the stock price on the listing date. Accordingly, this paper proposed improvement plans in four aspects to improve the soundness of the newly listed stock market centered on investor protection. The first is the calculation of the public offering price. Since the public offering price is the beginning of the listing date of newly listed stocks, it is important that the public offering price is calculated according to the value of the company. Accordingly, the improvement plan for the current demand forecast process is to fully reflect the demand forecast of institutional investors, along with allowing general investors to participate in the demand forecast. The second is subscription and assignment. It is also a factor that causes the stock price of newly listed stocks to soar as institutional investors' imaginary subscriptions undermine the fairness of the public offering market and hinder the function of the demand forecast system. Therefore, in order to eradicate such imaginary subscriptions by institutional investors, subscription deposits should be paid like ordinary investors to solve the problem of imaginary subscriptions, while also achieving equity in the payment of subscription deposits with general investors. The third is the mandatory retention system. The mandatory holding system is a system that requires the stock to be held for a certain period of time to stabilize the market and protect investors. However, the mandatory holding system plays a role in reducing the supply of transactions, which is also a factor that causes the stock price of newly listed stocks to soar. A surge in stock prices also hinders market stability and investor protection, so the current mandatory holding system can cause investor damage and undermine the soundness of the newly listed stock market. Accordingly, a plan was proposed to diversify and divide the uniform mandatory retention period. Fourth is the volatility of stock prices. The increase in the stock price limit on the date of listing of newly listed stocks from 63-260% to 60-400% is aimed at quickly discovering balanced prices and providing fair trading opportunities. However, widening the upper limit while leaving the lower limit almost intact can expand investor damage, so improvement is required. As an improvement measure, there is no stock price limit on the date of listing of newly listed stocks, which can have the effect of preventing investor damage due to unbalanced limits, along with the purpose of quickly discovering balanced prices and providing fair trading opportunities.