$\require{mediawiki-texvc}$

연합인증

연합인증 가입 기관의 연구자들은 소속기관의 인증정보(ID와 암호)를 이용해 다른 대학, 연구기관, 서비스 공급자의 다양한 온라인 자원과 연구 데이터를 이용할 수 있습니다.

이는 여행자가 자국에서 발행 받은 여권으로 세계 각국을 자유롭게 여행할 수 있는 것과 같습니다.

연합인증으로 이용이 가능한 서비스는 NTIS, DataON, Edison, Kafe, Webinar 등이 있습니다.

한번의 인증절차만으로 연합인증 가입 서비스에 추가 로그인 없이 이용이 가능합니다.

다만, 연합인증을 위해서는 최초 1회만 인증 절차가 필요합니다. (회원이 아닐 경우 회원 가입이 필요합니다.)

연합인증 절차는 다음과 같습니다.

최초이용시에는
ScienceON에 로그인 → 연합인증 서비스 접속 → 로그인 (본인 확인 또는 회원가입) → 서비스 이용

그 이후에는
ScienceON 로그인 → 연합인증 서비스 접속 → 서비스 이용

연합인증을 활용하시면 KISTI가 제공하는 다양한 서비스를 편리하게 이용하실 수 있습니다.

[국내논문] 경제 호황과 후퇴의 시기에 벤처캐피탈 투자 의사결정요인 비교연구
A Study on Determinants of Venture Capital Investments During Economic Booms and Busts

벤처창업연구= Asia-Pacific journal of business and venturing, v.19 no.1, 2024년, pp.1 - 21  

김진수 (한양대학교 경영대학) ,  박지훈 (한양대학교 경영대학) ,  이상명 (한양대학교 경영대학)

초록
AI-Helper 아이콘AI-Helper

최근 고금리, 경기둔화로 인한 벤처투자 위축이 전 세계적으로 진행 중이며, 우리나라도 예외가 아니다. M&A와 상장시장의 침체, 경기불확실성 증가, 기업 파산의 여파로 인한 투자심리 위축으로 벤처기업의 자금조달에 많은 어려움을 겪고 있다. 이렇게 바뀐 경제 환경에서 벤처캐피탈의 투자의사결정 요인도 많은 변화를 나타내고 있다. 하지만, 벤처캐피탈의 투자의사결정에 대한 연구는 일반적인 경제 환경에 초점을 맞추고 있다. 본 연구는 경제 후퇴와 호황에 따라 벤처캐피탈의 투자의사결정 요인이 어떻게 변화하는지를 살펴보았다. 이를 위해 경제 불황과 호황을 모두 겪은 적극적인 벤처 투자자들을 인터뷰하여 벤처캐피탈의 투자의사결정 요인: 1)창업자의 개인적 특성, 2)창업자의 경험, 3) 제품/서비스, 4) 시장, 5) 재무상황, 6) 투자조건, 7) 벤처캐피탈 공동투자가 어떻게 변화하는지를 비교하여 연구하였다. 연구결과, 투자의사결정 요인인 창업자의 개인적 특성, 경험, 제품/서비스는 경제 불황기에 더 높은 중요도를 가졌다. 시장 요인은 경제 호황기에 약간 높은 수준의 중요도를 나타냈다. 재무적 상황과 투자조건 요인은 경제 불황기에 경제 호황기 대비 중요도가 급격히 상승하였다. 마지막으로 벤처캐피탈 공동 투자는 경제 불황과 호황기에 많은 차이를 보이지 않았다. 본 연구는 최근 어려워진 벤처투자 환경에서 벤처캐피탈의 투자의사결정 요인을 보다 심도 있게 이해함으로써, 스타트업의 자금 조달을 돕고, 어려운 시장에서 생존하는 방안 마련에 도움을 준다.

Abstract ▼ AI-Helper 아이콘AI-Helper

Recently, venture capital investment has been shrinking globally due to high interest rates and economic slowdown. Korea is no exception. Due to the downturn in the M&A and public markets, increasing economic uncertainty, and the aftermath of corporate bankruptcies, venture capitalists are facing ma...

주제어

#벤처캐피탈   #스타트업   #투자 심사역   #경제 상황   #투자 의사결정 요인  

참고문헌 (110)

  1. Audretsch, D. B., & Acs, Z. J. (1991). Innovation and size at？the firm level. Southern Economic Journal, 739-744. 

  2. Ahlstrom, D., Bruton, G. D., & Yeh, K. S.(2007). Venture？capital in China: Past, present, and future. Asia Pacific？Journal of Management, 24, 247-268. 

    상세보기

  3. Audretsch, D. B., & Thurik, A. R.(2001). What's new about？the new economy? Sources of growth in the managed？and entrepreneurial economies. Industrial and corporate？change, 10(1), 267-315. 

  4. Bahn, S. S.(2004). The Investment Decision Process of？Korean Venture Capitalists: Do Experienced Venture？Capitalists Make Better Decisions?. Industrial？Economics Research, 17(4), 1339-1358. 

  5. Bellavitis, C., Fisch, C., & McNaughton, R. B.(2021).？COVID-19 and the global venture capital landscape.？Small Business Economics, 1-25. 

  6. Black, B. S., & Gilson, R. J.(1998). Venture capital and the？structure of capital markets: banks versus stock？markets. Journal of financial economics, 47(3),？243-277. 

  7. Block, J., & Sandner, P.(2009). What is the effect of the？financial crisis on venture capital financing? Empirical？evidence from US Internet start-ups. Venture Capital, 11(4), 295-309. 

    상세보기

  8. Bowman-Upton, N., Seaman, S. L., & Sexton, D. L.(1989).？Innovation Evaluation Programs: do they help the？Inventors?. Journal of Small Business Management, 27(3), 23. 

  9. Brander, J. A., Amit, R., & Antweiler, W.(2002). Venture-capital syndication: Improved venture selection vs. the？value-added hypothesis. Journal of Economics &？Management Strategy, 11(3), 423-452. 

    상세보기

  10. Bruns, V., & Fletcher, M.(2008). Banks' risk assessment of？Swedish SMEs. Venture Capital, 10(2), 171-194. 

    상세보기

  11. Bruton, G. D., & Ahlstrom, D.(2003). An institutional view of？China's venture capital industry: Explaining the？differences between China and the West. Journal of？business venturing, 18(2), 233-259. 

    상세보기

  12. Bygrave, W. D.(1988). The structure of the investment？networks of venture capital firms. Journal of Business？Venturing, 3(2), 137-157. 

    상세보기

  13. Bygrave, W. D., & Timmons, J.(1992). Venture capital at the？crossroads. University of Illinois at？Urbana-Champaign's Academy for Entrepreneurial？Leadership Historical Research Reference in？Entrepreneurship. 

  14. Cabral-Cardoso, C., Cortez, M. C., & Lopes, L.(2016).？Venture capital and the financial crisis in Portugal: the？VC managers' viewpoint. Journal of Small Business？and Enterprise Development, 23(4), 1032-1056. 

    상세보기

  15. Cooper, A. C., Woo, C. Y., & Dunkelberg, W. C.(1988).？Entrepreneurs' perceived chances for success. Journal of？business venturing, 3(2), 97-108. 

    상세보기

  16. Cumming, D.(2014). Public economics gone wild: Lessons？from venture capital. International Review of Financial？Analysis, 36, 251-260. 

  17. Cumming, D., & Dai, N.(2011). Fund size, limited attention？and valuation of venture capital backed firms. Journal？of Empirical Finance, 18(1), 2-15. 

    상세보기

  18. Cumming, D., Fleming, G., & Suchard, J. A.(2005). Venture？capitalist value-added activities, fundraising and？drawdowns. Journal of Banking & Finance, 29(2),？295-331. 

    상세보기

  19. Davis, S. J., Haltiwanger, J., Handley, K., Jarmin, R., Lerner,？J., & Miranda, J.(2014). Private equity, jobs, and？productivity. American Economic Review, 104(12),？3956-3990. 

    상세보기

  20. De Vries, G., & Block, J. H.(2011). Venture capital？syndication in times of economic crisis. Venture？Capital, 13(3), 195-213. 

  21. Dell'Ariccia, G., Rabanal, P., & Sandri, D.(2018).？Unconventional monetary policies in the euro area,？Japan, and the United Kingdom. Journal of Economic？Perspectives, 32(4), 147-172. 

  22. Dhochak, M., & Sharma, A. K.(2016). Using interpretive？structural modeling in venture capitalists'？decision-making process. Decision, 43(1), 53-65. 

  23. Dixon, R.(1991). Venture capitalists and the appraisal of？investments. Omega, 19(5), 333-344. 

  24. Drover, W., Busenitz, L., Matusik, S., Townsend, D., Anglin,？A., & Dushnitsky, G.(2017). A review and road map？of entrepreneurial equity financing research: Venture？capital, corporate venture capital, angel investment,？crowdfunding, and accelerators. Journal of management, 43(6), 1820-1853. 

    상세보기

  25. Eisenhardt, K. M.(1989). Building theories from case study？research. Academy of management review, 14(4),？532-550. 

  26. Eisenhardt, K. M., & Graebner, M. E.(2007). Theory building？from cases: Opportunities and challenges. Academy of？management journal, 50(1), 25-32. 

    상세보기

  27. Felix, E. G. S., Pires, C. P., & Gulamhussen, M. A.(2013).？The determinants of venture capital in？Europe-Evidence across countries. Journal of？Financial Services Research, 44, 259-279. 

    상세보기

  28. Fisher, G., & Aguinis, H.(2017). Using theory elaboration to？make theoretical advancements. Organizational research？methods, 20(3), 438-464. 

  29. Franke, N., Gruber, M., Harhoff, D., & Henkel, J.(2006).？What you are is what you like-similarity biases？in venture capitalists' evaluations of start-up teams.？Journal of Business Venturing, 21(6), 802-826. 

    상세보기

  30. Franke, N., Gruber, M., Harhoff, D., & Henkel, J.(2008). Venture capitalists' evaluations of start-up？teams: Trade-offs, knock-out criteria,？and the impact of VC experience. Entrepreneurship？Theory and Practice, 32(3), 459-483. 

    상세보기

  31. Fried, V. H., & Hisrich, R. D.(1994). Toward a model of？venture capital investment decision making. Financial？management, 28-37. 

  32. Gompers, P., & Lerner, J.(1996). The use of covenants: An？empirical analysis of venture partnership agreements.？The Journal of Law and Economics, 39(2), 463-498. 

    상세보기

  33. Gompers, P., & Lerner, J. (1998). Venture capital？distributions: Short-run and long-run reactions. The？Journal of Finance, 53(6), 2161-2183. 

  34. Gompers, P. A., & Lerner, J.(2004). The venture capital cycle. Cambridge: MIT press.？ 

  35. Gompers, P., & Lerner, J.(2001). The venture capital？revolution. Journal of economic perspectives, 15(2),？145-168. 

  36. Gompers, P., Kaplan, S. N., & Mukharlyamov, V.(2016).？What do private equity firms say they do?. Journal of？Financial Economics, 121(3), 449-476. 

  37. Gompers, P., Kovner, A., & Lerner, J.(2009). Specialization？and success: Evidence from venture capital. Journal of？Economics & Management Strategy, 18(3), 817-844. 

  38. Gompers, P., Kovner, A., Lerner, J., & Scharfstein, D.(2008).？Venture capital investment cycles: The impact of public？markets. Journal of financial economics, 87(1), 1-23. 

  39. Gompers, P., Kovner, A., Lerner, J., & Scharfstein, D.(2010).？Performance persistence in entrepreneurship. Journal of？financial economics, 96(1), 18-32. 

  40. Gompers, P., Gornall, W., Kaplan, S. N., & Strebulaev, I. A.？(2021). Venture capitalists and COVID-19. Journal of？Financial and Quantitative Analysis, 56(7), 2474-2499. 

    상세보기

  41. Gorman, M., & Sahlman, W. A.(1989). What do venture？capitalists do?. Journal of business venturing, 4(4),？231-248. 

    상세보기

  42. Hall, J., & Hofer, C. W.(1993). Venture capitalists' decision？criteria in new venture evaluation. Journal of business？venturing, 8(1), 25-42. 

  43. Harris, R. S., Jenkinson, T., & Kaplan, S. N.(2014). Private？equity performance: What do we know?. The Journal？of Finance, 69(5), 1851-1882. 

  44. Harris, R. S., Jenkinson, T., & Kaplan, S. N.(2016). How do？private equity investments perform compared to public？equity?. Journal of Investment Management, 14(3),？14-37. 

    상세보기

  45. Hisrich, R. D., & Jankowicz, A. D.(1990). Intuition in venture？capital decisions: An exploratory study using a new technique. Journal of business venturing, 5(1), 49-62. 

    상세보기

  46. Hsu, D. H.(2004). What do entrepreneurs pay for venture？capital affiliation?. The journal of finance, 59(4),？1805-1844. 

    상세보기

  47. Imamuddin, K.(2009). PAKISTANI VENTURE？CAPITALISTS'INVESTMENT CRITERIA: A？COMPARATIVE LOOK. Asian Academy of？Management Journal, 14(1). 

  48. Inderst, R., & Muller, H. M.(2004). The effect of capital？market characteristics on the value of start-up firms.？Journal of Financial Economics, 72(2), 319-356. 

    상세보기

  49. Kaplan, S. N., & Lerner, J.(2010). It ain't broke: The past,？present, and future of venture capital. Journal of？Applied Corporate Finance, 22(2), 36-47. 

  50. Kaplan, S. N., & Stromberg, P.(2001). Venture capitalists as principals: Contracting, screening, and monitoring.？American Economic Review, 91(2), 426-430. 

    상세보기

  51. Kaplan, S. N., & Stromberg, P. E.(2004). Characteristics,？contracts, and actions: Evidence from venture capitalist？analyses. The journal of finance, 59(5), 2177-2210. 

  52. Keeley, R. H., Punjabi, S., & Turki, L.(1996). Valuation of？early-stage ventures: option valuation models vs. traditional approaches. The Journal of Entrepreneurial？Finance, 5(2), 115-138. 

  53. Keuschnigg, C.(2004). Venture capital backed growth. Journal？of Economic Growth, 9, 239-261. 

    상세보기

  54. Khan, A. M.(1987). Assessing venture capital investments？with noncompensatory behavioral decision models.？Journal of Business Venturing, 2(3), 193-205. 

    상세보기

  55. Kim, B. Y.(2022). Recent recession fears and central banks'？responses. Capital Markets Focus, Issue 2022-14, 4-5,？Retrieved from https://www.kcmi.re.kr/publications/pub_detail_view?syear2022&zcd002001016&zno1670&cno5950 

    crossref

  56. Kim, J. S., Bae, T. J., & Lee S. M.(2021). Key factors？influencing startups' choice of venture capitalists.？Venture Entrepreneurship Research, 16(2), 1-17. 

  57. Korea Venture Investment (2022). 2022 VC Trend Report, Retrieved (2023.10.10.) from https://www.kvic.or.kr/board/view?categorymarketWatch&depth14&depth21&boardDataNo3699&pageNo1&prevPage%2Fresearch%2Fresearch1_1&isAdminN&searchCategory&searchTypeall&searchWord. 

  58. Kortum, S., & Lerner, J.(2001). Does venture capital spur？innovation?. In Entrepreneurial inputs and outcomes:？New studies of entrepreneurship in the United States,？1-44. UK: Emerald Group Publishing Limited. 

  59. Lerner, J.(2022). The syndication of venture capital？investments. In Venture Capital, 207-218. Routledge. 

  60. Lockett, A., & Wright, M.(1999). The syndication of private？equity: evidence from the UK. Venture Capital: an international journal of entrepreneurial finance, 1(4),？303-324. 

    상세보기

  61. MacMillan, I. C., Siegel, R., & Narasimha, P. S.(1985).？Criteria used by venture capitalists to evaluate new venture proposals. Journal of Business venturing, 1(1),？119-128. 

    상세보기

  62. MacMillan, I. C., & Day, D. L.(1987). Corporate ventures？into industrial markets: Dynamics of aggressive entry.？Journal of business venturing, 2(1), 29-39. 

    상세보기

  63. Mason, C. M., & Harrison, R. T.(2015). Business angel？investment activity in the financial crisis: UK evidence？and policy implications. Environment and Planning C:？Government and Policy, 33(1), 43-60. 

  64. Mason, C. M., & Harrison, R. T.(2002). Barriers to？investment in the informal venture capital sector.？Entrepreneurship & Regional Development, 14(3),？271-287. 

    상세보기

  65. Manigart, S., Wright, M., Robbie, K., Desbrieres, P., & De？Waele, K.(1997). Venture capitalists' appraisal of？investment projects: an empirical European study.？Entrepreneurship Theory and Practice, 21(4), 29-43. 

    상세보기

  66. Ministry of SMEs and Startups(2023). 'Trends of Venture？Investment and Fund Formation in Q1 23, Retrieved？(2023.10.10.) from https://www.mss.go.kr/common/board/Download.do?bcIdx1040936&cbIdx86&streFileNm0b119db6-ac64-488f-b6f5-c9a209144153.pdf. 

  67. Mintzberg, H., & Waters, J. A.(1982). Tracking strategy in an entrepreneurial firm. Academy of management journal, 25(3), 465-499. 

    상세보기

  68. Mishra, A. K.(1996). Venture capital financing in India. Shipra Publications. 

  69. Mishra, A.(2004). Indian venture capitalists (VCs): Investment？evaluation criteria. ICFAI Journal of Applied Finance, 10(7), 71-93. 

  70. Muzyka, D., Birley, S., & Leleux, B.(1996). Trade-offs in the？investment decisons of European venture capitalists.？Journal of business venturing, 11(4), 273-287. 

    상세보기

  71. Ning, Y., Wang, W., & Yu, B.(2015). The driving forces of？venture capital investments. Small Business Economics, 44, 315-344. 

    상세보기

  72. Nunes, J. C., Felix, E. G. S., & Pires, C. P.(2014). Which？criteria matter most in the evaluation of venture capital？investments?. Journal of Small Business and Enterprise？Development, 21(3), 505-527. 

    상세보기

  73. Pare, G.(2004). Investigating information systems with？positivist case research. Communications of the？association for information systems, 13(1), 18. 

  74. Poindexter, J. B.(1976). The efficiency of financial markets:？The venture capital case. New York University,？Graduate School of Business Administration. 

  75. Rea, R. H.(1989). Factors affecting success and failure of？seed capital/start-up negotiations. Journal of business？Venturing, 4(2), 149-158. 

    상세보기

  76. Reiner, M. L.(1989). The transformation of venture capital: A？history of venture capital organizations in the United？States. US: University of California, Berkeley. 

  77. Robinson Jr, R. B.(1987). Emerging strategies in the venture？capital industry. Journal of Business venturing, 2(1),？53-77. 

    상세보기

  78. Robinson, W. T., & Fornell, C.(1985). Sources of market？pioneer advantages in consumer goods industries.？Journal of Marketing Research, 22(3), 305-317. 

    상세보기

  79. Romani Chocce, G., & Atienza Ubeda, M.(2006). Venture？capital in Latin America: evolution and prospects in？Chile. International Journal of Entrepreneurship and？Innovation Management, 6(4-5), 286-302. 

  80. Roure, J. B., & Maidique, M. A.(1986). Linking prefunding？factors and high-technology venture success: An？exploratory study. Journal of business venturing, 1(3),？295-306. 

    상세보기

  81. Sahlman, W. A.(2022). The structure and governance of？venture-capital organizations. In Venture capital, 3-51.？Routledge. 

  82. Sandberg, W. R., & Hofer, C. W.(1987). Improving new venture performance: The role of strategy, industry？structure, and the entrepreneur. Journal of Business？venturing, 2(1), 5-28. 

  83. Sandberg, W. R., Schweiger, D. M., & Hofer, C. W.(1989).？The use of verbal protocols in determining venture？capitalists' decision processes. Entrepreneurship theory？and practice, 13(2), 8-20. 

    상세보기

  84. Sapienza, H. J., Manigart, S., & Vermeir, W.(1996). Venture？capitalist governance and value added in four countries.？Journal of Business Venturing, 11(6), 439-469. 

    상세보기

  85. Schmalensee, R.(1982). Product differentiation advantages of？pioneering brands. The American Economic Review, 72(3), 349-365. 

    상세보기

  86. Seo, H. S.(2023). Analysis of US startup investment trends in？the first quarter of 2023, Retrieved (2023.10.10.) from？https://me2.do/xznPBoHn. 

  87. Shrader, R., & Siegel, D. S. (2007). Assessing the relationship？between human capital and firm performance: Evidence？from technology-based new ventures. Entrepreneurship？theory and Practice, 31(6), 893-908. 

    상세보기

  88. Shepherd, D. A.(1999). Venture capitalists' assessment of new venture survival. Management science, 45(5), 621-632. 

    상세보기

  89. Shepherd, D. A., Douglas, E. J., & Shanley, M.(2000). New？venture survival: Ignorance, external shocks, and risk？reduction strategies. Journal of business venturing, 15(5-6), 393-410. 

  90. Smith, G.(2001). How early stage entrepreneurs evaluate？venture capitalists. The Journal of Private Equity, 33-45. 

  91. Sorenson, O., & Stuart, T. E.(2008). Bringing the context？back in: Settings and the search for syndicate partners？in venture capital investment networks. Administrative？Science Quarterly, 53(2), 266-294. 

    상세보기

  92. Starr, J. A., & Fondas, N.(1992). A model of entrepreneurial？socialization and organization formation.？Entrepreneurship Theory and Practice, 17(1), 67-76. 

    상세보기

  93. Strebulaev, I. A., & Gornall, W.(2015). How Much Does？Venture Capital Drive the US Economy?. Insights from？Stanford Business, Retrieved from http://stanford.io/1GiVrcH. 

  94. Stuart, R. W., & Abetti, P. A.(1990). Impact of？entrepreneurial and management experience on early？performance. Journal of business venturing, 5(3),？151-162. 

    상세보기

  95. Stuart, R., & Abetti, P. A.(1987). Start-up ventures: Towards？the prediction of initial success. Journal of business？venturing, 2(3), 215-230. 

  96. Sutton, R. I.(1987). The process of organizational death:？Disbanding and reconnecting. Administrative Science？Quarterly, 542-569. 

  97. Sykes, H. B.(1986). The anatomy of a corporate venturing？program: Factors influencing success. Journal of？Business Venturing, 1(3), 275-293. 

    상세보기

  98. The Conference Board(2023). LEI for the U.S. Declined？Further in May Retrieved (2023.10.10) from https://www.conference-board.org/topics/us-leading-indicators/press/us-lei-june-2023. 

  99. Tian, X.(2012). The role of venture capital syndication in？value creation for entrepreneurial firms. Review of Finance, 16(1), 245-283. 

    상세보기

  100. Timmons, J. A., & Bygrave, W. D.(1986). Venture capital's？role in financing innovation for economic growth.？Journal of Business venturing, 1(2), 161-176. 

    상세보기

  101. Tyebjee, T. T., & Bruno, A. V.(1981). Venture capital？decision making: Preliminary results from three？empirical studies. Frontiers of entrepreneurship？research, 281-320. 

  102. Tyebjee, T. T., & Bruno, A. V.(1984). A model of venture？capitalist investment activity. Management science, 30(9), 1051-1066. 

    상세보기

  103. Wells, W. A.(1974). VENTURE CAPITAL？DECISION-MAKING. Carnegie Mellon University. 

  104. Wilson, J. W.(1985). The new venturers: Inside the？high-stakes world of venture capital. (No Title). 

  105. Yin, R. K.(2018). Case study research and applications (Vol.？6). Thousand Oaks, CA: Sage. 

  106. Yoon, H. E.(2019.9.23). You don't understand our technology,？get out... Startups 'picked on' by investors, The Korea？Economic Daily, Retrieved from？https://www.hankyung.com/article/2019092383861 

  107. Zacharakis, A. L.(1995). The venture capital investment？decision. University of Colorado at Boulder. 

  108. Zacharakis, A. L., & Meyer, G. D.(1998). A lack of insight:？do venture capitalists really understand their own decision process?. Journal of business venturing, 13(1),？57-76. 

    상세보기

  109. Zacharakis, A. L., & Meyer, G. D.(2000). The potential of？actuarial decision models: can they improve the venture？capital investment decision?. Journal of Business？venturing, 15(4), 323-346. 

  110. Zacharakis, A., & Shepherd, D. A.(2007). The pre-investment？process: Venture capitalists' decision policies. Handbook？of research on venture capital, 1, 177. 

저자의 다른 논문 :

관련 콘텐츠

이 논문과 함께 이용한 콘텐츠

저작권 관리 안내
섹션별 컨텐츠 바로가기

AI-Helper ※ AI-Helper는 오픈소스 모델을 사용합니다.

AI-Helper 아이콘
AI-Helper
안녕하세요, AI-Helper입니다. 좌측 "선택된 텍스트"에서 텍스트를 선택하여 요약, 번역, 용어설명을 실행하세요.
※ AI-Helper는 부적절한 답변을 할 수 있습니다.

선택된 텍스트

맨위로