같은 기간 기관은 코스피·코스닥에서 39조7780억원을 순매수했다. 외국인은 104조891억원을 순매도했다. 외국인 매도 물량을 개인 자금이 받아냈다. 리테일 머니가 증시 하단을 떠받친 핵심 수급이었다는 의미다. 김대종 세종대 경영학부 교수는 “리테일 머니는 기업 밸류에이션을 떠받치는 한 축으로 자리 잡았다”며 “개인투자자는 막대한 유동성을 바탕으로 시장 하방 경직성을 확보해주는 핵심 주체”라고 진단했다.
리테일 머니 영향력은 단순한 주가 부양에 그치지 않는다. 기업의 자금 조달 환경에도 영향을 미치고 있다. 과거 유상증자나 기업공개(IPO)는 기관투자가와 외국인 수요가 성패를 좌우했다. 최근에는 개인투자자 참여 여부도 흥행의 핵심 변수로 떠올랐다.
특히, IPO 시장에서 변화가 뚜렷하다. 개인투자자 청약 열기를 보여주는 일반 청약 경쟁률이 크게 뛰었다. 유진투자증권에 따르면, 올 5월 IPO 시장(스팩·코넥스 제외)에서 일반 청약 경쟁률은 2664 대 1을 기록했다. 구체적으로 살펴보면, 마키나락스(2807 대 1), 폴레드(3169 대 1), 코스모로보틱스(2013 대 1) 등이다. 최근 9년(2017~2025년) 평균인 959 대 1을 크게 웃돌았다. 박종선 유진투자증권 애널리스트는 “일반 청약 경쟁률이 역대 최고치를 보일 만큼 개인투자자들의 증시 관심도가 IPO 시장으로도 번지고 있다”고 설명했다. 기술특례상장 등을 활용해 증시에 입성하는 혁신 기업 입장에서는 반가운 소식이다. 개인투자자 수급이 일종의 안전판이 될 수 있어서다.
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폐쇄적 IR → 열린 소통으로
개인투자자 위상이 올라가면서 기업 소통 방식도 달라졌다. 과거 폐쇄적인 기업설명회(IR) 관행에서 벗어나 일반 주주와 소통을 늘린 것이다. 과거 상장사의 IR 활동은 기관투자자나 애널리스트 미팅을 중심으로 운영됐다. 개인투자자는 공시나 언론 기사, 증권사 보고서 등을 통해 간접적·제한적인 정보만 접했다.
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