CAJ | 학술논문

为了研究IPO公司的终极控股股东对IPO抑价的影响，本文选取了2007—2011年中小板IPO公司的数据，通过实证研究发现IPO的抑价水平与终极控股股东的控制权和现金流权的偏离程度负相关，但如果公司在IPO前引入私募股权资本，会使得这种负相关关系减弱。研究结论说明了在IPO公司中控制权·现金流权的偏离程度越大。终极控股股东越倾向于IPO高定价，降低抑价水平，但由于私募股权资本并不能起到监督和认证作用，使得押价水平提高。
위료연구IPO공사적종겁공고고동대IPO억개적영향，본문선취료2007—2011년중소판IPO공사적수거，통과실증연구발현IPO적억개수평여종겁공고고동적공제권화현금류권적편리정도부상관，단여과공사재IPO전인입사모고권자본，회사득저충부상관관계감약。연구결논설명료재IPO공사중공제권·현금류권적편리정도월대。종겁공고고동월경향우IPO고정개，강저억개수평，단유우사모고권자본병불능기도감독화인증작용，사득압개수평제고。
The study is to show how the company＇ s ultimate controlling shareholder exerts influence on IPO underpricing by employing the collected data of IPO companies in small and medium-sized board from the year 2007 to 2011. The em- pirical evidence supports the findings that the IPO underpricing level is inversely associated with the degree of deviation of control-cash flow fight of the ultimate controlling shareholder, however the introduction of private equity capital prior to the IPO would contribute to weakening of this negative correlation relation to a certain extent. The research findings also indicate that the greater degree of deviation of control-cash flow right gets, the more incentive the ultimate control- ling shareholders will have to improve IPO offer price, thus to reduce the level of underpricing, whereas the private equity capital fails to work efficiently in terms of certification and supervision, which consequently results in the highented underpricing level.