벤처기업의 신호가 자금조달에 미치는 영향: 투자 담론의 역할
The Impact of Ventures' Signals on Financing: The Role of Investment Narratives
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초록
선행연구들은 신호이론에 기반하여 벤처기업이 보유 특허와 정부 연구개발 출연금을 자사의 역량과 성장 잠재력을 나타내는 신호로 활용함으로써 외부 자금조달에 성공할 수 있음을 보였다. 그러나 이들 연구는 벤처기업과 투자자 중 한쪽의 관점에 치중하고, 두 주체가 속한 투자 환경의 상황적 역할에 대한 충분한 논의를 제공하지 못했다는 한계를 지닌다. 본 연구는 벤처기업과 투자자의 관점을 통합적으로 검토하고, 투자 담론 활성화가 특허와 정부 연구개발 출연금의 신호 효과를 강화함을 주장한다. 이를 검증하기 위해 2000~2018년 동안 발간된 국내 언론 기사 데이터를 토픽모델링으로 분석하여 투자 담론 활성화를 측정하고, 2015, 2017, 2019년 「벤처기업정밀실태조사」 자료를 활용해 실증 분석을 실시하였다. 분석 결과, 벤처기업의 특허와 정부 연구개발 출연금은 외부 자금조달과 정의 관계를 가지며, 투자 담론 활성화가 이들 관계를 강화함을 확인하였다. 본 연구는 신호이론을 바탕으로 벤처기업과 투자자 간 상호작용을 포괄적으로 탐구하고, 투자 환경이 신호 효과에 미치는 동태적 영향을 규명한 점에서 학문적·실무적 시사점을 제공한다.
Abstract
Based on signaling theory, previous studies have shown that ventures can successfully secure external funding by using their patents and government R&D grants as signals of their capabilities and growth potential. However, these studies often focus exclusively on either the perspective of ventures or investors, with limited attention given to the situational role of the investment environment in which both parties are embedded. This study integrates the perspectives of both ventures and investors and argues that the activation of investment narratives enhances the signaling effects of patents and government R&D grants. To test these hypotheses, we measured the activation of investment narratives using topic modeling on domestic news articles published from 2000 to 2018 and conducted empirical analyses using data from the “Survey of Korea Venture Firms” conducted in 2015, 2017, and 2019. The results showed that ventures’ patents and government R&D grants positively influence external funding and that these relationships are further strengthened during periods of activated investment narratives. This study contributes to the literature by comprehensively considering the interaction between ventures and investors through the lens of signaling theory and identifying the dynamic impact of the investment environment on signaling effectiveness, offering both academic and practical implications.
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