• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.9 no.3
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• pp.129-138
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• 2014

After global economic crisis, China has become one of the two pillars in the global economies and the country contributing to the Korean economy. Nevertheless, the research on Chinese financial market, particularly capital market, is rare to date. This study examined the growth enterprise market that emergedat the Shenzhen stock exchange and made comparative analysis on before and after listing for the Chinese small and medium sized firms and venture firms. The listing requirements at the Chinese growth enterprise market for the technologically innovative venture firms and fast-growing small and medium sized firms with financing purpose were more alleviated than the main board of Shenzhen stock exchange. Moreover, the listing procedures are simplified as well. Accordingly, many Chinese enterprises tend to list and the competition for listing is also intense. In particular, with the 36 initially listed firms at growth enterprise market as the research target, the investigation for the business performance before and after listing reveals that the three indexes including return on common equity, debt ratio and operating profit growth rate dropped dramatically for most all the firms. That is, the profitability and growth for the venture firms and small and medium sized firms listed on the Chinese growth enterprise market decreased rapidly after going public, only the stability improved due to the great financing. Taking a step forward, this phenomenon may result from the exaggerated reporting for the business performance before listing with the purpose of going public by the venture firms and small and medium sized firms. Thus, Chinese Securities Regulatory Commission should strengthen the accounting evaluation standard and regulation for the listing firms before going public. In addition, strict sanctions should be imposed on the firms with fraudulent accounting to establish healthy capital market.

• Korea Trade Review
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• v.41 no.1
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• pp.41-66
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• 2016

This paper analyzes the firms value and the business performance before and after Chinese firms got listed in the U.S. First of all, it was separated into term before U.S listed and after listed, and looked whether there was any change in the Tobin'Q. After listed, as time went on Tobin'Q decreased more. In terms of net sales growth rate, it dropped significantly after U.S IPO. Operating profits and net profits rate increased more after being listed in large corporation, but in small corporation cases, it produced an opposite effect on debt ratio and net interest cost. Interest burden continued to fall after being listed in small corporation, and it couldn't find the investment profitability, nor could it utilize ROE, ROI variable. ROE, ROI continued to fall after being listed, but current ratio and quick ratio increased significantly in small corporation. From this results, we can infer that the financial liquidity showed signs of improvement after being listed.

• The Korean Journal of Financial Management
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• v.18 no.2
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• pp.27-55
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• 2001

본 연구는 기업의 부채만기와 결정요인의 관련성에 대한 이론적 논거를 제시하고 우리나라 상장제조기업을 대상으로 대기업과 중소기업으로 구분하여 기업규모별 부채만기 결정요인을 다중회귀분석으로 실증적으로 규명하고자 하였다. 실증적 분석 대상기간은 1995년부터 2000년까지 6개년으로 분석기간 동안 신용평가 전문기관으로부터 회사채 신용등급을 평가받은 제조기업 204개 기업을 표본으로 선정하여 분석하였다. 연구결과를 종합하면 우리나라 상장제조기업으로 대기업과 중소기업 모두 기업규모가 크고 레버리지가 높고 자산의 만기가 긴 고정자산을 많이 보유하고 있는 기업일수록 부채만기구조에서 장기부채를 많이 이용하고 있는 것으로 입증되었다. 성장옵션과 법인세율은 부채만기결정에 영향을 미치지 못하는 것으로 나타났으며 기업의 우량성과 유동성위험을 나타내는 수익증가율과 채권등급은 대기업의 주요 부채만기 결정요인으로 나타났다. 수익증가율이 크고 채권신용등급이 높은 우량대기업일수록 단기부채를 많이 이용하는 것으로 확인되었으며 중소기업은 기업의 우량성과 신용등급이 부채만기에 유의적인 영향을 미치지 않았다.

• The Korean Journal of Financial Management
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• v.14 no.3
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• pp.137-156
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• 1997

본 연구의 목적은 최근 자본비용 추정에 대한 신뢰성 및 정확성에 대한 비판에도 불구하고 주로 미국과 일본 등을 중심으로 기업전체를 대상으로 한 과거의 연구에서 벗어나 한국의 상장기업을 대상으로 좀 더 미시지적이고 정교한 자본비용을 추정하는 데에 있다. 1981년 이후 1994년까지 계속 상장되어온 190여개 상장업체의 재무제표를 사용하여 각 기업별 자본비용을 추정함으로써 산업별(업종별) 그리고 5대(大) 계열기업군, 6대(大)${\sim}$30대(大) 계열기업군, 기타 대기업, 그리고 중소상장기업 등 기업규모별에 따른 자본비용의 정도를 비교 분석하였다. 자본비용의 추정과정에 있어서도 가능한 한 각 개별기업의 재무제표 항목들을 자본비용의 개념에 적합하도록 재구성하고, 법인소득세율을 이익수중에 따라 차등 적용하는 등 기존의 자본비용의 추정에 관한 연구에 비해 좀 더 정교한 자본 비용의 추정을 시도하였다.

• Journal of Digital Convergence
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• v.11 no.5
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• pp.95-104
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• 2013

The goal of this study is to confirm the extent of realization of economic democracy between the subsidiary ICT companies of conglomerates and the KOSDAQ listed ICT companies with focus on growth and profitability. As the results of analysis, the following were verified. First, there were differences in all aspects of the subsidiary ICT companies of conglomerates and the KOSDAQ listed small and medium ICT companies, including growth and profitability. Second, the pattern of economic democracy between two groups displayed relatively unrealized economic democracy structure. Third, It was found that KOSDAQ listed small and medium ICT companies were relatively much more difficult situations than the subsidiary ICT companies of conglomerates.

• Korean small business review
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• v.42 no.3
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• pp.195-220
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• 2020

In this study, we examined the effects of major shareholder's holdings and foreign shareholder's holdings on capital structure with the samples of listed non-financial firms in KOSPI and KOSDAQ. More specifically, we conduct the data on 7,074 large firms and 2,394 SMEs(Small-Medium Enterprises) before and after the adoption of K-IFRS from 2002 to 2019. The main results can be summarized as follows. The results indicate that the adoption of K-IFRS affects the capital structure of large firms more than SMEs. The major shareholder's holdings and the foreign shareholder's holdings of the large and SMEs listed on the KOSPI and the KOSDAQ market have a significant effect on the leverage ratio. It can be seen that major shareholders of large firms and SMEs reduce the leverage ratio by recognizing the use of debt as financial risk. In addition, it can be seen that regardless of whether or not K-IFRS is adopted, foreign shareholders recognize the use of debt as financial risk and reduce the leverage ratio in order to reduce the investment risk.

• Venture DIGEST
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• s.110
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• pp.16-19
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• 2007

벤처의 꿈이자 지상목표 코스닥. 1996년 개설된 코스닥 시장은 10여 년의 짧은 기간동안 미국의 NASDAQ, 일본의 JASDAQ, 영국의 AIM 같은 글로벌 주식시장에 어깨를 견줄 만큼 성장하였다. 코스닥 시장이 대한민국 경제의 주춧돌인 벤처와 중소기업의 든든한 자금 고달원이라면, 천여 개가 넘는 코스닥 상장사들의 실무 지원군은 바로 코스닥상장법인협의회(회장 박경수)일 것. 코스닥시장의 건전한 육성과 투자자보호 및 코스닥상장법인의 권익과 실질적 편의를 제공하고 잇는 코스닥상장법인협의회를 찾아, 코스닥상장사와 예비 코스닥상장사 모두의 궁금증을 해결해 보자.

• Journal of Digital Convergence
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• v.17 no.6
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• pp.43-49
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• 2019

The study divided the life cycle of Chinese companies into three stages from 2011 to 2017, 3,750 small and medium-sized enterprises(SME) used disclosure data to analyze the intensity of R&D investment by company life cycle. The analysis showed that the impact of wealth(ROA) on the performance of R&D investment(RDS) and the next(t) business performance, and research and development investments had a different impact on the company's performance depending on the life cycle of the company. The results of this study are expected to help determine the amount of expenditure related to R&D investment and the time of input of resources in consideration of industrial characteristics and corporate characteristics when making strategic decisions related to R&D investment of companies.

• Korean small business review
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• v.42 no.3
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• pp.173-193
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• 2020

This study analyzes the effects of KOSDAQ-listed firms' convertible bonds, which have recently increased rapidly in number and size. Although KOSDAQ companies are called mid-size companies, KOSDAQ companies belong to SMEs. Furthermore, convertible bonds have traditionally been a critical capital raising tool for SMEs in the US and Europe. In Korea, KOSDAQ companies actively employ convertible bonds. Convertible bonds provide investment incentives for hesitant investors, allowing companies to raise capital at low interest rates. This study analyzes whether capital raising through issuance of convertible bonds by KOSDAQ companies affects their financial constraints. Financial constraints result from incomplete capital markets, which are embedded in most companies and countries.. In particular, financial constraints have a significant impact on the growth and survival of SMEs. The seminal study FHP(1988) is the most important and effective study of firm's financial constraints. We find that FHP's financial constraint measures show that convertible bond issuance would mitigate the financial constraints of KOSDAQ companies. However, the significance of the evidence is not strong.

• Venture DIGEST
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• s.108
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• pp.20-24
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• 2007

우리나라 정치와 금융의 중심인 여의도. 여의도에는 기업인들이라면 염원하는 기업 상장을 주재하는 기관. 한국증권업협회가 위치해있다. 특히 증권업협회 13층에는 비상장기업 중 성장단계에 있는 벤처기업 등 혁신형 중소기업들이 증권시장을 통하여 자금조달 및 회수가 가능하도록 개설된 프리보드가 있다. 기존의 <제3시장>이란 이름에서 2005년 7월 <프리보드>로 변신 후 이번 7월 13일 두 돌을 맞는 중소벤처 대상 증권시장 프리보드. 이번 여름 프리보드 입성을 준비하는 쏜다넷 송승한 대표와 함께 한국증권업협회의 프리보드 본부를 찾아가 중소벤처 경영에 유용한 방향키를 클릭홰 보자.