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

The Korean Society of Business Venturing (한국벤처창업학회)
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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 (School of Northeast Asian Studies, Incheon National University) ;
  • Shin, Hyun-Han (School of Business, Yonsei University) ;
  • Joe, Byoung-Moon (Industry-University Cooperation Concentration Professor, School of Business, Yonsei University)
  • 김윤경 (인천대학교 동북아국제통상학부) ;
  • 신현한 (연세대학교 경영대학 경영학과) ;
  • 조병문 (연세대학교 경영대학 경영학과 산학협력중점)
  • Received : 2021.11.10
  • Accepted : 2022.02.20
  • Published : 2022.02.28
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Abstract

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.

본 연구는 중소 및 초기벤처기업이 간접금융과 정책금융에 의존하는 대신 자본시장을 통해 직접 자금을 조달하게 하는 코넥스시장의 재도약 방안을 제시한다. 코넥스시장에서 인적, 물적 상장인프라가 제한된 기업들은 성장하고 벤처투자자와 같은 모험자본은 투자의 조기 회수를 기대할 수 있다. 그러나 2013년 개설 당시부터 제기되어 온 유동성 부족과 거래량 부진은 수급의 문제에 그치는 것이 아니라 가격발견기능까지도 저해해왔다. 또한 코스닥시장의 적극적인 상장요건 완화와 장외시장인 K-OTC시장의 투자수요 흡수로 신규 상장기업이 급감하며 제도 개선이 더욱 요구되고 있다. 본 연구는 비상장기업이 코넥스시장에 상장하고, 이후 코스닥시장에 이전하기까지 작용하는 규제 또는 제도의 개선을 다섯 가지로 제시하였다. 먼저, 투기적 수요에 대한 우려가 적으므로 개인투자자에 대한 기본예탁금 규제를 폐지하여 투자자를 확대해야 한다. 둘째, 지정자문인이 신규 상장사를 발굴하고 지원하는 역할에 충실하도록 지정자문인이 공시를 대리하지 않고 기업이 직접공시하도록 전환하여야 한다. 셋째, 거래량을 증가시키기 위해 상장유지요건으로 도입된 지분분산 5% 의무화를 25%로 확대하되 인센티브 부여 방식으로 운영해야 할 것이다. 넷째, 코스닥시장이 상장요건으로 이익실현요건을 완화해가고 있으므로 신속이전상장에 과도하게 부과된 이익실현요건을 현실화해야 한다. 마지막으로는 성실공시와 지분분산을 충족하고 투자자보호 장치를 마련한 코넥스기업들이 코스닥으로 자동이전상장한다면 시장참여자의 불확실성을 감소시키고 코넥스시장의 인큐베이팅 역할을 강화할 수 있을 것이다.

Keywords

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