• Journal of Venture Innovation
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• v.6 no.3
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• pp.61-72
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• 2023

In December 2020, the Fair Trade Act related to South Korea's separation of industrial capital was amended, and it was announced that the amendments would come into effect one year later, on December 30, 2021. The amendment's content involved breaking the previous principle of separating industrial capital from financial market penetration, allowing for the ownership of shares in general holding companies, small business startup investment companies, and technology business finance specialist companies. While the previous law was based on total issued shares' ownership, there were fluctuations in the subsequent trends of annual establishment and investment counts, as well as strategic investment counts of CVC (Corporate Venture Capital) before and after the law's amendment. CVC and IVC (Independent Venture Capital) are characterized differently based on their investment purposes, fund management types, and investment types. In this regard, the relaxation of the separation of industrial capital law is expected to have a positive impact on the future of the venture investment ecosystem and innovation ecosystem. In this study, we analyze the trends in the establishment count, investment count, and strategic investment count of domestic CVC from 2018, before the law amendment, to May 2023. Using 2021, the year the amended separation of industrial capital law was implemented, as a reference point, we examine changes in the trend. The analysis results indicate a significant increase in domestic CVC in 2021 compared to the previous year, along with an increase in investment counts, strategic investment counts, and the amount of investment in strategic investments. Based on these findings, this study suggests directions for further research related to future domestic CVC investment, strategic investment, and the activation of the venture investment market.

• The Korean Journal of Financial Management
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• v.17 no.1
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• pp.111-136
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• 2000

본고는 기업 내부의 경영자와 일단 투자자들 사이에 정보 비대칭이 존재하는 기업 공개 시장에서 신주의 저평가 현상을 완화하는 제3자의 보증 역할에 관한 연구이다. 일찍이 Megginson and Weiss(1991), Hamao, Packer and Ritter(1998) 등의 연구에 의하면 미국, 일본 등의 경우 벤처 캐피탈의 지원을 받는 벤처 기업이 그렇지 않은 경우에 비해 신주 저평가 현상이 비교적 적게 나타나 벤처 캐피탈이 일정한 명성 효과를 발휘하는 것으로 보고되고 있다. 그러나 남명수(1993), 이기환, 임병균, 최해술(1998) 등의 실증 분석에 의하면 국내 벤처 기업의 경우에는 그렇지 않은 것으로 보고되고 있어 벤처 캐피탈의 보증 역할이 미미한 것으로 나타난 바 있으나 이들의 연구는 KSE 시장의 신규 벤처 기업들을 대상으로 하였기 때문에 최근 KOSDAQ 시장에서의 벤처 기업의 신규 등록이 활발해지면서 벤처 캐피탈의 보증 역할에 관한 연구는 재검토를 요구하고 있는 실정이다. 본 연구는 96년 7월 이후 KOSDAQ 시장에 등록되어 있는 기업 중 벤처 캐피탈의 지원을 받은 34개의 벤처 기업과 그렇지 않은 34개의 벤처 기업을 대응 추출하여 구성한 표본에 대해 신주의 등록 초기의 시장초과 수익률을 분석하여 신주 저평가 현상을 살펴보고 각 기업의 수익률과 공모 잔량에 대한 회귀분석을 통하여 벤처 캐피탈의 보증역할을 규명하였다. 본 연구 결과는 현재 KOSDAQ 시장에서 벤처 캐피탈의 보증 역할은 거의 나타나지 않았으며 상장 직전의 세후이익과 전체적인 시장 상황만이 수익률과 공모 잔량에 영향을 주는 것으로 나타났다. 이러한 연구 결과는 기존의 KSE 시장에서의 벤처 캐피탈의 보증 역할에 대한 연구 결과와 유사한 것으로 미국 등 선진 시장의 연구 결과와는 달리 국내 벤처 캐피탈의 KOSDAQ 시장에서의 미미한 역할을 입증하는 실증 결과라고 할 수 있다.

• Korean Management Science Review
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• v.29 no.3
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• pp.91-105
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• 2012

This paper examines the investment efficiency of Korean venture capitals during 1987~2006 (20 years), focusing on their selection capability. Despite the Korean government's efforts, venture capital industry has evolved in a slow speed. Since the genesis of venture paradigm in Korea at 1997, venture capital industry as a macro unit has been fully discussed in Korean contexts. But venture capital's activities at micro level regarding each investment's outcome have not been examined. This study attempts to fill the voids of micro knowledge about each investment success rates by venture capitals. We analyzed venture investment records in 4,791 venture startups and their success rates. Their investment criteria were relevant to high potential industries and amount of tangible assets. But their criteria were not relevant to R&D intensity and financial growth of venture firms, which may indicate low level of maturity about Korean venture capital industry. We found that Korean venture capital's investment pattern may be originated from the low return of investment, so that efficiency of IPO markets is a prerequisite for the upgrade of venture capitals' efficiency. Some policy implications are discussed.

• 한국벤처창업학회:학술대회논문집
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• 2019.11a
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• pp.161-163
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• 2019

4차 산업혁명의 도래로 산업 유형은 어느 한 종류로 단정하기 어려운 융복합적 형태로 변화를 거듭하고 있다. 뿐만 아니라, 과거 성장 중심 경제발전 모델이 저성장과 함께 양극화, 고용불안과 같은 다양한 사회문제를 야기함에 따라 새로운 발전 패러다임에 대한 관심과 요구도 그 어느 때보다 높아지고 있다. 이러한 일련의 환경 변화는 과거 제조업 중심의 경제성장을 주도해왔던 한국 공적보증제도에도 혁신을 촉구하고 있다. 신용보증기금은 2018년 현재 총 보증잔액 50.5조원을 보유한, 한국에서 가장 큰 규모의 공적보증기관이으로 지난 1976년 설립 후 40여 년간 산업육성과 시장안정이라는 두 가지 정책적 목표를 달성하기 위해 다양한 산업 분야와 기업에 신용보증을 제공해왔다. 1997년 IMF 외환위기, 2008년 글로벌 금융위기 등 국가적 위기 때마다 시장안전판 역할을 성공적으로 수행하며 한국경제가 신속히 위기에서 벗어나는데 공헌하기도 했다. 그러나 이제 신용보증기금은 과거의 성과와 역할에 얽매이지 않고, 급변하고 있는 경제 기술환경 속에서 또 다른 역할을 모색하고 있다. 구체적으로는 중소기업에 대한 보증지원이라는 기존 역할에서 한발 나아가, 혁신생태계 조성, 데이터뱅크 플랫폼 구축, 사회적가치 확산을 위한 전사적 사업구조 혁신을 단행하고 있다. 본 보고서에는 환경변화에 부응해 새로운 역할을 수행하고자 노력하는 신용보증기금의 활동과 성과를 담았다. 여기에 제시된 신용보증기금의 사례들은 벤처캐피탈이 활성화된 서양 국가들과 달리, 정책금융 역할이 상대적으로 중요한 아시아 지역의 중소기업 금융 활성화에 효과적인 정책적 시사점을 제공할 수 있을 것으로 기대한다.

• Electronics and Telecommunications Trends
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• v.37 no.6
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• pp.1-10
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• 2022

Artificial intelligence (AI) has rapidly diffused across industries and societies as nations' essential strategic technology. In innovative technology, such as AI, a startup leads to technological innovation and significantly impacts the expansion of relevant industries. Thus, this study examined the trend of AI startup venture capital (VC) investments globally, focusing on ① noteworthy VC investment statuses (the number and size of the investment, company establishment, and corporate collection), ② the characteristics of each key nation's investments, and ③ the characteristics of each submarket's investments. Among the 11 countries, the results showed that Korea ranked near the bottom for absolute quantitative measures, including the number and size of investments, company establishment, and corporate collection. However, Korea has built a foundation of catching up with what AI-leading countries have established, considering Korea's high growth rate in the number and size of investments and a recent mega-round. This study has practical implications in that it determined the AI startup VC investment status of Korea's rival countries, not only G2 (US and China). The results can be used in policy-making. Furthermore, identifying the AI industry's submarkets and analyzing each market's VC investment status could be used to establish strategies for the AI industry and R&D.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.14 no.6
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• pp.131-141
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• 2019

This paper investigates a relationship between a market position of a venture capitalist(i.e.,VC) and its subsequent performance. Although a VC firm may perform better if it occupies a narrow niche(e.g.,specialist), which allows the firm to attain deep insider knowledge and build an identity as an industry expert, a firm may perform better if it has a broader niche(e.g.,generalist), which gives the firm access to more diverse information and opportunities and to effectively spread out potential risks. Given that accesses to valuable information and chances are critical for success in venture capital industry, we hypothesize that venture capitalists with broad niche width are more likely to grow in the future and analyze 26-year data on US venture capital industry. We found that, in general, a firm can enjoy the advantage of having a broad niche. However, the return to having a broad niche varies depending on its status within the market: a return greater for low- status than high-status VC firms. Our finding suggests that explorative efforts may be more rewarding for low-status VC firms.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.12 no.1
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• pp.15-24
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• 2017

This research is focused on how the venture-startup policies of South Korea has changed for the last ten years and then scope on its outcomes, limits and suggestions. Several policies for venture-startup has begun when "Small Business Startup Support Law" was developed in 1986. Government's support policies for venture and startup and development of venture had made a turning point in 1997 "Act on Special Measures for the Promotion of Venture Business" and venture companies has achieved remarkable growth with Information Technologies(IT). However, with the global IT bubble and the enrichment of venture companies, a number of venture companies experienced considerable difficulties due to multiple thresholds. There were a lot of efforts to revitalize venture-startup ecosystem such as fostering innovative SMEs and one-person creative enterprise support policy. From 2002 to 2004, Korean Government focused on preventing moral hazards of Korean Venture Business. From 2005 to 2006, It focused on fostering the role of venture capitals, and From 2007 to 2012, Single start-up business has been fostered by government policies. Generally speaking, it can be said that venture-startup policy was emphasized on building the hardware infrastructure of venture-startup and supporting with the funds.

• The Journal of Information Technology
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• v.4 no.3
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• pp.101-123
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• 2001

The competitive environments of the 2001s appears to demand not only information technology(IT), but also practical use of internet network in all business areas. Accordingly, Chief Information Officers(CIO) are recognizing that these objectives can only be achieved through conscious mind and business mind in digital management. Thus, the main concern of CIO in an organization is development and management of human resource in digital management innovation. To make a successful organizational innovation CIO needs to have the conscious mind for change of human resource management. To study the determinants of the level of management in Korean venture firms, Top management characteristics, resource dependence and organizational power perspective, rational expectations, There is direct successful factors of Venture firm, it is they got th notion that for venture an appropriate manager which is as important as the technical leadership itself. also they employed the people who are very good at skilled management.

• Korean Business Review
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• v.13
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• pp.223-246
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• 2000

The major entity supplying the supporting infrastructure of the venture creation is the venture capitalists, university(and research center), and government. Especially, the role of the university and academic entrepreneurs is the key factor in the process of the technology transfer. The capacity(or role) of the academic entrepreneurs to craft a vision, and then to lead, inspire, and persuade key members makes an enormous difference between success and failure. And the supporting model of academic entrepreneurial venture creation requires that the systematic supporting system as well as the institutional framework for handling the conflicts among the members of a committed venture team. Among the a variety of organization, the university needs to supply the, formal supporting program such as technology transfer, university-industry cooperation, venture development, and the perception of the mere presence of policies and programs designed to encourage entrepreneurial activities for fostering economic development. Besides, careful consideration must be given to the role universities should play in the regional economy and what policies are appropriate to allow it to play that role effectively. On the basis of the above literature review results, this article suggests the supporting model for the venture creation by the strategic alliance composed of the industry, university, and government considering both of the entities's role and the motives of academic entrepreneurs in venture creating process.

• Journal of Digital Convergence
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• v.19 no.5
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• pp.353-363
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• 2021

This study analyzed to provide information for business improvement by analyzing the management efficiency of start-up investment companies so that startup investment companies can operate efficiently and by presenting information on inefficient factors. From 2014 to 2018, 83 start-up investment companies were analyzed using the DEA model. Input variables were he number of employees, capital, and output variables were selected for start-up investment assets, operating income, and net profit. As a result of the analysis, technical efficiency and pure technical efficiency showed a pattern with an increase in average, but scale efficiency repeatedly increased and decreased. It is believed that the decline in technology efficiency was due to the decrease in pure technology efficiency, and the inefficiency of start-up investment companies seems to have influenced the inefficiency of start-up investment companies rather than the inefficiency of scale. In addition, the size revenue shows that the DRS value is gradually decreasing, and the IRS value is generally increasing. It is believed that efficiency can be improved if operational inefficiency is improved based on the results and efficiency measures are established through scale expansion.