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벤처금융의 질적 성장과 효율적인 벤처생태계 조성을 위한 정책제언

How to achieve the Qualitative Growth of Venture Capital and the Creation of Efficient Venture Ecosystem

강형구|신지만
신용보증기금 (Korea Credit Guarantee Fund)|2022.12|중소기업금융연구 (Journal of SME Finance)|제42권 제4호|pp. 69-105|DOI 10.33219/jsmef.2022.42.4.003

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키워드

플랫폼의 플랫폼실리콘밸리식 벤처캐피털 계약CVC (corporate venture capital)OCIO (outsourced chief investment officer)제도경쟁력platform of platformsSilicon Valley-style venture capital contractcorporate venture capital (CVC)outsourced chief investment officer (OCIO)institutional competitiveness

초록

본 연구는 질적, 효율적 성장을 위한 벤처금융 생태계의 발전 방안과 제도 경쟁력의 중요성을 논의한다. 첫째, 실리콘밸리식 벤처캐피털 계약을 적극 도입을 검토한다. 사전적인 의미에만 집중하는 원론적인 주주평등의 원칙 적용을 막고 법적 안정성을 담보를 고려한다. 둘째, 국내 대기업의 전략적 리소스와 역량을 활용 방안을 고려한다. 이를 위해서는 특히 CVC (corporate venture capital) 관련 규제를 완화해야 한다. 금산분리의 기계적 적용도 경계해야 한다. 셋째, 국내 플랫폼 기업과 벤처 생태계간 상생 구조의 필요성을 인식하고 활용방안을 검토한다. 이를 위하여 국내 플랫폼 기업들이 플랫폼의 플랫폼으로 진화할 수 있도록 제도 경쟁력을 설계한다. 넷째 OCIO를 통한 벤처금융역량을 결집하고 글로벌 펀드를 육성 방안에 대해 검토한다

Abstract

This study highlights institutional competitiveness and discusses how to develop the Korean venture finance ecosystem qualitatively. First, actively introduces Silicon Valley-style venture capital contracts. Prevent the dogmatic application of the principle of shareholder equality. Ensure legal stability. Second, utilize strategic resources and capabilities of domestic conglomerates. To this end, relax the regulations on corporate venture capital (CVC) in particular. Avoid dogmatic application of the principle of finance-commerce separation. Third, design a win-win structure between domestic platforms and the venture ecosystem. Encourage Korean platforms to evolve into a platform of platforms. Fourth, use OCIO to concentrate venture finance resources and capabilities and foster global mega funds.

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