창업투자회사의 투자정보를 이용한 시계열분석
Time Series Analysis using Venture Capital‘s investment information
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Venture Capital is defined as the form of high risk and high profit investment capital growing the small and medium enterprises to competitive ones through capital and management support and collecting the capital. Korean venture capitals specialize business and regional areas instead of diversified investments. This paper investigates the time series analysis using Venture Capital's investment information. The VARMAX model has a convergent representation with the pairs of impulse and responses. The major results of this study are as follows. The sample can be classified into two groups: venture capital-backed firms and nonventure capital-backed firms. In KOSDAQ IPOs market, venture capital could not reduce the information asymmetry between investors and issuing firms. The internal management and operational system of venture capital should be strengthened by quality to that of global venture capital firms.
Abstract
Venture Capital is defined as the form of high risk and high profit investment capital growing the small and medium enterprises to competitive ones through capital and management support and collecting the capital. Korean venture capitals specialize business and regional areas instead of diversified investments. This paper investigates the time series analysis using Venture Capital's investment information. The VARMAX model has a convergent representation with the pairs of impulse and responses. The major results of this study are as follows. The sample can be classified into two groups: venture capital-backed firms and nonventure capital-backed firms. In KOSDAQ IPOs market, venture capital could not reduce the information asymmetry between investors and issuing firms. The internal management and operational system of venture capital should be strengthened by quality to that of global venture capital firms.
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