본문 바로가기
KERD
논문KCI 등재

An Impact of Corporate Venture Capital Investment on the Value of Global Fintech Startups

배상철
한국혁신학회|2022.02|한국혁신학회지 (Innovation studies)|제17권 제1호|pp. 61-83

0

조회

0

다운로드

0

인용

0

참고문헌

키워드

fintechcorporate valuefintech startupsventure capital investments

초록

Global venture capital investment continues to increase and investment in fintech startups is also showing a remarkable increase. Fintech startups are leading digital innovation in the financial industry aimed at address- ing pain points, which exist in the ecosystem of traditional financial institutions. In particular, the startup companies are improving conveniences such as payment, remittance, and asset management services. Meanwhile, robo-advisor companies are expanding their influence in capital markets by outperforming bench- marks with a low commission system. However, research on factor analysis that contribute to value increase in the growth process of fintech startups remains at a conceptual level. This is because global fintech industry growth has been rapid in recent few years, while growth of fintech industry in Korea has been relatively slow, due to regulations and systems that hinder the growth of related companies. Hence, it is difficult to obtain related research data. The purpose of this study is to empirically analyze whether Corporate Venture Capital (CVC), which aims at both financial performance and strategic collaboration, has affected the increase in the value of global fintech startups. There have been various studies on the impact of CVC investment on technology-based (or high-tech) startups, but this study analyzed the effect of CVC investment on fintech startups that have not been studied much before. To this end, global fintech dataset from 2000 to 2020 was used to analyze the impact of variables such as CVC investment, the company's business history, the founder's final school level, and the type of service provided on the corporate value of fintech startups. As a result of the analysis, the conclusion is that CVC investment had a significant effect on the value increase of fintech startups. Especially, in the growth stage of fintech, CVC investment in the late stage was the most effective, and by service type, CVC investment in the asset management segment was the most significant. This study provides an opportunity to review the importance of policies to vitalize CVC investment, along with the meaning of theoretical proof of the role of CVC investment in the growth of fintech companies.

Abstract

Global venture capital investment continues to increase and investment in fintech startups is also showing a remarkable increase. Fintech startups are leading digital innovation in the financial industry aimed at address- ing pain points, which exist in the ecosystem of traditional financial institutions. In particular, the startup companies are improving conveniences such as payment, remittance, and asset management services. Meanwhile, robo-advisor companies are expanding their influence in capital markets by outperforming bench- marks with a low commission system. However, research on factor analysis that contribute to value increase in the growth process of fintech startups remains at a conceptual level. This is because global fintech industry growth has been rapid in recent few years, while growth of fintech industry in Korea has been relatively slow, due to regulations and systems that hinder the growth of related companies. Hence, it is difficult to obtain related research data. The purpose of this study is to empirically analyze whether Corporate Venture Capital (CVC), which aims at both financial performance and strategic collaboration, has affected the increase in the value of global fintech startups. There have been various studies on the impact of CVC investment on technology-based (or high-tech) startups, but this study analyzed the effect of CVC investment on fintech startups that have not been studied much before. To this end, global fintech dataset from 2000 to 2020 was used to analyze the impact of variables such as CVC investment, the company's business history, the founder's final school level, and the type of service provided on the corporate value of fintech startups. As a result of the analysis, the conclusion is that CVC investment had a significant effect on the value increase of fintech startups. Especially, in the growth stage of fintech, CVC investment in the late stage was the most effective, and by service type, CVC investment in the asset management segment was the most significant. This study provides an opportunity to review the importance of policies to vitalize CVC investment, along with the meaning of theoretical proof of the role of CVC investment in the growth of fintech companies.

참고문헌 (32)

  1. Allen, F., "A survey of fintech research and policy discussion", ~ (2020)
  2. Asel, P., "Creating values through corporate venture capital programs : The choice between internal and external fund structures", The Journal of Private Equity, 19(1), pp.63~72 (2015)
  3. "CEO education, CEO turnover, and firm performance" (2010)[URL]
  4. Carlino, G., "Agglomeration and innovation", Handbook of regional and urban economics, 5, pp.349~404 (2015)
  5. "State Of Fintech Q1’21 Preview: Investment Trends To Watch" (2021)[URL]
  6. Chemmanur, T. J., "Corporate venture capital, value creation, and innovation", The Review of Financial Studies, 27(8), pp.2434~2473 (2014)
  7. Chishti, S., "The Fintech book: The financial technology handbook for investors, entrepreneurs and visionaries" (2016), John Wiley & Sons
  8. 최한별, "Understanding of the Fintech Phenomenon in the Beholder’s Eyes in South Korea", Asia Pacific Journal of Information Systems, 29(1), pp.117~143 (2019), 한국경영정보학회[DOI]
  9. De Oliveira, F. B., "Valuation methodologies for business startups : a bibliographical study and survey", Brazilian Journal of Operations & Production Management, 15(1), pp.96~111 (2018)
  10. Di Gregorio, D., "Why do some universities generate more start-ups than others", Research policy, 32(2), pp.209~227 (2003)
  11. 동진우, "제조 벤처 창업과 지역 특화 간의 관계", 한국지역개발학회지, 32(3), pp.21~44 (2020), 한국지역개발학회[DOI]
  12. Dusatkova, M. S., "Valuing start-ups–selected approaches and their modification based on external factors", Business : Theory and Practice, 17, pp.335~ (2016)
  13. Freeman, C., "The nature of innovation and the evolution of the productive system", paper prepared for the TEP Conference on the Contribution of Science and Technology to Economic Growth (1989)
  14. The Nature of Innovation and the Evolution of the Productive System, Technology and Productivity; The Challenge for Economic Policy, "Freeman, C.", OECD, ~ (1991)
  15. Frost, J., "BigTech and the changing structure of financial intermediation", Economic Policy, 34(100), pp.761~799 (2019)
  16. Goldstein, I., "To FinTech and beyond", The Review of Financial Studies, 32(5), pp.1647~1661 (2019)
  17. Gottesman, A. A., "CEO educational background and firm financial performance", Journal of Applied Finance(Formerly Financial Practice and Education), 20(2), pp.3~ (2010)
  18. 함형범, "금융 소비자의 모바일 결제 시스템 수용태도에 대한 연구", e-비즈니스연구, 17(6), pp.175~189 (2016), 국제e-비즈니스학회[DOI]
  19. 고인곤, "한국 벤처기업의 성공요인에 관한 실증적 연구: 2차 자료를 활용한 통합적 모형의 제시", 벤처창업연구, 13(2), pp.1~13 (2018), 한국벤처창업학회[DOI]
  20. Jalbert, T., "Does educational background affect CEO compensation and firm performance?", The Journal of applied business research, 27(1), pp.15~40 (2010)
  21. 정우주, "Activation Directions of Pangyo Techno Valley through Analyzing Success Factors of Silicon Valley", 한국정보기술학회 영문논문지, 4(1), pp.17~28 (2014), 한국정보기술학회[DOI]
  22. Kavuri, A.S, "FinTech and the future of financial services: What are the research gaps?", ~ (2019)
  23. 이광용, "벤처캐피탈 투자기업의 성과에 관한 연구: 코스닥 IPO 기업을 중심으로", 벤처창업연구, 14(2), pp.15~30 (2019), 한국벤처창업학회[DOI]
  24. Maula, M., "Creating value:Winners in the new business environment", pp.161~183 (2017)
  25. 박재민, "기술혁신 성과와 경영자 특성에 관한 연구: IT벤처기업을 중심으로", 디지털융복합연구, 9(6), pp.173~186 (2011), 한국디지털정책학회
  26. Roberti, R., "Valuation methodologies of FinTech companies: case study on Nexi", ~ (2019)
  27. Internal report for Corporate Venture Capital Business Division, "Samsung Life Insurance", ~ (2019)
  28. Santisteban, J., "Systematic literature review of critical success factors of information technology startups", Academy of Entrepreneurship Journal, 23(2), pp.1~23 (2017)
  29. Tonts, M, "Corporate location, concentration and performance : Large company headquarters in the Australian urban system", Urban studies, 47(12), pp.2641~2664 (2010)
  30. Teixeira, A.A, "Attitudes of Higher Education students to new venture creation : a preliminary approach to the Portuguese case", Industry and Higher Education, 24(5), pp.323~341 (2010)
  31. Wadhwa, A., "Knowledge creation through external venturing : Evidence from the telecommunications equipment manufacturing industry", Academy of Management journal, 49(4), pp.819~835 (2006)
  32. 윤영석, "시너지와 기업벤처투자사(Corporate Venture Capital)와의 관계성 연구", 한국혁신학회지, 12(4), pp.155~195 (2017), 한국혁신학회[DOI]

관련 논문AI추천

기업벤처투자사(Corporate Venture Capital)의 성과 및 성과요인에 대한 연구윤영석, 조영상한국혁신학회 · 한국혁신학회지2019 · 제14권 제1호CVC의 투자동기 및 투자 결정요인에 대한 사례연구: CVC 9개社의 투자 사례를 중심으로조세근, 한주희한국벤처창업학회 · 벤처창업연구2018 · 제13권 제6호A Study on the Effectiveness of the Korean Government's Policy Intervention to Revitalize Venture Capital's Early-stage Investment이승용, 전성민, 최영근, 최은지한국벤처창업학회 · 벤처창업연구2021 · 제16권 제6호스타트업 인수 시 기업벤처캐피탈(CVC)이 모기업에 미치는 영향김명건, 김영준한국벤처창업학회 · 벤처창업연구2019 · 제14권 제2호기업벤처캐피탈의 모험적 투자: 미국 기업벤처캐피탈 투자에 미치는 산업특성과 투자경험의 영향 탐색김도윤, 신동엽한국벤처창업학회 · 벤처창업연구2021 · 제16권 제3호사내벤처캐피탈의 투자포트폴리오 운영성향과 기술혁신 효과안현섭, 윤지환기술경영경제학회 · 기술혁신연구2018 · 제26권 제4호

이 간행물의 다른 논문 (10건)

에너지 R&D 주제 키워드 및 연구기관 네트워크 특성 분석김태윤, 조정래pp. 1-27연구개발 투자가 지식재산권에 미치는 영향 : 박사연구원 비중과 검사장비 수준의 상호효과박종훈, 김윤진, 김서연, 김창수pp. 29-59인공지능(AI) 기술도입에 따른 산업별 노동수요변화 탐색심동녘, 고동환pp. 85-103BWS 방법을 이용한 보건의료문제 해결 우선순위 선호도 분석정기철pp. 105-122동아시아 국가의 신산업 창출 경로 분석: 지식기반 스마트 특성화 이론을 중심으로엄원섭, 강태원pp. 123-152
원문 보기