김대중 정부에서 강력하게 추진되었던 벤처기업 육성정책은 한국 산업구조 개편, 기업경쟁력 강화, 고용 증가 등을 위한 목적으로 이루어졌다. 이런 의도로 이루어진 벤처기업 정책은 정부의 각 부서에서 다양하게 집행되었고, 그 수준은 타 부문을 압도하는 특혜성 지원이었다. 이러한 정부의 엄청난 지원은 벤처기업으로 하여금 지대추구행위에 몰두하게 하였고, 이를 감시․감독하는 정부의 노력은 미약했으며, 국민들의 대박기대에 따른 왜곡된 투자 등이 나타남으로써 벤처기업 및 한국 경제의 활성화라는 본래의 목적을 달성하지 못하고 실패라는 초라한 결과를 낳았다. 미미한 정책결과와 정책실패로 야기된 사회적 손실을 코스닥 등록 벤처기업을 대상으로 김대중 정부 시기인 2000년 3월 9일부터 2002년 10월11일 사이에 분석한 결과 약 118조 4천여억원대에 이르는 것으로 추정되었다. 본 논문에서 분석한 직접적인 경제적 손실은 실로 엄청난 것이지만, 사회 전반에 미친 심리적 충격도 상당하였다. 이처럼 벤처기업에 대한 기대가 무너지면서 벤처기업을 경제 활성화의 중요한 축으로 활용하고자한 정부 정책은 큰 효과도 없이 무산되어 버렸다. 벤처기업의 정책결과와 실패의 원인 및 손실 추정은 추후 정부의 특정 산업 지원 정책에 대한 준거가 될 것이다.

The Policy of Ventures Promotion was formed to aim for the reorganization of Korean industrial structures, reinforcing competitiveness of Korean companies, the promotion of employment and so forth. In order to achieve this purpose, Korean Government provided Ventures to various aid policies. But the level of the aid was preferential treatment to be far superior to others. In the process of implementation, this policies were recognized Ventures to rents. So they devoted rent-seeking to earn rents that Government created. On the Contrary, it was weak to exercise strict control over Ventures by the Government. In Addition, it occurred so called 'no-reason investment' that Korean investors behaved in herding investment instead of not investing in stocks by correct analysis. For these reasons, the Policy of Ventures Promotion did not produce large performances. And its outcomes are very slight. So it concluded to be failure. As a result, it was brought forth much social loss. This paper tried to estimate social loss on depreciation of KOSDAQ, especially the Venture price index of stocks, to be caused by the failure of Ventures Promotion Policy. This study set analytic period between March 9th 2000 that came up to the highest points at the Venture price index of stocks and October 11th 2002 that came up to lowest points in Kim, Dae-Jung Government. As a result of estimating social loss, it was about 118.4 trillions. The amount of this loss was so enormous, moreover social and psychological shocks was not inferior to that. With the Policy of Ventures Promotion was fallen down like this, the policy that was intended make good use of revitalizing Korean economy could have produce only little effect.

The Policy of Ventures Promotion was formed to aim for the reorganization of Korean industrial structures, reinforcing competitiveness of Korean companies, the promotion of employment and so forth. In order to achieve this purpose, Korean Government provided Ventures to various aid policies. But the level of the aid was preferential treatment to be far superior to others. In the process of implementation, this policies were recognized Ventures to rents. So they devoted rent-seeking to earn rents that Government created. On the Contrary, it was weak to exercise strict control over Ventures by the Government. In Addition, it occurred so called 'no-reason investment' that Korean investors behaved in herding investment instead of not investing in stocks by correct analysis. For these reasons, the Policy of Ventures Promotion did not produce large performances. And its outcomes are very slight. So it concluded to be failure. As a result, it was brought forth much social loss. This paper tried to estimate social loss on depreciation of KOSDAQ, especially the Venture price index of stocks, to be caused by the failure of Ventures Promotion Policy. This study set analytic period between March 9th 2000 that came up to the highest points at the Venture price index of stocks and October 11th 2002 that came up to lowest points in Kim, Dae-Jung Government. As a result of estimating social loss, it was about 118.4 trillions. The amount of this loss was so enormous, moreover social and psychological shocks was not inferior to that. With the Policy of Ventures Promotion was fallen down like this, the policy that was intended make good use of revitalizing Korean economy could have produce only little effect.

Venture Companies, Policy Outcomes, Policy Failure, Depreciation of Stock Price, Social loss