기술특례상장제도의 문제점과 제도적 개선방안：셀리버리 사례분석을 중심으로

[Purpose] This study examines the issues arising from the Technology Special Listing System, introduced in 2005 and significantly expanded in 2018. It aims to propose solutions to minimize its side effects and investor risks, ensuring that the system operates effectively and evolves sustainably within the capital market. [Methodology] This study reviews the system’s purpose and current status, analyzes prior research, and uses Cellivery — the first company listed under the “growth exception” category — as a case study. It identifies key issues and suggests practical improvement measures for various stakeholders and supervisory authorities. [Findings] The study reviews the system’s purpose and current status, analyzes prior research, and examines Cellivery — the first company listed under the “growth exception” category — as a case study. It identifies key issues and suggests practical improvement measures for various stakeholders and supervisory authorities. [Policy Implications] The study suggests practical measures to prevent potential issues, such as enhancing disclosure practices, improving financial requirements for management designation, and strengthening audit oversight. These recommendations provide actionable guidance for regulatory authorities and related institutions to improve and manage the system effectively.