Journal of the Korean Data Analysis Society

Korean Data Analysis Society (한국자료분석학회)
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A Case Study on the Development of Technology Rating Model for Investment

투자용 기술평가모형 개발사례 연구

  • Hong, Jae-bum (Department of Business Administration, Pukyung National University) ;
  • Bae, Do Yong (Technical Certification Team, Korea Institute for Advancement of Technology) ;
  • Shim, Ki Jun (Central Technology Appraisal Center, Korea Technology Finance Corporation) ;
  • Hwang, Yujin (Changwon Technology Appraisal Center, Korea Technology Finance Corporation) ;
  • Kim, Sung-tae (Department of Business Administration, Dong-eui University)
  • 홍재범 (부경대학교 경영학부) ;
  • 배도용 (한국산업기술진흥원 기술인증팀) ;
  • 심기준 (기술보증기금 중앙기술평가원) ;
  • 황유진 (기술보증기금 창원기술평가센터) ;
  • 김성태 (동의대학교 경영학부)
  • Received : 2018.11.20
  • Accepted : 2018.12.20
  • Published : 2018.12.31

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Abstract

This case study introduces the process of developing the technology rating evaluation model for investment. The technology evaluation rating model for investment is a project that the Financial Services Commission and the Ministry of Commerce, Industry and Energy collaborated to expand the scope of technology finance from loan to investment. The technology evaluation model for investment was developed with the aim of predicting high growth companies. The model consists of a statistical model and an expert model. Here, statistical models were modeled by using logistic regression analysis. Expert models gathered opinions of experts and identified the weight of each evaluation item and set the model. The rating system of the model is composed of 10 grades. The distribution of the model was consistent with KTRS grade distribution. Interestingly, the emphasis is on technology and marketability. In the technology valuation grade model for the goddess, there is a considerable difference from the emphasis on managerial competence or business performance.

본 연구는 투자용 기술평가등급모형 개발에 대한 사례연구이다. 투자용 기술평가등급모형은 기술금융의 지원대상을 융자에서 투자로 확대하기 위하여 금융위원회와 산업통상자원부가 협업으로 추진한 프로젝트이다. 실제개발은 기술보증기금과 산업기술진흥원이 진행한 것으로 기술형 투자펀드를 운영하기 위하여 사전에 TCB가 운영할 표준모형을 개발한 것이다. 투자용 기술평가모형은 고성장기업을 예측하는 것을 목표로 개발하였다. 모형은 통계모형과 전문가모형으로 구성하고 이를 종합하여 등급을 산출하는 구조로 구성하였다. 여기서 통계모형은 예측에 유의한 변수를 파악하여 이를 로짓회귀분석을 활용하여 모형화하였다. 전문가모형은 전문가들의 의견을 수렴하여 각 평가항목의 가중치를 파악하여 모형을 설정하였다. 전문가는 벤처기업 투자를 하는 벤처캐피탈리스트와 모형을 운영할 TCB의 심사역의 의견을 종합하였다. 모형의 등급체계는 10등급으로 구성하여 제시하였다. 그 모형의 등급별 분포는 기보의 KTRS 등급별 분포와 일치하도록 하였다. 흥미로운 것은 기술성과 시장성 을 중시하고 있다는 것이다. 여신을 위한 기술평가등급모형에서는 경영자역량이나 사업성을 중시하고 있는 것과는 상당한 차이가 있는 것이다.

Keywords

Acknowledgement

Supported by : 동의대학교

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