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창업재무에 대한 소고와 연구방향

Study on Entrepreneurial Finance and Literature Review

강원
한국재무관리학회 (Korea Financial Management Association)|2017.09|재무관리연구 (THE KOREAN JOURNAL OF FINANCIAL MANAGEMENT)|제34권 제3호|pp. 217-251|DOI 10.22510/kjofm.2017.34.3.008

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참고문헌

키워드

크라우드 펀딩벤처캐피탈CrowdfundingVenture CapitalAngel엔젤창업재무Entrepreneurial Finance
주제분류경영학

초록

유니콘 클럽에서 보듯이 창업기업이 국가경제에 미치는 영향은 세계적으로 매우 높아졌다. 제조업종 대기업 상장사에 치중된 현재의 재무분야도 이에 맞춰 창업재무에 대한 연구와 교육 비중을 높여야 할 것으로 사료된다. 본 논문에서는 창업재무에 대한 간략한 이론적 고찰을 제공하고 그 동안 진행되어 온 관련 연구분야의 문헌들을 소개하였다. 창업재무의 핵심질문은 예상수익률을 요구하는 일반투자자에게 어떻게 위험을 측정할 수조차 없는 불확실한 혁신아이디어를 팔 수 있는가라고 할 수 있다. 이러한 질문의 답을 창업기업, 벤처캐피탈, 대안창업투자(크라우드 펀딩 외), 창업관련 제도에 관한 기존 문헌에서 찾아보았고, 향후 연구방향에 대해서도 논하였다.

Abstract

Unicorn Club shows us how important start-ups can be in a nation’s economy. The current finance courses in Korea, however, focus mainly on large listed firms operating in manufacturing industries. There is an urgent need to embrace this new emerging academic field of entrepreneurial finance. In this article, I provide a brief essay on the entrepreneurial finance in general, and introduce the literatures in various sub-categories. The main research question in entrepreneurial finance is how one can sell to the public investors who seek expected returns the innovative ideas which are so uncertain that their return distributions cannot be anticipated. I search the answers to this question in the literatures on start-ups, venture capitalists, alternative financing intermediaries (such as crowdfundings), and relevant regulations. I also suggest future research topics.

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