Korea Productivity Association


생산성논집, Vol.32 no.2 (2018)

기술특례 상장기업의 IPO 전후 효율성 분석에 관한 연구


(IBK경제연구소 연구위원)


(울산대학교 경영학부 조교수)

In this study, we analyzed the efficiency of technology special listed companies in KOSDAQ. In order to identify the cause of efficiency change, we divided efficiency into R&D activity, financial activity and total activity. The results can be summarized as follows. First, before the IPO, efficiency seems to maintain a similar level of overall efficiency change, since the efficiency is slightly reduced or maintained and then increased after the IPO. In particular, in the case of Window-DEA efficiency changes, technical efficiency before IPO is maintained at a similar level and seems to be gradually improving after IPO. This means that the efficiency improvement is not fast and a considerable period is required. In addition, the change in productivity index of Malmquist showed an increase in the productivity index before IPO, and the productivity decreased temporarily after IPO. The efficiency change also shows that the efficiency improvement before IPO shows that the efficiency decreases temporarily after IPO. It seems to be focusing on improving the efficiency after IPO. In addition, technological change, not internal processes and improvement of management efficiency, showed technological change before IPO but not technological change at T+3 after IPO. The results suggest that productivity changes due to technological innovation, research and development are effective for at least four years rather than in the short term. Second, the efficiency of R&D has decreased after IPO compared to before IPO, even though financing or securing of excellent manpower has been facilitated through IPO. The average number of employees and R & D expenses increased, but the number of patent applications decreased. Most of these causes are due to pure technical inefficiency, so it is necessary to improve internal inefficiencies such as processes and systems. Third, the efficiency of the R&D results and the financial efficiency, including R&D and financial activities, shows that the efficiency before IPO and after IPO is similar. However, pure technical efficiency and scale efficiency showed contradictory results before and after IPO, indicating that improvement of pure technical efficiency such as internal process and management efficiency improvement is needed rather than scale efficiency. Similar results were obtained in the comparison of efficiency before IPO and after IPO considering additional growth, profitability, and future value. The purpose of the technology special listing is to allow technology qualified deficit companies to enter the KOSDAQ by evaluating the technological power of these companies because it can not be listed as a general listing requirement. In light of these facts, the efficiency of R&D after IPO has decreased compared to the pre-IPO, but the expectation for future value is still maintained. The efficiency change shows relatively high efficiency before IPO, but the efficiency increases with time difference after the efficiency decreases after IPO. Especially, it is confirmed that technological change occurs at a considerable time difference. In addition, there is a significant decrease in the efficiency of research before and after IPO. In order for the technology listed companies to continue to lead to continued financial performance, these parts should be supplemented and improved.

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