코스닥 신규공모시장에서 벤처캐피탈의 보증효과 검증

초록

I examine if venture capitalists perform certification function at the Kosdaq market for the period from early 2001 to 2007, which is divided into two subperiods allowing for regulatory changes. When investigating the relationship between IPO returns and venture capitalists’ backing, in the earlier period negative association is found only for the venture capitalists with high IPO record, but in the latter period for all venture capitalists. One may regard the results supportive of both the certification and the grand standing hypothesis. I explore whether the negative relationship is indeed due to venture capitalists’ certifying role. Two paths by which venture capitalists may perform the certification role are considered. First, in line with the winner’s curse hypothesis, I examine if venture capitalist’s backing increases un-informed investors’ participation in IPOs. I also examine if venture capitalists tend to match with underwriters with high reputation. Empirical results are inconclusive. Hence, resolving whether the negative relationship found between venture capitalists’ backing and IPO returns is indeed due to venture capitalists’ certifying roles requires further study.

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