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자본시장육성(Korea's capital market promotion policies) : 기업공개와 유통시장정책 경험(IPOs and other supplementary policy experiences)

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Title 자본시장육성(Korea's capital market promotion policies)
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기업공개와 유통시장정책 경험(IPOs and other supplementary policy experiences)

Project Category Development Cases
Material Type Reports
Author(Korean)

김우찬

Publisher

서울:KDI 국제정책대학원

Date 2012
Project Development Cases
Series Title; No Knowledge Sharing Program: 경제발전경험 모듈화 사업
ISBN 978-89-93695-08-3; 978-89-93695-06-9(전40권)
Pages 60
Subject Country South Korea(Asia and Pacific)
Language Korean
File Type Documents
Original Format pdf
Subject Industry and Technology < Entrepreneurship
Holding KDI 국제정책대학원
Supervisor KDI 국제정책대학원
Organizer 금융위원회; KDI 국제정책대학원대학교
Sponsor 기획재정부
Project Term 2011-01-01 ~ 2011-12-31

Abstract

This report studies a series of capital market promotion policies Korea pursued over a 30-year period during its development era (1960s-1980s). The purpose of this report is to extract lessons that can benefit policy makers in the developing world, where capital market promotion is an important policy goal. Given that the Korean government’s main interest during this era was to mobilize domestic capital for economic development and to lower its the firms’ debt-to-equity ratio, I have left out bond markets from my analyses; and when discussing the stock market, I have put greater weight on its primary market policies than the secondary market policies.
It is a great challenge for developing countries to create a strong securities market. They lack many of the institutions necessary to control information asymmetry and self-dealing. That is to say, these countries are often without legal and market institutions which ensure that minority shareholders (i) receive reliable information about the value of a company’s business and (ii) allow them to have trust and confidence in a company’s management team and controlling shareholders. (The rest omitted)

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