Asia-Pacific Journal of Business Venturing and Entrepreneurship (벤처창업연구)

The Korean Society of Business Venturing (한국벤처창업학회)
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An Empirical Analysis on the Determinants of Syndicated Investment of Korean Venture Capital

한국 벤처캐피탈의 공동투자 요인 실증분석

  • Park, Youngjin (Graduate School of Technology and Innovation Management, Hanyang University) ;
  • Jung, Taehyun (Graduate School of Technology and Innovation Management, Hanyang University)
  • 박영진 (한양대학교 기술경영전문대학원) ;
  • 정태현 (한양대학교 기술경영전문대학원)
  • Received : 2017.09.11
  • Accepted : 2017.12.28
  • Published : 2017.12.31
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Abstract

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.

벤처캐피탈의 공동투자전략은 투자 위험의 분산과 투자 자원의 효율적 관리, 투자사에 관련된 정보비대칭 완화 관점에서 단독투자전략보다 장점이 있다. 공동투자는 다른 한편으로는 투자정보 공유 네트워크와 투자기회 확보를 위한 경쟁을 드러내 보이기도 한다. 본 연구는 2014년부터 2016년까지 3년간 공개된 한국 벤처캐피탈의 한국 스타트업에 대한 투자 정보를 수집 및 분석하여 벤처캐피탈의 투자 전략 및 네트워크에 대한 실증 분석을 수행한다. 네트워크 분석, 로지스틱 회귀분석 등을 포함한 통계적 검정을 수행한 결과 벤처캐피탈의 분야별 전문성(투자집중도), 내적역량(업력 및 전문인력의 수), 투자 네트워크, 피투자 스타트업의 업력 모두 공동투자여부에 영향을 끼친다는 증거를 발견할 수 없었다. 본 연구의 분석 결과 한국의 벤처캐피탈이 공동투자를 결정짓는 요인은 피투자기업의 사업 분야를 제외하면 투자금액의 크기와 보유 펀드의 규모 등 자금요인이 유일했다. 이 결과가 시사 하는 바는, 한국의 벤처캐피탈 대다수가 투자형태의 결정에 있어 자사의 전문성이나 피투자기업의 본연적 사업 리스크를 고려한다거나 투자기회정보의 공유를 통해 투자형태를 전략적으로 결정하기 보다는 단순 자금운용 측면에 경도되어 있지 않은가 하는 점이다.

Keywords

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