Initial credit ratings and firm value : evidence from korean IPO firms = 최초 신용 등급과 기업가치에 관한 연구 : 한국 IPO 기업을 중심으로 evidence from korean IPO firms

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This study investigates the influence of listed firms’ initial credit ratings on the stock market and firms’ value. A firm’s ability to finance itself through the public capital market is a critical landmark in its growth process. However, empirical studies on initial credit ratings are rare compared to those on initial public offerings. In particular, the threshold for a firm to be listed has been lowered because of the introduction of a scheme to give special privileges to firms with technical expertise and the opening of the Korea New Exchange (KONEX) market. However, a firm’s listing no longer conveys its sustainability and financial soundness. This study verifies the effect of initial credit ratings on corporate value—which has been unclear to date—through an empirical analysis of listed companies. The study has meaningful implications, as it demonstrates the role of credit ratings in addressing the limitations of the revised listing system.
Advisors
Han, Seung Hunresearcher한승헌researcher
Description
한국과학기술원 :기술경영학부,
Publisher
한국과학기술원
Issue Date
2019
Identifier
325007
Language
eng
Description

학위논문(석사) - 한국과학기술원 : 기술경영학부, 2019.2,[iii, 29 p. :]

Keywords

Credit rating▼afirm value▼aagency problem▼asecond fund raising▼abankruptcy; 신용평정▼a기업가치▼a대리인비용▼a2차 자금조달▼a부도

URI
http://hdl.handle.net/10203/265977
Link
http://library.kaist.ac.kr/search/detail/view.do?bibCtrlNo=843073&flag=dissertation
Appears in Collection
MG-Theses_Master(석사논문)
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