벤처캐피탈리스트의 조기업적과시현상과 IPO 성과 분석

다국어 초록 (Multilingual Abstract)

This paper examines the grandstanding of venture capitalist and the performance of venture capital-hacked IPOs using companies listed on KOSDAQ. In investigation of the grandstanding of venture capitalist, our paper shows that the companies backed by venture capital tend to issue IPOS earlier compared with the firms rot backe by venture capital. However, our empirical results show that business history of the going public firms of the experienced venture capitalists is not different from business history of the going public firms basked by unexperienced venture capital firms. This result is different from Gompers` study(7996) which unexperienced venture capitalists tend to make their portfolio firms go public earlier than experienced venture capitalists. The short-term excess returns of IPOs between reputational and nonreputational venture capitalists are different. but statistically insignificant, And the change of equity ratio of two groups after IPOS also avows a bit difference. but statistically insignificant However. we explored the long-term performance of IPOs with utilization of three factor model of Fama and French(1992, 1793). Our result shows that venture capital-backed IPOs outperforms nonventure capital-backed IPOs,