코스닥 벤처펀드, 특례상장 그리고 기업가치-코스닥 상장 기업을 중심으로-

This study examined whether there is a difference in the impact of the KOSDAQ venture fund and the special listing system, which are systems to revitalize venture companies' financing, on corporate value and the excess return from general listed companies at the time of listing. For analysis, stock price data and financial data were used for KOSDAQ-listed companies from 2015 to 2021, and how KOSDAQ venture funds and special listing affect the corporate value calculated by Tobin’s Q. In addition, from the date of listing on the KOSDAQ market to 365 days, the difference in excess return was analyzed for venture fund target companies and non-target companies, special listed companies, and general listed companies. As a result of the analysis, it was found that companies subject to KOSDAQ venture funds and special listed companies increase their corporate value, respectively. On the other hand, in the KOSDAQ market, venture fund companies showed a lower excess return than non-venture fund companies, but special listing showed a significant positive (+) excess return compared to general listed companies in the early stages of listing. Through this study, the KOSDAQ venture fund system and the special listing system are positive in terms of corporate value, but there is a limit to sustainable growth just by receiving policy benefits rather than enhancing market competitiveness. In addition, the results of this study can provide implications for improving the system or preparing support policies for venture companies to continue to grow.