벤처캐피탈 투자가 IPO기업의 채권자 위험에 미치는 영향: 코스닥상장 기업을 대상으로

This paper examines the impact of venture capital (VC) investment on the cost of debt. To examine the association between VC investment and cost of debt, we analyze whether VC investment before the initial public offering (IPO) affects the cost of debt after the IPO firms in the KOSDAQ market. The main findings are as follows. First, we find that the firms with VC investment before IPO show higher costs of debt after their IPO than non-VC investment firms. Second, we find that the positive relationship between the VC investment amounts and the cost of debt. While VC investment play a positive role in mitigating information asymmetry between IPO firms and investors by acting as a certification, our findings suggest that venture-backed IPO firms would experience increased credit risk after the IPO. This may be due to venture capitalists seeking to recover their investments, rather than alleviating information asymmetry. This study contributes to the literature by identifying the implications of VC investment not only on firm value or stock performance but also on credit risk through the lens of the cost of debt. It highlights that pre-IPO VC investment can negatively influence post-IPO debt financing costs. Consequently, VC investors and IPO-ready firms need to account for the potential increase in credit risk and establish effective investment and management strategies to address these challenges.