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NTIS 바로가기벤처창업연구= Asia-Pacific journal of business and venturing, v.12 no.6, 2017년, pp.65 - 77
박영진 (한양대학교 기술경영전문대학원) , 정태현 (한양대학교 기술경영전문대학원)
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 ...
핵심어 | 질문 | 논문에서 추출한 답변 |
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투자 기회에 대한 정보 획득에 있어 투자자 간의 네트워크가 중요한 역할을 하는 이유는? | , 2010; 오진섭·김병근, 2017; Sorenson & Stuart, 2001). 벤처캐피탈이 투자하는 대상 기업은 대부분 소기업이 기 때문에 투자 기회에 대한 정보 획득에 있어 투자자 간의 네트워크가 중요한 역할을 할 뿐만 아니라 이 네트워크를 통 해 공유되는 정보의 신뢰성 또한 높다고 할 수 있다 (Sorenson & Stuart, 2001). 또한, 벤처캐피탈 기업 간에 이루어 지는 네트워크는 공동 투자나 정보 공유를 통해서 형성되며 (Sorenson & Stuart, 2001; Hochberg et al. | |
벤처캐피탈의 공동투자전략의 장점은? | 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. | |
크게 네 가지로 구분하는 공동투자의 주요 목적은? | 첫째, 투자사간 업종과 기술에 대한 전문지식과 투자 경험을 공유함으로써 투자 불확실성을 완화하고자 할 때 공동투 자전략을 취하는 경향이 많다(Lerner, 1994). 둘째, 대규모 투자를 요하는 투자 건에 대해 투자비를 분담함으로써 투자위험을 완화하고자 할 때 공동투자전략을 취한다(Deli & Santhanakrishnan, 2010). 셋째, 개별 벤처캐피탈이 투자 포트폴리오를 확장하고 다양화하고자 할 때 공동투자전략을 취하는 경향이 강하다(Hopp, 2010). 마지막으로, 벤처캐피탈 간 업무적으로나 인간적으로 맺어진 네트워크를 통해 투자 기회가 공유될 때 공동투자전략이 나타나기도 한다(Sorenson & Stuart, 2001). 아래에서는 이와 같은 해외의 실증결과를 종합하여 벤처캐피탈의 공동투자전략을 추동하는 요인을 체계적으로 도출한다. |
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