국내 모태펀드의 성과에 대한 연구

강원 한국벤처창업학회 2019 벤처창업연구 Vol.14 No.6

Since 2005, Korea Venture Investment Corp. (KVIC) has been managing Korean Fund of Funds (KFoF) which helped greatly the domestic venture capitals create their private funds. Its contribution, however, is not limited fetching the pump. When KFoF decides to invest in VC funds, it demands very strict rules the VC funds need to follow before and after their investments in private equities. Whether this tight control of investments does hinder GPs' creativity or rather enhance GPs' transparency and professionalism is an open question subject to empirical tests. If KFoF is only fetching the pump, and neither fund size or time horizon improves VC funds’ return rates, then KFoF’s involvement in VC funds should not be positively related to VC funds’ return rates. If, on the other hand, KFoF harms GPs’ creativity, KFoF’s involvement should be negatively related to VC funds’ performances. Still, if KFoF promotes GPs’transparency and professionalism, its presence in VC funds should positively affect the returns earned by VC funds. Even when KFoF only got to get quality VC funds because those GPs good enough to stand up to the tight conditions set forth by KFoF, the empirical implication will yield the same results. In this article, empirical tests are carried out using the data provided by Korea Venture Capital Association. The VC funds formed and liquidated from 2000 to 2018 are selected for the tests. The results show that VC funds with the presence of KFoF exceed VC funds without KFoF in returns, which supports the hypothesis that KFoF enhances transparency and professionalism of VC funds. 2005년부터 한국벤처투자(주)에 의해 운용되고 있는 국내 모태펀드는 그동안 민간VC들의 펀드조성을 원활하게 하는 역할을 수행해 왔다. 그러나 모태펀드의 기여는 기타 LP를 유인하는 마중물 역할에만 국한되지는 않는다. 모태펀드가 출자할 때는 GP에게 투자실행 과정과 사전/사후적 과정에서 철저한 관리를 요구한다. 이러한 관리가 GP의 창의성을 저해하는지 아니면 오히려 GP의 투명성과 전문성을 높이는지는 실증적인 질문이 될 것이다. 만약 모태펀드의 출자가 마중물 역할만 하고, 펀드의 크기나 운용기간이 VC펀드의 수익률에 양의 영향을 주지 않는다면, 모태펀드의 출자여부는 자펀드의 수익률에 영향을 줄 이유가 없다. 만약 모태펀드의 관리가 GP의 창의성을 저해한다면 모태펀드의 출자는 펀드 수익률에 음의 영향을 줄 것이다. 그러나 모태펀드의 출자가 GP의 투명성과 전문성을 향상시킨다면 자펀드의 수익률에 유의한 양의 영향을 줄 것이다. 또는 모태펀드가 제시하는 관리요건을 충족할 수 있는 GP만이 모태펀드의 출자를 받을 수 있기 때문에 결국 모태펀드는 우수한 GP를 택하게 된다고 해도 실증결과는 동일할 것이다. 본 연구에서는 벤처캐피탈협회로부터 제공받은 자료를 토대로 2000년부터 2018년까지 펀드결성과 청산을 마친 펀드로 표본을 구성하고, 모태펀드의 출자를 받은 하위표본과 그렇지 않은 하위표본을 나누어 비교분석하였다. 그 결과 모태펀드의 출자를 받은 VC펀드가 더 높은 수익률을 보였음을 보고하면서, 모태펀드가 GP의 전문성을 재고하는 역할도 가지고 있다는 가설을 지지하였다.

스타트업 중개 플랫폼의 투자유치금액 결정요인에 관한 연구: 벤처캐피탈 공동투자의 조절효과

조경식,최자영 한국창업학회 2023 한국창업학회지 Vol.18 No.1

In order for the startup platform to continue to grow, it is necessary to secure necessary growth resources in a timely manner. Among startups, there are companies that have succeeded in funding from venture capital and some that have failed to fund. In order to examine whether the internal characteristics of a startup company affect the amount of venture capital investment, this study derived the characteristics of a startup mediation platform that seeks to attract investment through previous research. The purpose of this study is to analyze how these characteristics affect the investment amount depending on the VC syndication, which is an external factor. As a result of the study, it was found that the platform type, number of employees, and equity capital, excluding sales growth rate of the platform, had a positive effect on the amount of funding, which is a dependent variable. In the case of platforms that handle innovative products and services, organizations with large numbers of employees and intermediary platforms with relatively high equity capital attracted more investment from venture capital. On the other hand, the analysis of the moderating effect of VC syndication showed that the platform type and growth variable did not have a synergy effect according to the VC syndication, and there was a positive interaction effect between the platform company with many numbers of employees and the VC syndication. The significance of this paper is that it empirically analyzed the moderating effect of VC syndication as an external factor of startup investment, differentiating from previous studies. 스타트업이 지속적으로 성장하기 위해서는 적기에 성장 재원을 확보하는 것이 필요하다. 스타트업 중에는 벤처캐피탈(venture capital; 이하 VC)로부터 투자유치에 성공한 기업이 있고 투자유치에 실패한 기업도 있다. 따라서 본 연구는 스타트업 기업이 투자유치에 성공하는 요인을 분석하는 데 초점을 두고, 스타트업의 내부적 특성이 투자유치금액에 영향을 미치는지를 살펴보고자 선행연구를 통하여 투자를 유치하려는 스타트업 중개 플랫폼의 특성을 도출하였다. 본 연구의 목적은 이러한 특성들이 외부요인인 VC의 공동투자 여부에 따라 투자유치금액에 어떠한 영향을 미치는가를 분석하는 데 있다. 연구결과, 플랫폼의 매출액 증가율을 제외한 플랫폼 유형, 임직원 수, 자기자본은 종속변수인 투자유치금액에 긍정적인 영향을 미치는 것으로 나타났다. 혁신적인 상품과 서비스를 취급하는 플랫폼의 경우, 임직원 수가 많은 조직의 경우 그리고 자기자본이 상대적으로 많은 중개 플랫폼 기업이 VC로부터 많은 투자금액을 유치하였다. 한편, VC 공동투자의 조절효과 분석에서는 플랫폼 유형과 매출액 증가율은 공동투자 구성에 따른 차이가 발생하지 않았고, 임직원 수가 많은 플랫폼 기업과 VC 공동투자 간에는 긍정적 상호작용 효과가 있는 것으로 나타났다. 본 논문에서는 기존 연구와 차별화하여 스타트업 투자의 외부요인으로서 VC 공동투자의 조절효과에 대하여 실증 분석하였다는 데 그 의의가 있다.

국내 VC펀드의 수익률과 경제에 미치는 영향 : 투자약정 수익률을 중심으로

강원,신정순 한국재무학회 2019 한국재무학회 학술대회 Vol.2019 No.11

본 연구에서는 벤처캐피탈협회가 보유한 VC펀드 관련자료를 가지고 국내 최초 로 투자약정 수준에서의 VC펀드 실현수익률과 피투자사의 주가수익률 및 분산을 측정하였다. 분석결과, VC펀드가 피투자사의 주가수익률보다 낮지 않은 실적을 보여, 국내 VC펀드는 적어도 모험자본시장을 따라가고 있음이 확인되었다. 또한 VC펀드가 투자한 창업기업의 경우 총위험으로 측정된 위험과 수익 간에 양의 관 계가 존재한다는 점을 확인하였다. 마지막으로 VC펀드가 투자한 창업기업들이 국 민경제에 미치는 영향을 분석한 결과, 2000~2018년 기간에 VC 투자로 인해 연 간 유발되는 총부가가치유발액은 19조원, 취업유발인원은 33만명에 이르는 것으 로 나타났으며, 이들 숫자가 매년 꾸준히 증가하고 있다는 사실을 확인하였다.

창업초기 투자단계 ‘Series A Crunch’의 원인분석과 마이크로 VC 펀드의 도입에 대한 정책방안

양영석 한국벤처창업학회 2015 벤처창업연구 Vol.10 No.4

“Series A Crunch”problem has become worse off as funding gap between angel seed investment and traditional VC Series A investment is getting the larger due to big boom over early startup investment both in Korea and US. The strong needs for new concept of fund alternative such as bridge fund is outstanding to fill up the funding gap in the early stage of venture investment. This research is brought to define the concept of ‘Series A Crunch’ problem and to diagnose its causes, eventually, popping up ‘the concept of Micro VC Fund’ to come up with this problem in Korea. Also, this paper suggests the policy alternatives to introduce Mivro VC Fund and accommodate its successful performance. 한국이나 미국 모든 지역에서 창업초기 투자가 활성화되고 이에 힘입은 엔젤투자가 급증하면서 엔젤투자의 투자와 전통적 VC 투자의 사이에 간극이 커지며 Series A Crunch 현상이 심화되고 있다. 따라서 엔젤투자의 투자와 전통적 VC 투자 사이에 존재하는 창업초기 투자 펀드 캐즘구간(Series A Crunch)을 보완하며 양자 사이의 가교펀드(Bridge Fund) 역할을 하는 펀드에 대한 필요성이 증가하고 있다. 이에 본 연구는 국내외 Series A Crunch 개념과 현상에 대한 초래원인을 분석하고 이를 극복하는 Micro VC펀드의 도입방안에 대한 정책방안을 제시하였다.

Accommodating Venture Capital Investors’ Contractual Rights in the Korean Corporate Law

이나래 서울대학교 아시아태평양법연구소 2024 Journal of Korean Law Vol.23 No.1

With the remarkable growth of the Korean startup ecosystem, VC investors, one of the key players in startup fundraising, have used contractual protections to mitigate the risks associated with the high risks and uncertainties of startup investments. Although VC investors have typically acquired consent rights for essential decisions regarding startups through contracts, the effects of these contractual rights have been controversial in Korea, mainly due to conflicts with the principle of equal treatment of shareholders. Recently, the Korean Supreme Court clarified some of the uncertainties by allowing for exceptions to the principle when three requirements are met. However, ambiguities remain when it comes to applying the court’s standards to practices because they are context-specific. This article finds the root causes of the complexities concerning investors’ contractual rights from the discrepancies between the Korean corporate law framework and the VC investment schemes from Silicon Valley. In response to the need to diversify funding options for startups, this article proposes that Korean corporate law allows startups to structure flexible governance to accommodate VC investors’ control rights over startups through the articles of incorporation. Alternatively, startups can be authorized to arrange VC investors’ control rights at the board level by requiring the prior consent of VC-nominated directors for the board’s approval on major corporate decisions. The extensive private ordering of startups should be controlled and monitored by ex post review through the enhanced application of fiduciary duties of VC-nominated directors and VC investors as controlling shareholders.

고에너지 전자빔 투사를 이용한 TiC, TiB₂ 및 VC/ 탄소강 표면합금화 연구

유정훈,신기삼,윤재홍,이찬규,허성강,이재현,오준철,이성학,어광준,Yoo, Jung-Hoon,Shin, Kee-Sam,Yoon, Jae-Hong,Lee, Chan-Gyu,Hur, Sung-Gang,Lee, Je-Hyun,Oh, Jun-Chul,Lee, Sung-Hak,Euk, Kwang-Jun 한국재료학회 2002 한국재료학회지 Vol.12 No.12

Surface alloying using TiC, $TiB_2$ and VC ceramic particles on carbon steel has been performed using high voltage electron beam. Each type of ceramic particles was mixed with flux of Al and $MgF_2$ in 1 to 4 ratio. The microstructures of the surface alloyed layers consisted of melted region, interface region. heat affected region and the unaffected matrix. The surface layer of the TiC surface alloyed had a cubed primary and a eutectic type of TiC. $TiB_2$ in surface layer of $TiB_2$ surface alloyed were incompletely melted with$ TiB_2$ particles as observed before the alloying. On the surface layer of the VC surface alloyed, very well defined cell structure was observed with VC on the cell boundary. In addition, ~50 nm in diameter VC particles in high density were ubiquitous in the matrix. Those fine VC particles prominently improved the hardness and wear resistance of the surface layer of the VC surface alloyed.

VC-dimension and distance chains in $\mathbb{F}_q^d$

Ruben Ascoli,Livia Betti,Justin Cheigh,Alex Iosevich,Ryan Jeong,Xuyan Liu,Brian McDonald,Wyatt Milgrim,Steven J. Miller,Francisco Romero Acosta,Santiago Velazquez Iannuzzelli 강원경기수학회 2024 한국수학논문집 Vol.32 No.1

Given a domain $X$ and a collection $\mathcal{H}$ of functions $h:X\to \{0,1\}$, the Vapnik-Chervonenkis (VC) dimension of $\mathcal{H}$ measures its complexity in an appropriate sense. In particular, the fundamental theorem of statistical learning says that a hypothesis class with finite VC-dimension is PAC learnable. Recent work by Fitzpatrick, Wyman, the fourth and seventh named authors studied the VC-dimension of a natural family of functions $\mathcal{H}_t^{'2}(E): \F_q^2\to \{0,1\}$, corresponding to indicator functions of circles centered at points in a subset $E\subseteq \mathbb{F}_q^2$. They showed that when $|E|$ is large enough, the VC-dimension of $\mathcal{H}_t^{'2}(E)$ is the same as in the case that $E = \mathbb F_q^2$. We study a related hypothesis class, $\Hh_t^d(E)$, corresponding to intersections of spheres in $\mathbb{F}_q^d$, and ask how large $E\subseteq \mathbb{F}_q^d$ needs to be to ensure the maximum possible VC-dimension. We resolve this problem in all dimensions, proving that whenever $|E|\geq C_dq^{d-1/(d-1)}$ for $d\geq 3$, the VC-dimension of $\Hh_t^d(E)$ is as large as possible. We get a slightly stronger result if $d=3$: this result holds as long as $|E|\geq C_3 q^{7/3}$. Furthermore, when $d=2$ the result holds when $|E|\geq C_2 q^{7/4}$.

VC구문에 대한 인지문법적 해석

남양우,오유정 고려대학교 중국학연구소 2018 中國學論叢 Vol.0 No.59

This paper will look at the relationship and categorization of different VCs, from which we propose that looking at these issues through the lens of Cognitive Grammar, specifically that of Prototype categorization theory and Construction Grammar, can provide more adequate explanations. Previous studies have solely used ‘meaning’ as the criteria for categorizing VCs into: resultative, degree(state), evaluation, etc. However, it will be shown that this approach, which is based on classical categorization theory, can neither categorize all the different VCs clearly, nor can it provide precise standards for categorization of VCs. Based on Prototype categorization theory, we suggest that the prototype VC has the following three features: V is a transitive verb; V and C have high intentional inevitability; C indicates objective result. VCs that have these three features, such as ‘砸破, 敲碎’, are prototypes of VCs and they denote resultative meaning. As these are central members, all VCs are structured radically including degree(state), evaluation, etc. As for the VCs that denote aspectual meaning, such as ‘到, 住’, they become members of a new eco system made by prototypes of VCs based on Lakeoff(1987). Additionally, according to Construction Grammar, we assume that VC is a construction, and explain that different VC constructions form a ‘meaning chain’, and this can give an appropriate account for the polysemy of VC constructions.

의무보유 종료와 VC투자가 주가에 미치는 영향

이진석,홍민구 한국벤처창업학회 2023 벤처창업연구 Vol.18 No.6

This paper examines whether investors have adapted to the venture capital(VC) investment style. VC firms invest in privately held companies and generate returns by selling them after the lock-up period expires. We analyze the impact on stock prices before and after the lock-up period expiration, and compare the Cumulative Abnormal Return(CAR) between the past period(2015-2017) and the recent period(2020-2022) to investigate the effect of the second venture boom. The main findings are as follows. First, unlike in the past, stock price returns around the lock-up period expiration have been lower than the KOSDAQ index in recent years. Second, the impact on stock prices is significant for both 1-month and 12-month lock-up periods. Specifically, it is confirmed that stocks held by venture capital and professional investors with a 1-month lock-up period respond in advance to their information after the second venture boom. Finally, we find that there is a difference in CAR depending on whether or not the company received VC investment after the second venture boom. Based on our findings, we suggest that VC firms need to revise their exit strategies to improve performance. This includes finding ways to reduce information asymmetry and fees, as well as developing strategies to mitigate market volatility. Additionally, the current lock-up period for VCs should be reconsidered as it may increase the risk of stock price decline. We recommend that the government revise the scope and duration of lock-up periods to protect investors after IPO.

Stock Price Return and Variance of Unlisted Start-ups

강원,신정숙 한국벤처창업학회 2022 벤처창업연구 Vol.17 No.1

This study measures the realized rate of return of venture capital(VC) fund at the level of investment agreement(as opposed to fund level returns reported by most of the relevant studies). It also measures the stock price return of the VC’s portfolio firms (unlisted start-ups) at firm level(as opposed to fund returns) and its variance for the first time using unique data of the VC funds held by the Korean Venture Capital Association. Results of the analysis confirm that VC fund returns exceed individual stock price returns. Additionally, it is confirmed that VC portfolio firms exhibit a positive relationship between risk and return measured by total risk. Finally, we find that stock price returns at firm level are lower than that implied by the associated levels of risk. Consequently, this may make individual investors hesitate to directly buy unlisted startups’ stocks even when investment in individual startup companies guarantees high risk-high returns relationship.