KONEX 신규상장 결정요인에 대한 연구
A Study of Determinants of Initial Public Offerings(IPOs) in the KONEX market
This paper analyses the determinants of initial public offerings(IPOs) in the KONEX market by comparing the characteristics of IPOs with those of External Audit of Stock Companies. The samples contain 81 new listings on the KONEX from July 2013 through September 2015 and 444 firm-years that is private external audit firms similar to the characteristics with them. We estimated a logistic regression model of the probability of going public by comparing newly listed firms with private firms that satisfy with the official requirements for listing. The result shows that return on asset(ROA), sales growth rate, and R&D cost have a positive impact on the likelihood of an IPO. On the other hand, the size of a company, firm age have a negative significance on the decision to go public. These results may be interpreted that IPOs are consistent with the original purpose of KONEX market. Leverage is not significant on the decision to go public, implying that the likelihood of an IPO does not increase for saving cost of debt. If sophisticated requirements for listing are formed through continuous monitoring and evaluation based on this study, It will be able to achieve the objectives of KONEX market that provide funding opportunities for small and venture company.
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