Asia-Pacific Journal of Business Venturing and Entrepreneurship (벤처창업연구)

The Korean Society of Business Venturing (한국벤처창업학회)
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A Study on the Effectiveness of the Venture Capital Market Intervention Policy: The Case of the South Korean Government

벤처캐피탈 시장개입정책의 실효성에 관한 연구: 한국정부 사례를 중심으로

  • Received : 2024.07.04
  • Accepted : 2024.10.02
  • Published : 2024.10.31
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Abstract

This study aims to empirically examine the role of government intervention in the venture capital environment in South Korea. The study conducted a literature review on government interventions in the venture capital ecosystem. For empirical analysis, annual data from the Korea Venture Capital Association and the Korea Fund of Funds from 2004 to 2021 were analyzed using time-series statistical methods and macroeconomic analysis. The literature indicates that government policy intervention in the venture capital ecosystem can be divided into direct, indirect, and temporal approaches. The direct approach includes both direct and indirect government investments. The case study shows that the Korean government primarily engages in indirect investment in private venture capital funds. The time-series analysis found that early-stage investments increased with a higher proportion of early-stage investment funds and preferred stock investments, whereas an increase in total venture fund formation led to a decrease in early-stage investments. Based on the findings from the case studies and empirical analysis, policy recommendations for indirect government intervention were proposed.

본 연구의 목적은 한국의 벤처캐피탈 환경에 대한 정부 개입을 실증적으로 살펴보는 것이다. 이를 위해 본 연구에서는 벤처캐피탈 생태계에 정부가 어떻게 개입했는지에 대한 관련 문헌을 검토하였다. 실증분석을 위해 한국벤처캐피탈협회와 한국모태기금에서 제공하는 2004년부터 2021년까지의 연간 자료를 시계열통계분석과 거시경제학을 이용하여 분석하였다. 문헌에 따르면, 벤처캐피탈 생태계에 대한 정부의 정책개입은 직접적 접근, 간접 접근, 일시적 접근으로 분류될 수 있다. 직접적 접근방식은 정부에 의한 직접투자와 간접투자로 더 세분화될 수 있다. 본 연구는 현재 벤처캐피탈 생태계에 대한 한국 정부의 정책 개입이 민간 벤처캐피탈 펀드에 대한 간접투자로 구성되어 있음을 보여준다. 시계열 분석 결과, 초기투자자금과 우선주 투자 비중이 높을수록 초기투자가 증가하는 것으로 나타났다. 그러나 전체 벤처펀드 조성이 증가하면서 초기 투자가 감소한 것으로 나타났다. 또한 사례연구 결과와 실증분석을 바탕으로 정부의 간접개입에 필요한 정책제언을 제시하였다.

Keywords

Acknowledgement

This work was supported by the Ministry of Education of the Republic of Korea and the National Research Foundation of Korea (NRF-20220279)

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