제도적 거리가 해외벤처투자에 미치는 영향 : 유로존 출범 시 영국의 사례를 중심으로 = The impact of the increase in institutional distance on the flow of cross-border VC investment: in the context of the adoption of Euro by European Union

다국어 초록 (Multilingual Abstract)

This paper investigates the causal impact of the increase in institutional distance between two geographic regions on the flow of cross-border Venture Capital (VC) between the regions. While cross-border VCs are believed to have competitive advantages at identifying and managing promising startups in a local market compared to local counterparts, the discrepancy in institutional characteristics between two markets exacerbates the difficulty of credible information exchange and negotiation, significantly increasing transaction cost related to a cross-border venture capital investment. This study conducts a difference-in-difference analysis to examine the relationship between institutional distance and the flow of cross-border VC investment using the fact that the official adoption of the Euro currency by member countries of the European Union except the UK created an institutional chasm between the UK and other EU member countries. The outcomes of the analysis suggests that UK-based VCs significantly decreased the VC investment into EU-based startups and that EU-based VCs reduced the investment into UK-based startups. The results have meaningful implications for understanding the impact of the change in institutional difference on cross-border VC investment, which seems to increasingly take place with the recent trend of de-globalization and the rise of protectionism.

국문 초록 (Abstract)

본 연구는 한 국가와 주변 지역 간 제도적 거리가 해외벤처투자 (Cross-border Venture Capital investment)에 미치는 영향을 연구한다. 상대적으로 벤처투자 경험이 풍부한 국가의 벤처캐피탈은 해외벤처투자를 통하여 해외의 유망한 스타트업을 발굴하고 투자 기회를 선점할 유인이 있으며, 해당 국가의 스타트업의 국제화에도 일조한다고 알려져 있다. 해외벤처투자는 투자자와 스타트업 간의 물리적 거리와 문화적 차이에 따른 정보 비대칭 등의 위험요소가 크기 때문에 해외로 진출하는 벤처캐피탈의 경우 현지화나 현지 투자자와의 파트너십을 통하여 불확실성을 최소화하고자 한다. 그럼에도 불구하고 해외벤처투자에 수반되는 리스크가 상당하기 때문에 벤처투자자는 주로 제도적으로 모국과 유사한 경제에 투자한다고 알려져 있다. 그러나, 기존의 문헌 연구는 주로 모국과 투자국간의 거리와 양국간 투자흐름의 상관관계를 횡단면적으로 분석 (Cross-sectional analysis)했기 때문에 제도적 거리가 해외투자에 미치는 인과관계를 살펴보기란 쉽지 않다. 이 연구는 1999년 유로화 출범시 영국이 유로존에 가입하지 않으며 영국을 둘러싼 주변국가와의 제도적 거리가 증가한 역사적 배경을 사용하여 그 인과관계를 추정하고자 한다. 영국과 유럽대륙의 투자자에 의한 해외벤처투자를 살펴본 결과 유로존 도입 이후 두 지역간 해외벤처투자 흐름이 감소하는 것으로 나타났다. 최근 몇 년 동안 정치적, 경제적 불확실성 및 보호무역주의가 증가하며 탈국제화가 진행되는 추세인 바, 국가 간 제도적 거리가 해외벤처투자에 미치는 영향을 살펴보는 것이 시의적으로 의의를 줄 수 있다고 사료된다.

참고문헌 (Reference)

1 곽혜진, "한국과 중국 청두의 창업생태계 비교에 관한 연구: 질적 연구를 중심으로" 한국벤처창업학회 13 (13): 131-154, 2018

2 박지향, "영국사: 보수와 개혁의 드라마" 까치 1997

3 김영세, "영국 대처(Thatcher) 정부의 경제정책과 함의" 한국유럽학회 25 (25): 213-235, 2007

4 홍대웅, "글로벌 창업기업 스케일업(Scale-up) 지원 정책 분석을 통한 국내 스케일업 정책 방향에 관한 연구" 한국벤처창업학회 14 (14): 11-27, 2019

5 Robinson, J. A., "Why nations fail:The origins of power, prosperity and poverty" Profile 2012

6 김유진, "What Makes the Divergence between Cross-border VCs and Domestic VCs Persist? : in the Context of the Chinese VC industry" 경영연구소 24 (24): 15-44, 2018

7 Cumming, D. J., "Venture capital investment duration in Canada and the United States" 11 (11): 445-463, 2001

8 Tetlow, G., "Understanding the economic impact of Brexit" Institute for government 2-76, 2018

9 Leconte, C., "Understanding euroscepticism" Macmillan international Higher Education 2010

10 McCormack, G., "US exceptionalism and UK localism? Cross‐border insolvency law in comparative perspective" 36 (36): 136-162, 2016

11 Williamson, O. E., "Transaction-cost economics : the governance of contractual relations" 22 (22): 233-261, 1979

12 Bertoni, F., "The patterns of venture capital investment in Europe" 45 (45): 543-560, 2015

13 Akerlof, G. A., "The market for “lemons”: Quality uncertainty and the market mechanism" Uncertainty in economics. Academic Press 235-251, 1978

14 Zook, M. A., "The knowledge brokers : venture capitalists, tacit knowledge and regional development" 28 (28): 621-641, 2004

15 Aizenman, J., "The internationalization of venture capital and private equity (No. w14344)" National Bureau of Economic Research 2008

16 Baygan, G., "The internationalization of venture capital activity in OECD countries:Implications for measurement and policy OECD Science" 1-55, 2000

17 Bottazzi, L., "The changing face of the European venture capital industry : Facts and analysis" 7 (7): 26-53, 2004

18 Ramsinghani, M., "The Business of Venture Capital:Insights from Leading Practitioners on the Art of Raising a Fund, Deal Structuring, Value Creation, and Exit Strategies" John Wiley & Sons 2014

19 Ozili, P. K., "Spillover of COVID-19:impact on the Global Economy"

20 Liu, X., "Returnee entrepreneurs, knowledge spillovers and innovation in high-tech firms in emerging economies" 41 (41): 1183-1197, 2010

21 Li, Y., "National distances, international experience, and venture capital investment performance" 29 (29): 471-489, 2014

22 Kim, Y., "Moving beyond the valley of death: regulation and venture capital investments in early-stage biopharmaceutical firms (No. w25202)" National Bureau of Economic Research 2018

23 Tan, J., "Managing risk in a transitional environment : An exploratory study of control and incentive mechanisms of venture capital firms in China" 46 (46): 263-285, 2008

24 Wright, M., "Internationalization of Western venture capitalists into emerging markets : Risk assessment and information in India" 19 (19): 13-29, 2002

25 Acemoglu, D., "Institutions as a fundamental cause of long-run growth" 1 : 385-472, 2005

26 Scott, S. M., "Institutions and organizations" SAGE Publications 1995

27 North, D. C., "Institutions and credible commitment. Journal of Institutional and Theoretical Economics(JITE)" 11-23, 1993

28 Casper, S., "Institutional frameworks and innovation in the German and UK pharmaceutical industry" 32 (32): 1865-1879, 2003

29 Campbell, J. L., "Institutional change and globalization" Princeton University Press 2004

30 North, D. C., "Institutional change and economic growth" 118-125, 1971

31 Moore, C. B., "Institutional Distance and Cross‐Border Venture Capital Investment Flows" 53 (53): 482-500, 2015

32 Dierkens, N., "Information asymmetry and equity issues" 181-199, 1991

33 Kaplan, S. N., "How well do venture capital databases reflect actual investments?"

34 Park, J. H., "History of the UK: a drama of conservatism and reform" Magpie 1997

35 Humphery-Jenner, M., "Foreign VCs and venture success : Evidence from China" 21 : 16-35, 2013

36 Gompers, P., "Entrepreneurial spawning : Public corporations and the genesis of new ventures, 1986 to 1999" 60 (60): 577-614, 2005

37 Fernandes, N., "Economic effects of coronavirus outbreak (COVID-19) on the world economy"

38 Matusik, S. F., "Diversification in the venture capital industry : leveraging knowledge under uncertainty" 33 (33): 407-426, 2012

39 Wang, L., "Cross-border venture capital performance : Evidence from China" 19 (19): 71-97, 2011

40 Dai, N., "Cross-border venture capital investments in Asia : Selection and exit performance" 27 (27): 666-684, 2012

41 Tarrade, H., "Cross-Border Venture Capital Investments:Why Do Venture Capital Firms Invest at a Distance?" Springer Science & Business Media 2012

42 Dossani, R., "Creating an environment for venture capital in India" 30 (30): 227-253, 2002

43 Weingast, B. R., "Constitutions as governance structures:The political foundations of secure markets" 286-311, 1993

44 Wilks, S., "Britain and Europe : An awkward partner or an awkward State?" 16 (16): 159-165, 1996

45 Busch, B., "Brexit-the economic impact:A meta-analysis" IW 10-, 2016

46 Mäkelä, M. M., "Attracting cross-border venture capital : the role of a local investor" 20 (20): 237-257, 2008

47 Bruton, G. D., "An institutional view of China's venture capital industry : Explaining the differences between China and the West" 18 (18): 233-259, 2003