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학회지논문 목차 LIST |
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- Lee (영남대학교)
- Ki-hwan (울산대학교 경영대학)
- Yoon ()
- Byung-seop(Instructor
- Kyungnam University)
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[논문다운받기]
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This paper discusses the role of venture capital and angel capital which are important financing sources of new technology-based firms. We also debate the facilitating policies of these capitals linking with KOSDAQ which is playing an important role as a harvesting market of investments.
We suggest some policies for facilitating financing of venture businesses.
First, the development of KOSDAQ should be pursued with correctly valuing firms and keeping the liquidity of listed stocks.
Second, a role of venture capital should be expanded. For this, it is necessary to deregulate various regulations such as lock-up system.
Third, we also utilize angel capital for new ventures, which usually face the difficulties in financing at the early stage of them. It is necessary for the policy authority to drive the policy mechanisms to activate the investment of angels. We should attempt to establish the networks to connect angels with new ventures.
We reviewed the private equities that their role in the start-up financing is gradually increasing. It is thought that various policies including tax benefits should be implemented for facilitating risky capitals such as venture capital or angel capital.
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- Yoon Heon Deok (연세대학교 경영학과)
- Shin Sangmoo
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[논문다운받기]
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The purpose of this study were to investigate entrepreneurial framework conditions based upon social, culture, political context and to analyze how entrepreneurial framework conditions effect on entrepreneurial opportunities and entrepreneurial capacity that influence the prevalence of entrepreneurial activity in fashion․distribution industry.
The results of this study were as follows:
For entrepreneurial framework conditions, the important factors in a descending order were government assistance, financial support, government policies, access to physical infrastructure, education & training, commercial & legal infrastructure, and internal market openness. For entrepreneurial opportunities, the important factors in a descending order were individual reaction of opportunity, intellectual property, protection of right, utilization of opportunity, and social reputation.
There were significant differences that entrepreneurial framework conditions such as government assistance, financial support, commercial & legal infrastructure, and internal market openness influenced on entrepreneurial opportunities.
CEOs who had leadership and challenging, progressive, and adventurous propensity showed positive attitude on getting entrepreneurial opportunities, and rapid growth of business with their intellectual property and protection of right.
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- Namsoo Huh (청주대학교 경상대학 경영학부)
- Jinho Jeong
- Heeoh Kim
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[논문다운받기]
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This study investigated the effect of seasoned offerings to the value of the firms in the venture industry. For this purpose, the study applied an event study methodology to two hundred twenty four companies that publicly announced seasoned offerings on the KOSDAQ during the period of 1st of January 1997 to 30th of June 2002. The results of the empirical analyses are as follows:
First, the announcements effect of seasoned offerings for KOSDAQ listed firms was positive, but it was not statistically significant. The result is not consistent with the empirical results documenting positive announcement effects for those firms in the Korean Stock Exchange (KSE).
Second, it was found that announcement effects were lower for firms in the general industry than those firms in the ventures industry. The result implies that growth opportunity becomes a more dominant factor than risk when investors evaluate the seasoned offerings of the firms in the venture industry.
Third, the study found that firms listed on the KOSDAQ chose the time for seasoned offering at the peak of stock price. The result is interpreted as an evidence to support the opportunity hypothesis.
Fourth, the study found an evidence to support the investment opportunity hypothesis. Announcement effect was the highest for seasoned offering with expansion motivation. The result was more significant for firms in the venture industry.
Finally, it was found that there was a positive relationship between a discount rate of seasoned offering and an announcement effect. The case was more significant for firms in the general industry. The result implies that the old shareholder interest hypothesis was supported for those firms listed on the KOSDAQ.
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- Beom Sik Jang (인제대학교 벤처창업학부)
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[논문다운받기]
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This study examines the price behavior of OTC common stocks which obtained listings on the Korea Stock Exchange(KSE) over the period 1988-1997 and explores the possibility that the OTC prices might be effectively utilized as these firms are priced again during the second initial public offering process. One of the explanation for the underpricing of IPOs relies on the asymmetric information about the value of the issuing firm. These firms were once publicly traded on the OTC market, and subsequently changed a trading location to the major stock exchange. Hence, the uncertainty about the value of these OTC firms are more likely to be substantially reduced, and to result in less underpricing of the stocks.
Based on a sample of 88 firms which changed the trading venue to the KSE, the study shows that the IPOs of these OTC firms are underpriced as much as typical IPOs. The results also show that most of abnormal returns of OTC firms, market-adjusted or not, is earned during the first trading month after the IPO, compared with the much smaller after market return of typical IPO firms. The results indicate that the price anomaly might stem from the fact that the considerable public information generated while these firms were traded on the OTC was ignored and not reflected in pricing during the second IPO process. Indeed, the study shows that it takes more time for the OTC firms relative to the typical IPOs to reach to 'the first equilibrium price' level in the after market at which the price stops continuing to go up after the offering, given the price limit system in the KSE. The transaction price during the last trading day in the OTC market is presented to be much closer to 'the first equilibrium market price' in the new trading location than the new offering price. The evidence shows that once the last transaction price in the OTC market is used as an offering price, most of abnormal returns including the initial returns tends to be gone for the OTC firms.
Taken together, these findings indicate that the price discovery function might be hampered by both ignoring the public information about the value of these OTC firms and intentionally underpricing these OTC stocks as they changed their listing place to the KSE.
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- Yoo Seung-Hoon (세명대학교)
- Jung Kun-Oh (세명대학교)
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[논문다운받기]
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Venture companies has been accepted as an engine of economic growth since IMF-supported economy system and emergence of knowledge-based economy. Using the data of R&D Scoreboard published by Ministry of Science and Technology (2002), this paper attempts to analyze the R&D investment of KOSDAQ venture companies in the following four aspects. First, the relationship between firm size and R&D investment is investigated. Second, the impacts of profit rate, foreigners' investment ratio, financial self-reliance, and IT or non-IT company on R&D intensity (defined as R&D outlay over sales amount) are also analyzed. Third, the performance of R&D investment is examined in terms of profitability, sales growth, productivity, financial self-reliance, and induction of foreign capital. Forth, we look into whether R&D intensity, R&D investment per worker, and sales elasticity of R&D investment of venture companies are structurally different from those of non-venture companies or not. The results of the study provide a number of implications as summarized below. Firm size variables such as sales amount and the number of workers are positively related to R&D investment. The sales elasticity of R&D investment is larger than one. The R&D intensity has a positive relation to profit rate, foreigners' investment ratio, and degree of financial self-reliance. The R&D intensity of IT company is larger than that of non-IT company. The level of R&D investment contributes to both profit rate and growth of sales amount. The R&D intensity also contributes to increases in profit rate, degree of financial self-reliance, and foreigners' investment ratio. Finally, the levels of both R&D intensity and R&D investment per worker of venture companies are higher than those of non-venture companies. Moreover, the structure of the effect of sales amount on R&D investment is different between venture companies and non-venture companies.
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