• The Journal of Small Business Innovation
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• v.21 no.1
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• pp.43-59
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• 2018

This study investigates the relationship between venture capital (hereafter, VC) syndicate diversity and the IPO performance of an entrepreneurial company backed by the syndicate. Specifically, focusing on three types of diversity within a VC syndicate, which are aligned with Harrison and Klein's seminal categorization in 2007 (i.e., separation, variety, and disparity), this study suggests their distinct effects on performance. Two stage least square analyses with 1,127 VC syndicate investments made by 6,268 VC firms strongly supported the hypotheses. The results showed that that capacity diversity decreases the performance and that expertise diversity and network diversity increase it.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.17 no.1
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• pp.1-12
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• 2022

This paper examines the influence of the portion of lead investors and investors' status on the investment performance of venture syndication. According to existing literature, multiple investors in VC syndicates can positively impact investment performance by investing both tangible and intangible resources in target companies based on market influence or high visibility. On the other hand, the presence of multiple leaders can cause conflicts in formulating and implementing investment strategy or free-riding problems or increase entry barriers for potential investors, lowering additional investment from existing investors. Therefore, we hypothesize that the relationship between proportion of lead investors and investment performance is inverted-U shape. Moreover, we predict that the status of VCs in the syndication will moderate the relationship between proportion of lead investors and investment performance since high-status actors are less likely to cooperate with or yield power to others. We tested these hypotheses using 24,677 VC syndicated investment data from 1991 to 2005 and found solid supports for the hypotheses. The findings suggest that firms need to consider relationship-based power dynamics among investors within a syndication and design effective role setting and coordination systems.

• Proceedings of the Korean Society of Broadcast Engineers Conference
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• 2010.07a
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• pp.331-334
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• 2010

우리나라의 방송콘텐츠 시장은 2012년까지 연평균 성장률 3.5% 수준에 머무를 것으로 전망되고 있다. 원인으로는 콘텐츠 산업의 높은 파급효과에도 불구하고 영세한 제작환경 및 유통구조로 인해 양적/질적 측면에서의 낙후성을 벗어나지 못하는 것을 들 수 있다. 이는 경쟁 활성화를 가로막는 규제제도, 방송통신 플랫폼 사업자와 콘텐츠 제작자간 불공정 거래, 콘텐츠 제작자의 영세성 등에 기인한다. 이러한 우리 방송 환경을 고려할 때 신디케이트 도입은 성숙되지 않은 콘텐츠산업에 새로운 동력을 공급하는 계기가 될 것이다. 이러한 신디케이트 중 '온라인신디케이트'라는 것은 방송콘텐츠 유통전문기관을 설립함으로써 방송통신콘텐츠 판매창구를 개발하고, 제작사의 이익을 보장하며, 수요자에게 안정적으로 콘텐츠를 공급할 수 있다. 뿐만 아니라 국내외 시장 개척을 통해서 보다 확장된 창구화 효과를 거둘 수 있고, 현재의 변화된 방송환경에 맞추어 체계적이며 안정적인 공급과 판매를 통해서 우리나라 방송통신콘텐츠 산업 발전에 크게 이바지 할 수 있을 것으로 기대한다. 또한 방송통신콘텐츠 제작의 활성화와 유통구조의 개선은 전 세계를 대상으로 글로벌콘텐츠를 판매할 수 있어야 함으로 국제적 유통망 구축이 필수적이라고 할 수 있다. 그러므로 온라인신디케이트는 국제적 유통망구축에 효과적이며 결국 유통과 제작, 제작과 유통이 상호간 높은 관련성을 의미한다. 향 후 프로그램의 제작은 해외의 수출시장 파악이 우선이다. 그 후 국내 프로그램의 유통 성공여부를 가름하고, 해당 국가의 유통시장을 면밀히 분석할 필요가 있으며, 필요하다면 현지 유통사 및 제작사와 협력관계를 유지할 필요가 있다. 최종적으로 성공가능성을 타진하여 현지 유통사를 인수하는 것이 위험 부담을 크기 때문에 이러한 과정을 통해서 글로벌 유통기업을 만들어야 하나, 설립은 막대한 자금이 필요하므로 이러한 '온라인 유통공사(신디케이트)의 설립'은 처음 시작해야 하는 위험 부담을 줄이는 지름길일 것이다.

• International Area Studies Review
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• v.13 no.3
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• pp.29-49
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• 2009

We examine the effects of information transparency, lender identity, and credit rating on the commitment fees of syndicated loans originated in Japan, employing a sample of 331 facilities. A syndicated loan is a financing instrument offered to a single borrower by multiple lenders, and Japanese syndicated loan volume increased 36% to a record-high of $283 billion in 2008 compared to 2007. We find that the more informational opaque the borrower, the higher the commitment fees the lender charges to the Japanese borrowers. There is evidence that a syndicate involving a Japanese lead agent is able to extract rents through higher commitment fees. We document that there is a significant relation between the credit rating of the borrower and the commitment fee cost of syndicated loans originated in Japan. Most importantly, our results provide evidence that banks in Japan extract higher returns on syndicated loans through the commitment fees in addition to higher loan spreads. Using a micro-level of Japanese borrowers, we contribute to existing literature by providing our empirical evidence after controlling for borrowing spread.

• Venture DIGEST
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• s.108
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• pp.38-39
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• 2007

벤처기업은 금융기관 등으로부터 자금을 차입하거나 투자를 유치하는 방법으로 외부자본을 이용하게 된다. 자금차입 기법에는 담보대출이나 신디케이트론 등이 있는데, 마땅한 담보자산을 가지지 못한 벤처기업으로서는 금융기관으로부터 차입을 하는 데에도 한계가 있기 마련이다. 따라서 벤처캐피탈 등 기관투자자로부터의 투자 유치는 벤처기업의 자금조달에 매우 효율적이면서 적절한 자금조달방법이 될 수 있다. 본 호에서는 벤처기업의 투자 유치 시 가장 보편적으로 이용되고 있는 전환사채 및 전환상환우선주와 관련된 법적 쟁점에 대해 살펴 보고자 한다.

• The Journal of the Korea Contents Association
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• v.3 no.2
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• pp.46-56
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• 2003

Recently, digital contents have become increasingly perceived as a axe aspect of national development, and as such their generation and widespread promotion is being now pursued on a global basis, as govemment move to assist corporations in the realization of consistent industrial develo- pment. Efforts are also being made to seek avenues for the paid use of qualitativefy excellent contents, instead of relying upon traditional methods of free-of-charge provision. This paper examined the role of public institutions for the charging and development of contents industry. And it is suggested that promotional strategy and mode! for paid digital contents. ln particular, it is focused on those cases by the the Korea Institue of Science and Technology Information (KISTI) as a non-profit institution in public information sevice.

• Proceedings of the Korea Contents Association Conference
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• 2003.05a
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• pp.277-290
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• 2003

Recently, digital contents have become increasingly perceived as a core aspect of national development, and as such their generation and widespread promotion is being now pursued on a global basis, as federal governments move to assist corporations in the realization ofconsistent industrial development. Efforts are also being made to seek avenues for the paid use of qualitatively excellent contents, instead of relying upon traditional methods of free-of-charge provision. International corporations as well as governments are committing themselves to the search for a more developed approach to paid contents. In this report, the role of public institutions in executing plans and promotional strategies for the charging and development of the contents industry is examined. In particular, the case of paid contents is analyzed in relation to the Korea Institute of Science and Technology Information (KISTI), which is assigned the task of contents distribution to the general public in its capacity as a public information service institution, not as a profit-oriented general corporation.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.12 no.6
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• pp.65-77
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• 2017

The syndicated investment strategy of venture capital has merits such as reductionof investment risk, efficient management of investment resources, and information asymmetry mitigation. This study analyzes the investment strategy and network of venture capital by collecting and analyzing investment information of Korean venture capital on Korean start-ups for three years from 2014 to 2016. We could not find statistically significant association with the choice of syndicated investment of the stage of start-ups, the venture capital expertise (investment concentration), internal competence (number of workforce and professional manpower), and the breadth of investment network. As a result of this study, the factors that determine venture capital 's syndicated investment in Korea are only the financial factors such as the size of the investment amount and the size of the fund besides the business field of the invested company. The results suggest that the majority of venture capital firms in Korea may not customize their investment strategies in terms of their expertise or inherent business risks of invested companies.