기술성장기업들의 상장시 기업의 기업가치 대비 조달자금 비율 비교 분석: 순열 테스트 기반 통계적 가설 검증

초록

Listing enables companies to attract capital and enhance credibility, often signaling recognized technological capability and growth potential. However, strict financial requirements create barriers for startups. Consequently, special listing exemptions for technology-growth companies and mergers with Special Purpose Acquisition Companies (SPACs) have emerged as notable alternatives. This study examines whether the ratio of capital raised to pre-money valuation differs significantly by listing pathway-special exemption listing versus SPAC merger-and by listing type-new listing versus transfer listing. The sample comprised 160 technology-growth companies listed on KOSDAQ between 2020 and 2024. Results show that the average ratio for SPAC-merger companies was 0.0486 lower than that for companies listed under the special exemption, with a permutation test p-value of 0.0143, indicating statistical significance. For transfer listings, the average ratio was 0.0308 lower than that for new listings; however, the p-value of 0.061 suggests this difference could occur by chance, implying no inherent gap in fundraising efficiency between KONEX-to-KOSDAQ transfers and new listings. These findings suggest that differences in capital raised may stem more from company structure and market perception than from the listing method itself. Nonetheless, this research is notable for empirically identifying variation in capital-raising scale within a cohort meeting the same technology-growth criteria. The results offer valuable empirical evidence reflecting institutional characteristics, informing policy considerations, guiding listing strategies for technology-growth companies, and supporting improvements to the SPAC framework.

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