• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.2 no.1
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• pp.37-64
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• 2007

The purpose of this study is verifying which financial property of a venture company listed in KOSDAQ is a primary factor to determine Highly Successful company or Less Successful one. For sampling, I classified 405 venture companies, whose averages for 2005 of 2 standards are In the 30% high/low rank, as Highly Successful/Less Successful companies subject to the higher Operating Income to Total Assets and Return on Invested Capital (ROIC), the Highly Successful company. And I verified which variable is most important one to distinguish between Highly Successful companies and Less Successful ones among 24 financial ratios selected through preceding studies. For the analysis, I firstly extracted analogous variables by Stepwise Method and secondly carried out Multi variate Discriminant Analysis. The result mainly shows variables related to returns and stability similar to preceding studies. Especially, Operating Income to Total Assets reveals most reliable variable distinguishing between Highly Successful company and Less Successful one, whereas Current Ratio does not. When reliability of function formula of variables were compared with Operating Income to Total Assets standard and ROIC standard, there was almost no difference.

• Venture DIGEST
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• s.119
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• pp.4-7
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• 2008

벤처에 관해 부쩍 여러가지 이야기가 나오는 요즘이다. 우량 벤처의 상징인 벤처천억클럽의 꾸준한 증가와 글로벌 시장에서 들려오는 벤처의 승전보는 반갑지만, 스타 벤처인 부재, 창업분위기 냉각, 원활치 못한 벤처 투자 등은 여전히 우리 벤처계의 고민거리로 남아있다. 긍정과 부정의 시그널이 교차하는 우리 벤처산업. 때로는 바깥에서 자신을 보는 것이 더 정확할 수 있다. 창업가 정신의 대가이자 실리콘밸리를 키운 스탠퍼드 경영대학원 학장 로버트 조스가 우리 벤처에게 조언을 보내왔다.

• CDE review
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• v.5 no.3
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• pp.39-41
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• 1999

우리 기술신용보증기금은 중소·벤처기업의 기술개발을 촉진하여 우량기업으로 성장·발전할 수 있도록 기술평가를 통한 신용보증 등 각종 지원사업을 수행하고 있다. 특히 각종법률에 의한 기술가치평가기관으로 지정되어 전국 7개 지역에 기술평가센터를 운영하고 있으며 동 센터에서는 기업이 보유하고 있는 기술에 대한 기술가치 및 사업성평가등 기술력 평가업무를 전문적으로 수행하고 있다. 최근 중소기업청, 정보통신부등의 중앙부터와 경기도등의 지방자치단테에서 추진하고 있는 중소기업 및 벤처창업 지원 관련한 우리기금의 업무 및 고유업무를 간략히 소개하고자 한다.

• Product Safety
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• no.12 s.156
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• pp.48-49
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• 2006

일신전자통신(주)는 특허기술을 바탕으로 벤처기업, 우량기술기업, ISO 인증기업, 신제품 인증기업, 기술혁신형중소기업(INNO-BIZ)으로 선정되어 명실상부한 기술기업으로 입증되었다. 전문적인 방송 ∙ 통신장치를 주문제작, 설치하는 선두기업으로 축적된 기술노하우와 철저한 사후관리로 꾸준한 성장과 미래지향적 기업으로 거듭날 것이다.

• Proceedings of the Korean Operations and Management Science Society Conference
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• 2001.10a
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• pp.237-241
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• 2001

우리 나라와 세계 경제에서 모험기업이 차지하는 비중이 날로 높아져 가고 있다. 모험기업의 전략과 성과에 관한 연구는 1980년대 이후로 경영학 분야인 마케팅, 조직 등에서 꾸준히 진행되어 왔다. 그러나 기술전략 분야에서는 상대적으로 소홀히 되어 온 점이 다분하다. 이러한 연구의 필요성에 부응하여 마케팅 전략과 더불어 어떠한 기술전략이 모험기업의 성과에 어떠한 영향을 미치는지를 연구함으로써 향후 이 분야의 연구에 대한 방법론적 틀을 제공하고자 하는 것이다. 연구 내의 독립 변수는 크게 기술전략, 마케팅전략, 산업 환경의 세 부분으로 분류하였다. 조절변수로는 벤처연구소에서 실시한 벤처기업의 유형 분류(하이테크형, 우량기업형, 부띠크형, 일반기업형)를 사용하였고, 모험기업의 성과를 종속변수로 사용하였다. 이러한 변수들이 모험기업의 성과에 미치는 상대적 영향력을 연구자료를 확보하기 위하여 서베이가 행하여졌는데, 대상은 중소모험기업의 자본시장인 코스닥에 등록된 모험기업업체로 선정하였다. 연구 결과, 위에서 열거한 변수들의 대부분이, 각 전략의 종류에 따라 차이가 있지만, 모험기업의 성과에 유의적인 영향력을 행사하고 있다는 사실이 밝혀졌다. 또한, 분류된 모험기업의 종류에 따라 추구하는 전략이 달라진다는 사실도 밝혀졌다

• The Journal of the Korea Contents Association
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• v.12 no.9
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• pp.280-292
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• 2012

In general, a venture capital invests in tech startups and helps them improve the corporate transparency through board of directors. With respect to venture capital investment and its impact on the corporate transparency of the newly public firms from 2004 to 2010 in Korea, we have made regression analysis. First, it was found that it was likely to be less transparent, the larger its asset size or the higher its debt ratio was. Second, lower level of ownership-control disparity resulted in higher transparency. Third, a shorter period to IPO and higher growth rate were more prominent in companies with lower degree of transparency. The above findings were not conclusive to prove whether or not venture capital directly increases the transparency level of its portfolio companies, but do insinuate the possibility of a negative impact on the transparency of its investee companies, as early IPO's were associated with less transparency. This is all the more persuasive as it was observed that companies with a lower level of transparency had generally raised more money from venture capitals, and that companies with a higher growth rate and/or higher PBR, have shown to be less transparent.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.6 no.4
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• pp.111-135
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• 2011

While previous studies and publications all assert a strong correlation between company's business plan and performance, very few have actually conducted practical analyses to support that. This study takes a practical approach in its analysis of Korean small and mid-sized enterprises(SME) with the view to finding an answer to the question. In addition, with the considerations of entrepreneur type and company's development stage, I analyzed the differences of business plan components' effects on performances. I selected business plan's components, which have been suggested only in theory and in concept, through the literature review and preliminary examination. Corporate performances were the recent improvements of ROS, ROA, market share and the number of employees to measure how greatly each is impacted by the components of a business plan. Results show that business plan components have influenced upon the number of employees. The business plan components discriminated superior company group and inferior company group properly. Especially, finance & related system and advertising & distribution factors showed statistically significant classification forecasting power. Technical/Craftsman evaluated the effects of producing & sales and profit & quality factors high and General/Opportunistic evaluated the effects of finance & related system, advertising & distribution, corporate mission factors high. The effect of corporate mission was highest among company development stages. Finance & related system and advertising & distribution factors showed the statistically significant difference in entrepreneur type and company development stages.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.13 no.5
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• pp.2096-2109
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• 2012

This study investigates empirical issues that have received little attention in the previous research in the Korean capital market. It is to find any financial determinants on the capital structure for the firms listed in the KOSDAQ(Korea Securities Dealers Automated Quotation). Another test is performed to find any possible discriminating factors by utilizing a robust methodology, which may distinguish between the firms belonging the 'prime section' and the 'venture section' in terms of their financial aspects. Moreover, the null hypothesis that the changing trend or movement of a firm's capital structure with respect to its industry mean (or median) may be random, is also tested. For the book-value based debt ratios, size(INSIZE), growth(GROWTH), Market to book value of equity(MVBV), volatility(VOLATILITY), market value of equity (MVE) and section dummy (SECTION) showed their statistically significant effects on the book-value based leverage ratios, respectively, while size(INSIZE), growth(GROWTH), market value of equity(MVE), beta(BETA) and section dummy (SECTION) showed their statistically significant effects on the market-value based leverage ratios. This study also found an interesting result that a firm belonging to each corresponding industry has a tendency for reversion toward its mean and median leverage ratios over the five-year tested period.

• Management & Information Systems Review
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• v.6
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• pp.163-186
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• 2001

A venture business plays important roles in the economy of a developing nation. It makes highly value-added product, increases employment and improves the industry structure. The objective of this study is to derive the financial and non-financial characteristics from venture businesses, which determine a highly successful business group or a less successful business group. The firm characteristics are composed of 21 financial(liquidity, leverage, cash flow, activity, productivity, and etc) and 34 non-financial characteristics(manager, technology, marketability and credibility variables), which have been considered as the key characteristics for venture business by the existing literature. All financial ratios and non-financial characters play a role of making discriminations between a highly successful and a less successful group. Because there are not generally accepted definitions, classifying a highly successful and a less successful venture business is a very difficult problem. Operational definitions have many problems but we have no choice in current stage.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.13 no.6
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• pp.39-48
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• 2018

Despite the fact that Daejeon has excellent technology infrastructures such as government-funded research institutes, Daedeok Innopolis, and KAIST, the infrastructure for initial investment and growth support for technological start-ups is not sufficient. In particular, the amount of venture capital supply in Daejeon is relatively low compared to other innovation infrastructures. The purpose of this study is to suggest the implications of the venture capital ecosystem in Daejeon area through the analysis of what evolution process has been undergoing and what improvements and complementary points are needed in the future. First, the role of public finance system should be strengthened in order to stimulate angel investment and private capital inflows to start-up companies. Second, in order to cultivate investment professionals in the region, it is necessary to grant local funds to local institutions, and to run investment expert training courses in universities. Third, cooperation between related agencies is needed to add accelerator functions to existing incubators and to foster new accelerators. Fourth, in order to expand the role of local governments, it is necessary to establish funds, to open innovation mindset of public officials, and to communicate effectively with the central government. Fifth, basic venture ecosystem infrastructures such as inflow of excellent manpower, prevention of technology deception, improvement of rechallenge environment should be expanded. Sixth, it is necessary to reorganize the step-by-step start-up financing policy of 'Establishment - Growth - Exit - Rechallenge'. This study is meaningful in that it has grasped the current status of venture start-up financial ecosystem in Daejeon, which is changing rapidly. In particular, it is different in that it identifies financial difficulties venture companies in Daejeon and finds ways to utilize existing financial ecosystem efficiently.