기술성장상장기업의 기업가치 과대평가 및 최대주주의 지분매각이 주가폭락에 미치는 영향

New investors of technology growth listings firm allocate capital towards the potential future market value, despite the modest prospects for success in innovative technologies. Nevertheless, when the lock-up period expires, and major shareholders along with affiliated parties promptly divest their shares, investors tend to develop a pessimistic outlook regarding the prospects of technology success and commercialization. Furthermore, as reported profits fall short of the estimated earnings utilized in the company’s valuation during listing, investors are more inclined to harbor a negative view of its future value. Hence, this study investigates whether the risk of a stock price decline escalates when major shareholders and affiliated parties of technology growth-listed firms divest their holdings post-lock-up period. Additionally, we explore whether this risk intensifies further when estimated earnings are overstated, and major shareholders and affiliated parties sell their shares following the lock-up period. The analytical findings reveal that the risk of a stock price decline increases as major shareholders and affiliated parties of technology growth-listed companies divest their holdings after the lock-up period. Furthermore, it becomes evident that this risk surges even higher when estimated profits are inflated, and major shareholders and affiliated parties dispose of their shares post-lock-up period.