상장할 땐 ‘미래 가치’, 퇴출할 땐 ‘현재 주가’라니 [왜냐면]

Cochang, the Seoul Stock Exchange, evaluates companies for listing based on their current profits, even if those profits are insufficient, but considers the potential for future technology and growth when determining whether to delist. The criteria for delisting have been significantly tightened since last month, with the total market capitalization requirement raised from 200 billion won to 300 billion won next year.

Companies whose shares fail to exceed 1,000 won for 30 consecutive trading days and fail to recover are also at risk of delisting. However, the Financial Committee believes that the exchange should provide growth funding to companies that cannot be evaluated based on immediate profits. While no company can guarantee the success of a technology startup like Alteozen, which grew from a 1.45 trillion won market cap in 2014 to 16 trillion won over a decade due to research and development and technology exports, providing companies with time to prove their value is crucial for a growing market.

The challenge lies in determining when to delist, as delisting itself is not the issue; the concern is when a price becomes the sole determining factor for a company's survival. Valuing a company based solely on its stock price and market capitalization raises questions about the accuracy of this approach. The value of a company is determined by future cash flows and the uncertainty surrounding them, while the stock price is merely an estimated market value.

Low stock prices do not necessarily indicate a company's failure; companies with falling stock prices may still be performing well financially. The distinction between a struggling company and a flawed company becomes increasingly blurred as the stock price drops. The government must carefully consider the consequences of hastily delisting companies, as the impact on the overall economy can be significant.