• 가정과삶의질연구
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• 제33권1호
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• pp.41-59
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• 2015

The purpose of this study was to explore the patterns of investment on children, analyze the differences in academic performance and social relations by the patterns of investment on children, and variables that influence academic performance and the social relations of children. To achieve such research objectives, the raw data from the 2012 Korean Child and Youth Panel investigation were used for the research. The analytical subjects of this research were the parents and the third-grade students of a middle school and the analytical methods used were: frequency, percentage, average, standard deviation, Chi-squared test, ANOVA, Duncan's Multiple Range test, K-mean cluster, and multiple regression analysis depending on the research purpose. The results of the research are as follows. Firstly, as a result formalizing investment pattern on children, there were five patterns of: experience oriented investment, passive experience investment, private education oriented investment, aggressive investment, and passive investment patterns. Secondly, for the patterns of investment on children, the level of academic performance was found to be the highest within the aggressive investment and the experience oriented investment types. The social relation level was found to be the highest with the experience oriented investment, with it being low in private education oriented investment and passive investment patterns. Thirdly, for the factors influencing the academic performance of the children, it was found to be higher in aggressive investment, private education oriented investment, experience oriented investment and passive experience investment compared to passive investment. Some sociological factors were also found to be influential such as mother's age, father's education, sex of children, school area of children, type of house, and income. For the social relation level of the children, the factors of the aggressive investment, passive experience investment, and the experience oriented investment as well as the sociological factors by sex of children and income level are influential.

• 벤처창업연구
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• 제17권4호
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• pp.17-30
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• 2022

본 연구의 목적은 스타트업 CEO의 특성이 투자유치 성과에 미치는 영향을 시리즈 A 투자 관점에서 분석하는 데 있다. 연구 결과는 다음과 같다. 첫째, 스타트업 CEO의 학력 수준이 높을 때, 스타트업 경험이 있을 때, 투자유치 경험이 있을 때 벤처캐피탈 등 벤처투자자는 스타트업 투자에 유의한 양(+)의 영향을 미치고 있음을 발견하였다. 이는 통제변수를 도입하여도 체계적으로 유의하게 긍정적으로 나타났다. 하지만 직장 경험이 있을 때 스타트업 총투자금액에는 유의한 긍정적 영향을 미치고 있지 않았으나, 평균투자금액에는 유의한 양(+)의 영향을 미치는 것으로 나타났다. 둘째, 총투자금액은 스타트업 경험이 있을 때가 투자유치 경험이 있을 때보다 표준화 계수의 크기가 크게 나타났으나, 평균투자금액은 투자유치 경험이 있을 때가 스타트업 경험이 있을 때보다 표준화 계수의 크기가 크게 나타났다. 이는 총투자금액에서는 스타트업 경험이, 평균투자금액에서는 투자유치 경험이 중요함을 시사하고 있다. 셋째, 시리즈 A 투자 시점에 스타트업의 매출액이 높으면 총투자금액 및 평균투자금액도 유의하게 높은 것으로 나타났다. 초기 스타트업은 비록 수익성이 떨어지거나 적자이더라도 어느 수준의 매출액이 확보되면 벤처캐피탈에게 매력적인 투자대상이 되는 것으로 보인다. 본 연구 결과는 벤처캐피탈의 투자의사결정 및 스타트업의 자금조달 전략을 수립하는데 활용할 수 있을 것이다. 그리고 스타트업을 준비하는 예비스타트업 CEO에게 주는 시사점은 학위의 취득을 통해 전문성을 갖추고 스타트업에 도전하여 스타트업 경험을 쌓고 투자유치를 경험하면 총투자금액이 증가할 것이라는 점이다. 스타트업 경험이 없더라도 관련된 산업에서 직장경험을 한다면 평균적으로 투자받을 수 있는 금액이 증가할 수 있음을 시사한다.

• Journal of East Asia Management
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• 제1권1호
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• pp.1-27
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• 2020

Military experience has a great impact on a soldier ability to handle risks. Therefore, when those soldiers become managers, they may behave differently in making risky corporate decisions, especially in activities like the R&D investment. However, studies on how military experience affect R&D have been largely missing in the largest emerging economy, i.e. China, despite that the country hires a higher percentage of military managers than the US. In addition, it remains a question whether military managers affect the state-owned enterprises (SOEs) in China, as many of the corporate decisions are made by the government. This paper tries to address these questions. The imprinting theory and the upper echelon theory suggest that managers' personal experience can affect their behaviour, which in turn influences their corporate decisions. In this paper, we examine whether managers with military experience lead to higher R&D investment and whether such an effect exists in state-owned enterprises. Based on a sample of listed firms in China's A-share market over 2008-2017, we make two findings. First, companies with military managers have high R&D investment. By dividing managers' military positions into high and low rank, we find that companies tend to have higher (lower) R&D investment if their managers hold a high-rank (low-rank) position. Second, the effect of high-rank military managers on R&D investment is more pronounced if the manager is also the founder and the company is a non-state-owned enterprise. For low-ranking military managers, a stronger effect on R&D investment is also observed if they are also the founder, but whether their companies are state-owned or not has no impact on R&D investment. This study identifies managers' military experience as a contributing factors to corporate R&D investment in the largest emerging economy. This paper tests an implication of the imprinting theory and the upper echelon theory, i.e., managers' personal experience can affect their behaviour, which in turn influences their corporate decisions. Specifically, we focus on one aspect of personal experience - military experience - and look at whether it is beneficial to firms' technological innovation, therefore enriches the literature of managerial heterogeneity. Our findings on the influence of managers' military experience on firms' technological innovation can help us better understand the role of managers play in corporate decision making, and how managers' individual traits interact with the firm's characteristics.

• 유통과학연구
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• 제13권10호
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• pp.51-56
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• 2015

Purpose - This study examines Chinese P2P investment decision processes from a behavioral economics approach. Research design, data, and methodology - We analyze the online P2P investment product purchase decisions of 241 respondents in China, March 2015 to May 2015. T-tests were conducted to determine whether the framing effect influenced investor investment preferences. The Association Rule was used to identify the framing effect of respondent demographic characteristics on joint decisions regarding stable or risky investment products. Results - There are significant differences between the two groups (positive framing and negative framing) and their product-choosing behavior. In the positive framing group, female investors, young investors, investors with non-financial occupations and with limited or no experience, preferred stable P2P investment products. In contrast, in the negative framing group, investors with extensive investment experience preferred risky investment products. Conclusions - The framing effect influences investor choices in online P2P investment products. It is necessary to implement comprehensive supervision and full information disclosure regarding P2P investment products. P2P investment websites can also adopt different marketing strategies according to investor gender and age.

• 기술혁신연구
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• 제24권3호
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• pp.1-28
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• 2016

본 연구는 벤처캐피탈의 투자평가 시 심사역의 직관과 경험 위주의 투자 행태에서 벗어나 객관적으로 평가할 수 있는 실무 투자 평가 지표를 도출하고 지표별 해석을 통해 벤처기업 투자 평가 효율성 제고를 목적으로 하였다. 연구를 위해 벤처캐피탈 심사역 65명을 대상으로 설문분석과 AHP 분석을 실시하였다. 연구 결과, 벤처캐피탈의 벤처기업 투자결정에 가장 중요한 평가요인은 시장 관련 요인들이었으며, 투자를 희망하는 벤처기업에게는 시장접근성, 경영자 기술/경영 경험 및 추천/평판 등이 중요한 것으로 나타났다.

• East Asian Economic Review
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• 제26권2호
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• pp.119-142
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• 2022

This paper uses social network theory and the internationalization process model (IPM) to determine how external network linkages influence the location choices of multinational enterprise from emerging economies (EMNEs); specifically, whether past alliance experience influences location choices and its impact on the subsequent entry of MNEs from emerging economies. This paper applies survival analysis using initial and secondary investments from 2,000 Chinese A-share listed companies that entered 90 countries between 1997 and 2018 to analyze both the initial and subsequent entries of Chinese outward foreign direct investments (OFDIs) in major host countries. The findings indicate that an MNE's previous experience with a company from a particular country will increase the likelihood of an initial investment in that country. Previous alliance experience may accelerate the foreign investment process of EMNE and stimulate firms making a commitment to a position in a foreign network, regardless of cultural distance and stage of internationalization. Alliance before initial investment may increase the likelihood and speed of entering a host country as wholly owned subsidiaries and that network linkages not only significantly influence the internationalization process of small and medium-sized enterprises, as indicated by the IPM, but also that of large listed firms.

• 벤처창업연구
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• 제18권4호
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• pp.37-50
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• 2023

벤처캐피탈은 유망한 기술력과 우수인력을 갖춘 창업 초기 단계부터 성장단계의 유망 중소벤처기업에 필요한 자본을 투자하고 경영 및 기술 등을 지원하여 성장 이후 다양한 수단을 통해 투자금을 회수하여 이익을 실현하는 벤처생태계의 핵심주체로서의 역할을 하고 있다. 벤처캐피탈의 업무는 다양한 출자자(LP)를 모집하여 벤처투자조합(펀드)을 결성을 통해 성장성이 있는 중소벤처기업에 투자하고 기업이 성장함에 따라 투자금을 회수하여 출자자들에게 배분과 재투자를 하는 것이다. 벤처투자에 있어 가장 중요한 역할을 담당하고 있는 벤처캐피탈리스트의 주요 업무는 유망기업발굴, 기업분석 및 평가, 투자심사, 사후관리, 투자회수 등이며 특히 임원급 이상의 경우 펀드레이징(펀드결성)이 중요한 업무이다. 벤처캐피탈의 성공지표는 펀드결성과 투자수익률에 있으며 벤처캐피탈리스트는 투자와 회수 및 펀드결성등의 업무성과로 연봉, 성과급, 승진 등 보상이 이루어지고 있다. 최근 급격히 성장하는 벤처투자시장에 비해 투자인력은 부족하며 이에 투자성과 제고를 위해 인력양성과 장기근속을 위한 인프라와 시스템을 갖추기 위해 벤처캐피탈은 많은 노력을 하고 있으나 다른 산업에 비해 벤처캐피탈 산업의 연구 자체가 부족할 뿐만 아니라 주로 계량적인 관점에서 연구가 이루어졌다. 이에 본 연구는 벤처캐피탈의 투자 경험, 권한위임, 직무적합성, 동료 관계 등이 펀드결성과 투자수익률에 미치는 영향력을 연구하고 실증적인 분석하였으며, 투자 경험이 많을수록, 권한위임이 클수록, 직무적합성이 높을수록 동료 관계가 좋을수록 투자성과에 정(+)의 영향을 미쳤다. 이러한 실증연구 결과는 향후 벤처캐피탈은 직무적합성이 높고 투자 경험이 많은 벤처캐피탈리스트가 장기근속을 할 수 있도록 직무환경 조성과 인력운영 전략이 필요하다는 시사점을 제시하였다.

• 한국지능정보시스템학회:학술대회논문집
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• 한국지능정보시스템학회 1999년도 추계학술대회-지능형 정보기술과 미래조직 Information Technology and Future Organization
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• pp.355-361
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• 1999

An application of case-based reasoning is proposed to build an influence diagram for identifying successful new ventures. The decision to invest in new ventures in characterized by incomplete information and uncertainty, where some measures of firm performance are quantitative, while some others are substituted by qualitative indicators. Influence diagrams are used as a model for representing investment decision problems based on incomplete and uncertain information from a variety of sources. The building of influence diagrams needs much time and efforts and the resulting model such as a decision model is applicable to only one specific problem. However, some prior knowledge from the experience to build decision model can be utilized to resolve other similar decision problems. The basic idea of case-based reasoning is that humans reuse the problem solving experience to solve a new decision. In this paper, we suggest a case-based reasoning approach to build an influence diagram for the class of investment decision problems. This is composed of a retrieval procedure and an adaptation procedure. The retrieval procedure use two suggested measures, the fitting ratio and the garbage ratio. An adaptation procedure is based on a decision-analytic knowledge and decision participants knowledge. Each step of procedure is explained step by step, and it is applied to the investment decision problem in new ventures.

• 지식경영연구
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• 제12권4호
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• pp.41-54
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• 2011

Given the prevalence of home trading systems, it has become important to examine user behaviors in a stock investment environment. In this vein, this paper developed an integrated model to deeply understand the key determinants of user's continuance intention to use investment information through constructs prescribed by incorporating trust and perceived risk into expectation-confirmation model. The proposed research model was tested by using survey data collected from 160 users who have experience with stock investment. PLS (partial least squares) was employed for the analysis of the data. The findings of this study showed that the proposed framework provides a statistically significant explanation of the variation in continuance intention to search investment information. The findings revealed that trust and perceived risk are more prevalent predictors of continuance intention to use investment information compared to perceived usefulness. It was also found that user satisfaction serves as the salient antecedents of continuance intention to use investment information. The theoretical and practical implications of the findings were described.

• 기술혁신연구
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• 제16권1호
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• pp.191-213
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• 2008

This study investigates the effect of technology import and R&D investment on the value of the firm in Korea. The result shows that the technology import announcement effect of firms with a low R&D investment is higher than that of firms with a high R&D investment. The evidence suggests that technology import can substitute the existing R&D capability of the firm. In addition, the result shows that there is an optimal level of technology import and R&D investment to maximize the value of the firm. In particular, firms with a low R&D investment and a large amount of technology import experience the highest announcement effect. The study concludes that an adequate allocation of fim's capital between R&D investment and technology import is needed for firm's optimal technology strategy.