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벤처기업의 투자유치 유형이 기업역량과 성장 잠재력에 미치는 영향: 창업자 지분율의 조절 효과

The Effect of Fundraising Type on Competency and Growth Possibility of Venture Company: Moderating Roles of Founder’s Stake

박철|이중원|김오성
한국중소기업학회|2022.03|중소기업연구|제44권 제1호|pp. 119-144

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참고문헌

키워드

PerformanceFundraisingInvestment벤처투자벤처기업SMEPLS투자유치Venture엔젤투자기업역량창업자의 딜레마
주제분류경영학

초록

투자유치는 벤처기업의 성장과 생존에 매우 중요하다. 선행연구는 벤처기업의 투자유치가 기업성과에 긍정적인 영향을 미친다는 연구 결과를보고하고 있다. 하지만 투자 주체(엔젤투자자 vs. 벤처캐피탈)와 벤처기업의 특성에따라서 투자유치의 긍정적 효과에 차이가 있을 가능성이 크다. 주체에 따른 벤처기업의성과 차이를 탐색하는 것은 이론적 실무적으로 중요하다고 할 수 있다. 본 연구는 이러한맥락에서 엔젤투자자와 벤처캐피탈의 투자유치 유형이 벤처기업 역량과 성과에 미치는영향의 차이를 비교하기 위해 매개한 모형을 제시하였다. 또한, 창업자의 딜레마 이론을바탕으로 투자유치가 벤처기업 역량과 성과에 미치는 긍정적 효과가 창업자의 지분율에따라 각 경로가 조절되는지 분석하였다. 실증분석을 위해 중소벤처기업부에서 제공하는2017~2018년 벤처기업 정밀실태조사 데이터를 수집하여 총 4,163개 관측치를 분석하였다. 분석방법으로는 PLS(Partial Least Squares) 구조방정식 모형을 활용하였다. 분석 결과엔젤투자자보다 벤처캐피탈의 투자가 기업역량 및 성과에 미치는 긍정적 효과가 더 큰것으로 나타났다. 또한, 이러한 긍정적 효과는 창업자의 지분율이 낮은 경우에 강화되는것으로 나타났다. 특히 창업자의 지분율이 높은 그룹에서는 벤처기업의 투자유치가기업역량에 미치는 긍정적 효과가 유의하지 않은 것으로 나타났다. 본 연구는 벤처기업의투자유치가 기업역량과 성과에 미치는 효과가 창업자의 딜레마(통제권(Control) vs 부(Wealth))에 의해 조절된다는 점을 발견하였다는 의의가 있다.

Abstract

Fundraising is very important to the growth and survival of venture companies. Previous studies reported that the fundraising of venture companies had a positive effect on corporate performance. However, there may be a difference in the positive effect of fundraising depending on the characteristics of the investor (e.g. angel investor vs. venture capital) and the venture company. Therefore, it is theoretically and practically important to search for differences in the performance of venture companies according to the type of fundraising. The study presented a mediation model to compare the differences in the effects of angel investors and venture capital investments on venture business capabilities and growth possibilty. In addition, based on the founder's dilemma theory, it was analyzed whether the positive effects of fundraising on the competency and performance of venture firms were moderated according to the founder's stake. The study collected data from the 2017-2018 detailed survey of venture companies provided by the Ministry of SMEs and Startups and analyzed a total of 4,163 observations. The PLS (Partial Least Squares) structural equation model was used for the hypothesis testing. As results, it was found that venture capital investment has a greater positive effect on corporate competency and performance than angel investors. In addition, this positive effect was found to be reinforced when the founder's stake was low. In particular, it was found that the positive effect of the fundraising of venture companies on corporate competency was not significant in the group with a high ownership of founders. The study has a contribution to discovering that the effect of fundraising of venture companies on corporate competence and performance is moderated by the founder's dilemma (king vs. rich).

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