earticle

영어

A venture business plays important roles in the economy of a developing nation. The objective of this study is to derive the financial and non-financial characteristics from venture business, which determine a highly successful business group or a less successful business group. First, we determine a highly successful business group as lower 25% of venture business by using net income or total assets before interests and taxes as a classification criterion. After having selected research samples, we test the differences of mean statistic between two business groups and which characteristic is the most important to discriminate between a highly successful business group and a less successful business group. The firm characteristics are composed of 21 financial and 34 non-financial characteristics. Wilcoxon rank sum test was executed as an univariate analysis. The characteristics proven to be the most significant in the test were adopted as independant variables in LOGIT model. The result of empirical test reveal as follows. 1. As a result of univariate analysis, we find that all of 21 financial characteristics are significant in the level of 1%. Therefore, all financial ratios play a role of making discriminations between a highly successful and a less successful group. 2. In case of non-financial characteristics, two manager variables(V3 and V8), three technology variables(V10, V11 and V14), and one marketability(V26) are significant in the level of 10%. Other 28 characteristics are insignificant between two groups. 3. As a result of multivariate non-financial analysis, management ability, personal relationships of manager, scientific and technical manpower, academic background of research teams are significant in level of 10%. Especially, the relationships of manager are the most important variable in making discriminations between a highly successful and a less successful business group. This result is same thing in manufacturing and service industry.