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

  • 제20권4호
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  • Pages.125-140
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  • 2025
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  • 1975-7557(pISSN)
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  • 2671-9509(eISSN)
한국벤처창업학회 (The Korean Society of Business Venturing)
권호 표지

벤처투자회사의 운용 경험과 모태펀드의 출자 결정: KVIC 모태펀드를 중심으로

Venture Capital Firms' Operational Experience and Fund of Funds Commitment Decision: Focusing on the KVIC Fund of Funds

  • 투고 : 2025.06.11
  • 심사 : 2025.08.26
  • 발행 : 2025.08.31
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초록

본 연구는 벤처투자회사(VC)의 운용 경험이 모태펀드의 출자 결정에 미치는 영향을 실증적으로 분석하였다. 기존 문헌들이 주로 모태펀드 출자 이후의 펀드 성과에 초점을 맞춘 반면, 본 연구는 조합 결성 단계에서의 출자 결정 요인을 규명한다는 점에서 학술적 의의가 있다. 분석에는 중소벤처기업부의 전자공시시스템(DIVA)에 공시된 2005년부터 2021년까지의 1,452개 벤처투자조합 자료를 활용하였으며, 회귀분석을 통해 운용 경험과 출자 결정 간의 관계를 살펴보았다. 분석 결과, 운용 경험이 풍부한 VC일수록 모태펀드로부터 출자 받을 가능성이 유의하게 높은 것으로 나타났다. 아울러, 신생 및 중소형 VC에 출자 기회를 확대하고자 2018년 도입된 루키리그 제도의 효과를 추가적으로 분석한 결과, 제도 시행 초기 단계에서는 운용 경험 중심의 선정 관행에 대한 통계적으로 유의한 변화가 아직은 관찰되지 않았으나, 이는 정책 효과의 발현에 필요한 시간적 지연을 반영할 가능성이 있다. 본 연구는 모태펀드 출자사업에서 운용 경험이 핵심적인 운용사 선정 기준으로 작용하고 있음을 실증적으로 보여주며, 향후 정책 설계에 있어 운용 경험 외에도 다양한 요인을 균형 있게 고려할 필요성을 시사한다.

This study empirically examines how the operational experience of venture capital firms (VCs) influences commitment decisions by Korea's Fund of Funds (FOF). While prior research has mainly focused on post-investment fund performance, this study contributes by identifying key selection determinants at the fund formation stage. Using fund-level data disclosed through the DIVA system, we analyze 1,452 venture capital funds formed between 2005 and 2021. The results show that VCs with greater operational experience are significantly more likely to receive FOF commitments. We further examine the impact of the Rookie League program, introduced in 2018 to expand funding opportunities for emerging and small-scale VCs. However, we find that in the initial implementation period, no statistically significant immediate changes in experience-centered selection practices were observed, which may reflect the time lag necessary for policy effects to materialize. These findings suggest that operational experience remains a central criterion in FOF selection decisions. At the same time, the results highlight the potential benefits of adopting an evaluation framework that gives more balanced consideration to factors beyond experience.

키워드

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