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Korean Journal of Financial Studies 2014;43(1):305-325.
Published online February 28, 2014.
Vitalizing KONEX through Reducing Informational Asymmetry
Jang Woo Lee, Jae Bum Hong, Hee Joon Jeong
정보비대칭 해소를 통한 코넥스 활성화 방안
이장우, 홍재범, 정희준
Abstract
SME's (Small and medium enterprises) are running usually in a hostile financial environment, being discriminated in direct financial markets and depending on bank loans or policy loans. For this kind of reason Korean government introduced a stock market solely for the purpose of supporting SME`s-KONEX. Against common expectation, KONEX is now in a disappointing condition. Without substantial improvement, it will be very difficult to expect successful KONEX. The most important thing for KONEX to succeed and prosper is increasing market credibility and making the market open to investors (individual investors ultimately) through decreasing informational asymmetry as a result of good valuation activities and active information disclosure. It is also required to motivate NOMAD`s by screening their qualifications and by increasing profit chance. Making NOMAD system attractive, and having the information accumulated by SME-related institutions properly used, while giving highest grade SME`s a chance for IPO, would be effective in reducing informational asymmetry. Further, it is recommended that they invite individual investors in the long run after reducing informational asymmetry enough. Administrative support such as tax cut may seem to be effective also, but it would be more encouraging that the Korean government tries to increase the attractiveness of KONEX by addressing the market mechanism itself (to reduce informational asymmetry) and the interest groups within.
Key Words: 가치평가,정보공시,정보비대칭,중소기업전용주식시장,지정자문인,코넥스,Informational Asymmetry,KONEX,KONEX,NOMAD(Nominated Advisors),Public Disclosure,Securities Valuation
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