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기업벤처캐피탈 투자에 미치는 거시적 요인의 영향: 산업 호황, 외생적 위기, 경제 성장, 경쟁 강도를 중심으로

Macro Factors Affecting Corporate Venture Capital Investments: Effects of Industrial Boom, Exogenous Crisis, Economic Growth, Competition Intensity

신동엽|김도윤
한국벤처창업학회 (The Korean Society of Business Venturing)|2021.08|벤처창업연구 (Asia-Pacific Journal of Business Venturing and Entrepreneurship)|제16권 제4호|pp. 101-113|DOI 10.16972/apjbve.16.4.202108.101

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참고문헌

키워드

Economic Growth경제 성장Industrial Crisis기업벤처캐피탈산업 호황외생적 위기경쟁 강도Corporate Venture CapitalBoom and BustCompetition Intensity

초록

이 연구는 기업벤처캐피탈에 대한 거시적경제, 산업구조적 관점에서 기업벤처케피탈 투자에 영향을 미치는 요인들에 대해 탐색한다. 기업벤처캐피탈 투자에 관한 기존 연구들이 모기업의 사업 다각화, 신규 사업 진출을 위한 기업벤처링(Corporate Venturing) 등 모기업과의 관련성을 중심으로 기업벤처캐피탈의 정체성과 투자목적에 대해 논의해온 것과 달리, 본 연구는 변화하는 거시경제적, 산업구조적 환경적 요인에 영향을 받고 이에 대응하는 독립적, 재무적 투자자로서의 기업벤처캐피탈의 정체성에 주목하여, 기업벤처캐피탈 투자에 미치는 영향을 분석한다. 이를 위해 구체적으로 산업 호황, 외생적 위기, 경제 성장, 산업 내 경쟁 강도 등과 같은 거시적 요인들이 기업벤처캐피탈 투자에 미치는 영향에 대해 1996년부터 2017년까지 84개 미국 기업벤처캐피탈의 2,306건의 투자데이터를 기반으로 실증분석하였다. 분석결과 일반적인 독립벤처캐피탈과 마찬가지로 산업이 호황이고, 경제가 성장할 때는 기업벤처캐피탈도 투자를 늘리고, 외생적 위기가 발생하거나, 기업벤처캐피탈들 간 경쟁 강도가 강할수록 투자가 줄어들 것이라는 가설이 모두 지지되었다. 주로 모기업과의 관계, 피투자회사와 모기업 사업의 관련성 등을 중심으로 기업벤처캐피탈 투자에 대해 논의했던 선행 연구들과 달리, 기업벤처캐피탈의 재무적 투자자로서의 정체성과 기업벤처캐피탈 투자에 미치는 거시경제적, 산업구조적 요인들의 영향에 대해 환기함으로써 기업벤처캐피탈 투자에 대한 논의의 폭을 확장하고, 기업벤처캐피탈 투자의사결정자들에게 거시경제적, 산업구조적 요인들에 대한 대응을 시사한다는 점에서 의의가 있다.

Abstract

This paper inquires the macro-economic factors that may affect the corporate venture capital (CVC) from an industrial organization theory perspective. Unlike existing studies focusing CVC investments related to parent corporates' strategic intention, we identified CVC firm as an independent financial investor affected by macro environment and industrial structure. Specifically, we empirically investigate whether and how industry's boom, exogenous crisis, economic growth, and competition intensity affect the CVC investment for a data set of investment in the U.S. based corporate venture capital industry, 1996-2017. The empirical data analyzed in the study contained a total of 84 U.S. based CVC firms and their 2,306 investments from 1996 until 2017. After conducting a time-series negative binomial analysis, our empirical analyses suggest that the CVC investments are affected negatively by exogenous crisis and competition intensity, and positively by industrial boom and economic growth. we found the significance and direction of our independent variables strongly supported all of our four hypotheses in a highly robust manner. The results of this study are expected to contribute the literatures of corporate venture capital and venture investment by illustrating which macro-economic and industrial structure factors affect CVC investment decision to adapt to dynamic environmental change beside strategic intention of CVC firm's parent corporates.

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