코스닥시장 등록 벤처기업의 재무적 특성 = The Financial Features of Venture Businesses Listed on KOSDAQ

다국어 초록 (Multilingual Abstract)

This paper examines the financial characteristics of venture businesses listed on KOSDAQ. We compares the financial features of 94 venture businesses with 94 matching firms listed on KOSDAQ, focusing on profitability, growth, activity and productivity of both groups. The difference analysis of the financial ratios between venture and nonventure enterprises will be tested through t-test. The return on asset, the return on equity, and the growth rate of total asset of venture businesses are higher than nonventure businesses. This evidence is consistent with the existing result which the venture businesses show higher performance in the profitability. We found that venture businesses show lower debt ratio and liquidity than nonventure businesses. This suggests that venture enterprises should raise new funds from venture capital firms or other financial institutions in order to avoid the sudden default risk.