earticle

영어

Recently, Korean economy is regarded as nutcracker which means that we are being sandwiched between high tech advanced countries and low cost developing countries. In order to emerge from the hostile condition, we are committed to nurturing creative and high tech small giants especially in creative economy. Therefore, we are urgently in need of fostering technology and creativity based venture firms in the middle of unlimited global competition. Because of short firm age, asymmetric information generally prevent technology based venture firms from attracting external funds from the direct or indirect financing market. Especially they are not able to borrow bank loans due to lack of tangible assets or collaterals for technical commercialization. For the purpose of developing new products to maintain sustainable growth in future, they are in need of technician and marketing skills besides funds in reality. The goal of this research is to suggest the direction of venture policy with its necessity and test the effectiveness of individual venture policies, assessed by the beneficiaries of venture policies in order to boost the growth of venture firms in Korea. Using multiple regression analysis, we elucidate the pivotal variables that have statistically important role in financial performances such as EBIT/TA and EBIT/SALES based on the survey from 405 venture firms, operating during June 16th through July 16th in 2010. According to the descriptive data, 79% venture firms are in early and high growth period, 14.8% in maturity period, 4.2% in start-up and 2.0% in decline period. With respect to the location of firm, 209 (51.6%) venture firms are located in Seoul Metropolitan Area and the rest (48.4%) are business outside of Seoul Metropolitan Area. Venture firms operate in service and manufacturing industry such as machinery, electronic, IT and other manufacturing industry. 317 venture firms were confirmed by Korea Technology Finance Corporation (Kibo) but only 18 firms made use of venture capitalist's investment as stable long term funds. Prior job experiences of CEO are composed of general firms (75%), research institute (12%) and others (13%). The major results and policy implications are as follows. First, tax and financial policy for venture firms are considered as the most effective government measures among various venture policies in survey. Furthermore, the effectiveness of those policies are statistically different from other policies’ based on the type of venture confirmations, CEOs’ prior work experiences and growth stages. Second, at least half of analytic models show that technique and start-up policies have negative impacts on financial performances impling that comparatively low technique businesses, established from general firms and businesses in start-up or maturity, definitely in need of those policies, consider them as crucial for survival and growth. Especially CEO characteristic such as age and founder status, have positive effect on financial success in 2 out of 4 models because age of CEO and founder status imply the wide scope of social networks and strong commitment to success respectively. As a result, tax and financial assistances are highly effective venture measures from the survey as well as technique and start-up policy have negative impact on financial outcomes from the multiple regression analysis meaning that most ventures are definitely in need of extra funds, technique and start-up things for the survival. Consequently, firm age condition for venture assistance should be extended for the purpose of covering the actual time span of venture confirmation. Besides, other financial indicators are highly required to avoid the rigidity of unique firm age standard for venture business assistant policies. In conclusion, government should reconsider characteristics of venture firms such as venture confirmation types, CEO’s previous job experiences and growth stages in order to enhance the effectiveness of venture assisting policies. The contribution of this research is that we delve into the effectiveness of government venture policies, playing a significant role in venture ecosystem in Korea where market players for venture firms are in infancy in stead of government such SMBA (Small and Medium Business Administration) and reveal vital variables for venture firms’ performance. Our limitation of research is founded on the small number of observations which result in representativeness of samples. In future research, we should analyze time series analysis with more observations to find the dynamic performance and consider qualitative dependent variables.

한국어

본 연구는 벤처기업의 성장단계별 특성을 반영하여 맞춤형 벤처기업 지원정책방향과 정책의 필요성을 제시하기 위하여 현행 벤처기업지원정책의 실효성을 체계적으로 분석하였다. 이를 위해 벤처기업지원정책에 대한 405개 벤처기업의 설문결과와 성과변수를 이용하여 벤처기업지원정책의 성과결정요인을 분석하였다. 벤처 기업의 실효성에 대한 설문결과, 벤처기업의 세제지원정책과 자금지원정책이 정책수요자인 벤처기업 관점에서 가장 만족스러운 벤처기업지원정책으로 평가되었고 벤처기업들의 성장경로 즉 벤처확인유형, 창업자유형 및 성장단계측면에서 정부의 벤처기업에 대한 세제지원정책과 기술지원정책이 통계적으로 유의하게 나타났다. 또한 벤처기업지원정책이 재무성과에 미치는 효과를 분석한 결과, 과반수의 모형에서 기술정책과 창업정책이 재무성과에 부정적인 효과를 미치고 있는데 이는 기술수준이 상대적으로 낮은 일반기업체 출신과 창업기․ 성숙기에 속해 재무성과가 미진한 벤처기업들의 정책실효성이 높기 때문이다. 특히 대표자 특성 중 일부에서 대표연령과 창업자여부가 재무성과에 긍정적 영향을 미쳤다. 전술한 결과에 의하면 벤처기업들에 대한 세제지원 및 자금지원정책의 실효성이 높다는 사실과 회귀분석에서 기술 및 창업지원정책의 역효과 역시 벤처기업의 자금, 기술 및 창업측면의 어려움을 반증하고 있다. 따라서 향후 벤처기업정책은 최초 벤처인증 소요기간을 고려하여 현재 지원대상기업의 업력을 1～2년 연장하는 것이 시급하다. 이와 함께, 벤처지원조건으로서 업력 이외에 다양한 재무제표 등의 지원기준 도입이 요구된다. 끝으로 정부가 벤처기업에 대한 지원정책을 입안하는 과정에서 지원정책의 실효성 제고를 위해 벤처기업의 특성 즉 벤처기업의 확인유형, 창업자유형 및 성장단계 등을 고려하여 유연한 지원전략을 수립하는 것이 타당하다.