코스닥 승강제, 낙인인가 도약의 발판인가 [세상읽기]

The Korean government announced in March that it would introduce a "dual-segment" system for the KOSDAQ market, categorizing companies into "KOSDAQ Select," "KOSDAQ General," and "Management Group" based on their meeting of entrance and maintenance requirements. Companies in each segment would receive tailored disclosure requirements, and a benchmark index would be developed for KOSDAQ Select's top representative companies, with the aim of launching exchange-traded funds (ETFs) linked to these indexes.

This plan was reaffirmed in July's Financial Committee report and is set to be implemented next year. The government intends that the reform will expand institutional investment funds into KOSDAQ Select, stabilize company valuations, deter stock market listings, and improve investor confidence. However, opinions diverge on the impact for KOSDAQ General companies, especially among venture capital circles, which are concerned that the reform might label these firms as "undervalued" and hinder their access to capital and fund withdrawals.

These concerns are based on overly simplistic assumptions: first, that KOSDAQ General companies will passively accept the stigma, and second, that the total amount of investment funds in KOSDAQ will be fixed, and the outflow to KOSDAQ Select will reduce the liquidity of remaining KOSDAQ General companies. The existing upper segment offers a strong incentive for KOSDAQ General companies to improve their performance, representation on the benchmark index, and institutional fund inflows, leading to potential re-evaluation of their value.

By broadening the criteria for KOSDAQ Select to include high-growth and innovative firms, more companies will be attracted to this opportunity. Companies that find it difficult to enter KOSDAQ Select should not neglect their efforts, as they risk being relegated to the Management Group. Recent regulatory changes, such as stricter listing requirements and the disclosure of low PBR companies, further necessitate this reform.

The recent corporate tax reform also allows for a lower capital gains tax for listed companies, and the government's support through funds like the National Growth Fund and the National Participation Growth Fund, which allocate substantial resources to KOSDAQ-listed companies, reinforces the potential for increased investment funds in the market.