• Title/Summary/Keyword: 코넥스

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A Study on Improvement of the KONEX, the Emerging Exchange for SMEs and Startups (코넥스(KONEX)시장의 재도약을 위한 제도개선 연구)

  • Kim, Yun Kyung;Shin, Hyun-Han;Joe, Byoung-Moon
    • Asia-Pacific Journal of Business Venturing and Entrepreneurship
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    • v.17 no.1
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    • pp.177-189
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    • 2022
  • This study proposes policy recommendations for the Korea New Exchange ("KONEX"), which is a financial platform for SMEs and startups that relied on indirect and policy financing in the past. SMEs and venture firms with limited human and physical listing resources can grow through market incubation, and venture capitalists expect an early exit or return on investment. However, the lack of liquidity and sluggish trading volume have weakened the function of the market. Despite prior policy efforts, the number of newly listed companies has decreased while listing demand for KOSDAQ and K-OTC has increased. This study aims to suggest short- and long-term improvements in regulations and throughout the KONEX firms' listing life cycle. First, the minimum deposit requirement on individual investors should be abolished to increase the number of investors. Second, information disclosure should be conducted by firms so that the nominated advisor can focus on discovering and supporting new listed companies. Third, in order to increase trading volume, the 5% dispersion rule should be changed to 25% dispersion incentive principle. Fourth, a new track without profit condition in expedited transfer listing should be introduced because the KOSDAQ relaxes the profit realization requirements for listing. Lastly, transfer listing without additional review for firms that fulfill ownership dispersion, information disclosure, and investor protection will strengthen the incubating role of the KONEX.

'제조업의 혁명' 3D 프린팅에 주목하라! - PART2 스트라타시스, '오브젯500 코넥스3' 출시

  • 대한인쇄문화협회
    • 프린팅코리아
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    • v.14 no.3
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    • pp.72-74
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    • 2014
  • 스트라타시스(한국지사장 다니엘 톰슨)는 지난 2월 19일 강남 메리츠타워에서 기자간담회를 열고 업계 최초이자 유일하게 다양한 재료와 컬러를 조합할 수 있는 첨단 컬러 복합재료 3D 프린터인 신제품 '오브셋500 코넥스3'를 소개했다. 이날 행사에는 다니엘 톰슨 한국지사장을 비롯해 조나단 자글럼 스트라타시스 아태지역 총괄사장, 오퍼니 스트라타시스 제품관리 이사, 유이마 나카자토 일본 패션 디자이너 등이 참가했다.

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Regulation Changes to Boost KONEX: Effects and Implications (코넥스(KONEX: Korea New Exchange) 시장 활성화 조치: 효과 및 시사점)

  • Kim, Meong Ae;Woo, Min Cheol
    • Asia-Pacific Journal of Business Venturing and Entrepreneurship
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    • v.12 no.3
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    • pp.191-202
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    • 2017
  • KONEX (Korea New Exchange) is the organised stock exchange for small enterprises. It is a channel through which venture start-ups at their early stage can raise funds without a huge burden of debt. We explain the regulations in this market and examine the effects of major changes in the relevant regulations. The first change was replacing the call auction mechanism with the continuous auction mechanism. The change improved the information asymmetry among investors. The second was lowering the minimum deposit requirement for individual investors from 300 million won to 100 million won. As the result of the change, market liquidity increased a lot and the number of investors increased. The last change was introducing the small investment account. Although this raised the participation of individual investors but did not lead to the improvement in market liquidity or information asymmetry. In overall, encouraging more investors to participate in the transactions in KONEX is the fast way to boost the market, while the long-term strategy should focus more on improving the information asymmetry by helping information generating and transferring activities.

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IPO 전후 R&D 지출 및 배당에 근거한 차등의결권 도입 필요성에 관한 연구

  • Park, Jae-Seong
    • 한국벤처창업학회:학술대회논문집
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    • 2019.11a
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    • pp.165-170
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    • 2019
  • 본 논문은 매출액대비연구개발비비중과 배당성향이라는 두 지표를 사용하여 IPO 전후 기업 경영의 변화를 관측하고, 이 같은 변화가 장기적인 기업 발전을 위한 창업자의 지배권 보장이라는 차등의결권 주식 발행의 필요성을 입증하는지 검토한다. 매출액대비연구개발비와 배당성향은 각각 장기적인 목적과 단기적 목적의 현금흐름 사용의 대표적 지표로서, 두 지표는 현금흐름의 처분에 대한 주주의 압력을 간접적으로 측정하는 지표이다. 두 지표가 IPO를 전후하여 크게 차이를 보이며, 또 그 차이가 단기적 이익보다 장기적 성과를 중시하는 방향으로 나타난다면 장기적 기업 가치 제고를 위해 차등의결권의 유용성을 방증할 수 있으나, 반대의 경우에는 차등의결권 도입의 실증적 근거가 미약하다고 할 수 있다. 본 논문의 분석 결과는 다음과 같다. 첫째, 2000년부터 2016년까지 유가증권시장과 코스닥시장, 코넥스시장에 상장한 기업 중 IPO 전후 3년 간, 즉 t-3년 ~ t+3년에 각각 연구개발비비중과 배당성향을 공시하고 있는 278개 기업과 37개 기업을 조사한 결과, 매출액대비연구개발비 비중이 IPO 이후 반드시 감소하였다고 판단할 수 없었다. 둘째, 배당성향은 일관되게 IPO 이전 수준이 IPO 이후 수준보다 높았다. 이 같은 결과는 기업의 장기적 발전을 위하여 창업자의 지배권을 보장하기 위해 차등의결권이 필요하다는 주장의 실증적 근거가 명확하지 않음을 의미한다. 단기적 시각의 주주에 대항하여 현금흐름과 지배권이 분리된 주식을 발행할 필요가 있다는 주장보다는 차등의결권이 지배주주의 경영권 영속화의 수단으로 활용될 수 있다는 비판이 보다 설득력이 있을 수 있다.

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The Structural Relationship Between the Middle Aged Office Employees' Physical·Cognitive, Psychological, and Social Factors and Successful Aging (중장년 사무직 근로자의 신체적·인지적, 심리적, 사회적 요인과 성공적 노화 간의 구조적 관계)

  • Jeong, Hong In
    • 한국노년학
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    • v.38 no.1
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    • pp.27-45
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    • 2018
  • The purpose of this study was to identify between the successful aging-related predictive factors and the successful aging in the middle aged office. The predictive factors of successful aging such as subjective health condition, cognitive functions, self-esteem, and social support were confirmed by the existing literature. The population of the study was the middle aged office employees, who are generally defined an age group from 40 to 60. The sample of this study was targeted to employees working at companies registered to securities, KSDAQ, and KONEX in Korea. SPSS WIN 23.0 and AMOS 21.0, and M-plus 6.12 were used for the data analysis. The findings of this study were presented below. First, the result of the structural relationship between the predictive factors of successful aging (subjective health condition, cognitive function, self-esteem, and social support) and successful aging was appropriate as RMSEA=.059, TLI=.932, CFI=.944. Second, subjective health condition and social support were significant variables for successful aging but cognitive function and self-esteem were not significant. Third, social support, which is a social factor, was the most influential among other variables. Based on the results, theoretical and practical implications were presented.