Asia-Pacific Journal of Business Venturing and Entrepreneurship (벤처창업연구)

The Korean Society of Business Venturing (한국벤처창업학회)
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The Presence of Related Personnel Effects on the IPO of Special Listed Firms on KOSDAQ Market: Based on the Signal Effect of Third-party Social Recognition

관계인사 영입이 코스닥 기술특례기업 IPO성과에 미치는 영향: 제3자 사회적 인정의 신호 효과를 바탕으로

  • Kiyong, Kim (Business School, Seoul School of Integrated Sciences & Technologies) ;
  • Young-Hee, Ko (Business School, Seoul School of Integrated Sciences & Technologies)
  • 김기용 (서울과학종합대학원 경영대학원) ;
  • 고영희 (서울과학종합대학원 경영대학원)
  • Received : 2022.10.30
  • Accepted : 2022.12.26
  • Published : 2022.12.31
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Abstract

The purpose of this study is to examine whether the existence of related personnel in KOSDAQ technology special listed firms has a signal effect on the market and affects performance when listed. The KOSDAQ technology special listing system is a system introduced to enable future growth by securing financing through corporate public offering based on the technology and marketability of technology-based startups and venture companies. As a result of analyzing 135 special technology companies listed from 2005 to 21 (excluding SPAC mergers and foreign companies) whether or not related personnel affect corporate value and listing period when they are listed, it was analyzed that the presence of related personnel did not significantly affect corporate value or listing period. The same was found in the results of the verification by reducing the scope to related personnel such as public officials and related agencies. However, under certain conditions, significant results were derived from the presence of related personnel on the listing of companies listed in special technology cases. It was found that the presence of related personnel and VC investment had a significant effect on corporate value, and in the case of bio-industry, there was a slight significant effect on the duration of listing. This study is significant in that it systematically analyzed the signal effect of the existence of related personnel for the first time for all 135 companies. In addition, as a result of the analysis, the results suggest that internalized efforts to secure technology and marketability are more important, such as parallel to VC investment, rather than simply recruiting related personnel.

본 연구의 목적은 코스닥 기술특례 상장기업을 대상으로 관계인사 존재 여부가 시장에 신호 효과를 주어 IPO시 성과에 영향을 미치는 지를 살펴보고자 하였다. 기술특례상장제도는 기술우위 스타트업과 벤처기업들의 기술력과 시장성 등을 기반으로 기업공개를 통한 자금조달을 확보하여 미래 성장이 가능하도록 도입된 제도이다. 분석대상은 기술특례상장제도가 도입된 05년부터 21년까지 상장된 기술특례기업 135사(스팩합병, 외국기업 제외) 모두를 대상으로 하였다. 관계인사는 공무원, 유관기관 경력자, 자금조달관련 금융기관경력자, 변호사 등 전문직으로 정의하였다. IPO시 성과는 선행연구를 바탕으로 상장시 기업가치와 상장소요기간으로 분석하였다. 분석 결과, 단순히 관계인사 존재 여부가 기업가치 혹은 상장소요기간에 유의미한 영향을 주지는 않는 것으로 분석되었다. 이는 공무원, 유관기관 등 관계인사로 범위를 축소하여 검증한 결과도 마찬가지로 나타났다. 다만, 특정 조건하에서 관계인사 존재가 기술특례상장기업 상장에 미치는 유의미한 결과가 도출되었다. 관계인사 존재와 VC투자가 같이 있는 경우 기업가치에 유의미한 영향을 미치고, 기술특례상장기업 중 바이오 업종의 경우 공무원, 유관기관 등 관계인사가 존재하는 경우 상장소요기간에 유의미한 영향을 미치는 것으로 나타났다. 본 연구는 기술특례상장제도가 도입된 이후의 모든 기술특례상장기업을 대상으로 관계인사 존재 여부의 신호효과를 체계적으로 분석하였다는 점에서 의의가 있다. 또한 분석 결과 기술특례상장 준비 기업은 단순히 관계인사 영입보다는 VC투자와 병행되는 등 기술성과 시장성을 확보하기 위한 내실화된 노력이 더 중요함을 알 수 있는 결과를 도출하였다.

Keywords

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