• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.18 no.5
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• pp.109-121
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• 2023

This paper examines whether angel investors affect startup's financial performance (profitability and growth ratios) in the Korean startup market over 10 years period from 2009 to 2018. In particular, we consider not only the behavior of angel investor such as the investment amount or the type of investments (stocks, bonds) but also the type of angle investor (individual or corporation). Our empirical results are as follows. First, we find that the startup's profitability ratios are higher after the investment of angel investors. However, the growth ratios show different results in assets and sales. Second, we identify that the investment amount of angel investors negatively affects on the startup's growth ratios. Lastly, we find that equity investment such as common stock or preferred stock and the individual angel investors such as personal investment association or professional angels show higher financial performance than bond investment or corporate angel investors. Overall, our findings imply that angel investors positively affect startup's financial performance. In particular, we infer that the superior financial performance is largely attributed to monitor startups by participating as shareholders or to select more carefully by the individual angel investors who may be exposed to more investment risk. In conclusion, our findings support that angel investors play a positive role in the Korean venture investment market.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.17 no.1
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• pp.177-189
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• 2022

This study proposes policy recommendations for the Korea New Exchange ("KONEX"), which is a financial platform for SMEs and startups that relied on indirect and policy financing in the past. SMEs and venture firms with limited human and physical listing resources can grow through market incubation, and venture capitalists expect an early exit or return on investment. However, the lack of liquidity and sluggish trading volume have weakened the function of the market. Despite prior policy efforts, the number of newly listed companies has decreased while listing demand for KOSDAQ and K-OTC has increased. This study aims to suggest short- and long-term improvements in regulations and throughout the KONEX firms' listing life cycle. First, the minimum deposit requirement on individual investors should be abolished to increase the number of investors. Second, information disclosure should be conducted by firms so that the nominated advisor can focus on discovering and supporting new listed companies. Third, in order to increase trading volume, the 5% dispersion rule should be changed to 25% dispersion incentive principle. Fourth, a new track without profit condition in expedited transfer listing should be introduced because the KOSDAQ relaxes the profit realization requirements for listing. Lastly, transfer listing without additional review for firms that fulfill ownership dispersion, information disclosure, and investor protection will strengthen the incubating role of the KONEX.

• The Korean Journal of Financial Management
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• v.18 no.1
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• pp.67-82
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• 2001

본 연구는 시장에 정보가 별로 알려져 있지 않은 증권이 많이 알려져 있는 증권보다 높은 추정위험 때문에 더 높은 수익률을 제공한다는 이론적 모형들이 시사하는 바에 기초하여, 수익률이 각 증권에 대해 시장에 알려져 있는 정보량과 역의 관계에 있다는 가설을 세우고 이를 실증분석하였다. 본 연구는 또한 기업규모가 정보량과 정의 상관관계가 있다는 점에서 기업규모보다 정확한 정보량 변수가 포함되면 기업규모효과는 사라질 것이라는 가설도 검증하였다. 미국의 상장주식들을 대상으로 횡단면 실증분석을 실행한 결과, 정보량이 평균수익률의 횡단면을 설명하는 것으로 나타난다. 정보량은 기업규모 변수가 동시에 포함될 경우에는 설명력이 떨어지지만 1월에는 기업규모효과와는 별도로 기대수익률을 설명하는 것으로 나타난다. 한편 기업규모의 변화 또는 기관투자자 지분율의 변화시 수익률이 변하는지에 대한 F-검정을 실시한 경우에도, 정보량은 1월중에는 기업규모 효과와는 달리 통계적으로 유의한 수익률 차이를 보이고 있다. 이와 같은 실증결과들은 정보량 효과가 어느 정도 존재함을 의미한다. 이와 같은 결론은 기존의 CAPM 관련 실증연구들이 주장하는 ${\beta}$의 무용성에 대한 논쟁은 아직 끝나지 않았음을 시사한다. 즉, 각 증권에 대한 모든 정보가 시장에 완전히 알려지지 않은 현실하에서는 추정위험을 감안한 ${\beta}$를 이용하여야만 CAPM을 검증할 수 있는 것이다.

• The Journal of the Korea Contents Association
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• v.15 no.7
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• pp.428-435
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• 2015

When I examined the corporate financing statistics in Korea, I have recognized that there are several trends of them. First, large enterprises use bank loan and direct financing like corporate bond as debt. Second, small and medium companies mainly use bank loan only. So I argue that there is sample selection bias in corporate debt choice and using sample selection methodology is more adequate when analysing the behavior in corporate debt choice. Therefore I have tested panel sample selection model, using the listed korean firm data from 1990 to 2013 and I have found that the panel sample selection model is appropriate.

• 한국벤처창업학회:학술대회논문집
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• 2016.04a
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• pp.65-66
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• 2016

본 연구는 국내 창업초기투자생태계의 현황을 진단하고 향후 진화의 방향과제를 도출하는 것이 목적이다. 2013년 정부의 투자중심 창업지원 생태계 구축정책에 힘입어 국내 창업초기 투자생태계는 보다 세분화되고 활성화 되고 있다. 종전의 엔젤투자와 VC 투자자로 양분되었던 벤처투자시장에, 특히 창업초기단계 개인엔젤투자조합, 전문엔젤, TIPS, 엑셀러레이터와 창업초기 전용VC 펀드인 인큐베이팅펀드와 청년창업전용투자펀드등에서 최근 마이크로VC펀드에 이르기까지 다양한 창업초기 VC 펀드가 창출되며 다양한 그룹의 투자자들이 생성 진화중이다. 이렇게 창업초기 다양한 투자자그룹이 생성되고 성장하고 있는 이면에는 정부의 매칭투자와 투자연계 R&D 자금이 큰 역할을 하고 있어 투자자들에게는 창업기업에게 Valuation과 투자 위험 관리에 큰 도움을 주고, 창업기업에게는 과도한 지분의 희석 없이 투자자금이 가진 장점의 혜택을 극대화하고 있다. 그러나 본 연구의 국내창업초기 투자생태계 진단결과, 국내 창업투자생태계는 다양한 투자자그룹이 생성되고 성장하고 있지만 서로 다른 투자자 그룹 간 공동투자나 후속투자 연계 등의 협업적 활동 및 회수네트워크 연계 등 활동은 아직 미흡하다. 또한 투자분야 자체가 모바일 및 인터넷서비스 분야에 집중되고 있어, 상대적으로 긴 시간의 보육과 성장검증기간 및 규모 있는 투자를 필요로하는 제조분야는 비중이 약한 편이어서 투자 대상 사업 분야의 다변화 필요하다. 뿐만 아니라 국내 창업초기투자생태계는 창업의 글로벌 사업성과를 내기 위한 글로벌 투자자들과의 연계구조는 미흡한 상황이어 이를 촉진할 방안이 요구된다고 할 수 있다.

• The Journal of the Petrological Society of Korea
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• v.16 no.4
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• pp.189-195
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• 2007

Pirquitas mine was Bolivian type deposits, which Tertiary quartz andesites caused various epithermal quartz veins and deposited minerals of Sn and Ag in it. Main mineral was cassiterite and necessaries were pyrite, arsenopyrite, pynhotite, Probable ore reserve and daily production are 200 million tons and 5 thousand tons, respectively, and both of exploration and pit development are being carried simultaneously, but in near future open pit works can be done. This mine is owned by the Canadian company of "Silver Standard Resources" and it is located on $S22^{\circ}30'25.0",\;66^{\circ}15'22.5"$, 4086m S.L. In view of infrastructure, geological environment and scale of ore reserves it is high potential area for domestic mining companies to participate share ownership.

• Plant Journal
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• v.7 no.3
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• pp.42-47
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• 2011

One of domestic power generation companies, Korea East-West Power Corporation(EWP) had no performance in overseas business just two short years ago. However, EWP has accomplished breakthrough results with the profit of KRW 17.8 billion in 2010, only overseas business part. With overseas power plant growing fast, there is a possibility that EWP may face the limitation of sustainable growth with the current low income structure, which is mainly focused on commissioning and power plant management. Accordingly, this study was made on overseas biomass plant business participation plan through the establishment of joint venture. The characteristics of a joint venture establishment was searched, choosing business partner; the ideas of how to organize a joint venture was drawn, what the role of each partner in joint venture is, and what proper capital share is; and chose business field, considering changing global energy mix, renewable energy market scale, and growth prospects. Considering government policy for renewable energy vitalization and renewable energy market share, We chose the European union as a market to which our business entered.

• The Bulletin of The Korean Astronomical Society
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• v.35 no.1
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• pp.61.1-61.1
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• 2010

한국천문연구원의 대형광학망원경 개발사업(K-GMT)은 거대마젤란망원경(GMT; Giant Magellan Telescope)의 지분 10% 확보를 목표로 2009년부터 2018년까지 수행하고 있는 사업이다. 2009년 GMT사업에 공식 참여한 한국천문연구원은 GMT 이사회와 과학자문위원회 등에 적극적으로 참여하여 활동하였다. 본 사업의 2차년도에 해당하는 2010년에는 K-GMT 과학기기워킹그룹을 중심으로 거대망원경 여름학교와 국제워크숍을 개최할 예정이며 GMT 이사회 한국 개최, GMT 부경 시험 모델 개발, GMT 1세대 관측기기 후보로 선정된 GMTNIRS 개념설계연구 등이 수행될 예정이다. 본 발표에서는 GMT 및 K-GMT의 2010년 주요 활동 계획을 보고한다.

• Journal of the Economic Geographical Society of Korea
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• v.2 no.1_2
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• pp.63-81
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• 1999

The aims of this study are to analyze the current states and problems of development finance in the regional development projects, and to examine new sources and techniques of development finance for activating regional development projects. Analyzing the current states of development finance in regional development project, the problems such as the poorness of development function, the low accessibility to formal financial market, especially capital market, and the dominant use of corporate financing can be seen. In these context, four alternatives are proposed in order to activate development finance. First alternative is to use the funds which invest the equity of real estate, such as REITs. The second is to activate project financing. The third is to use asset backed securities. The forth is using mezzanine capitals as the means of protecting investors.

• 한국벤처창업학회:학술대회논문집
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• 2008.04a
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• pp.115-142
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• 2008

Although more interests are displayed concerning the business opportunities over the technologies developed in government-funded research centers or the universities, overall business performance does not meet the level of investment. As a consequence, it is hotly debated about stock investment for research enterprise and venture founded on the technologies of the government-funded research centers and the need and the required measures for the foundation of technology holding company that provides incubation service. This paper attempts to identify the critical success points in the foundation and the operation of technology holding company by observing the cases of overseas public research centers and to provide the future guide.