스타트업 중개 플랫폼의 투자유치금액 결정요인에 관한 연구: 벤처캐피탈 공동투자의 조절효과
A study on the determinants of the funding amount of startup intermediary platforms: Moderating effect of venture capital syndication
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초록
스타트업이 지속적으로 성장하기 위해서는 적기에 성장 재원을 확보하는 것이 필요하다. 스타트업 중에는 벤처캐피탈(venture capital; 이하 VC)로부터 투자유치에 성공한 기업이 있고 투자유치에 실패한 기업도 있다. 따라서 본 연구는 스타트업 기업이 투자유치에 성공하는 요인을 분석하는 데 초점을 두고, 스타트업의 내부적 특성이 투자유치금액에 영향을 미치는지를 살펴보고자 선행연구를 통하여 투자를 유치하려는 스타트업 중개 플랫폼의 특성을 도출하였다. 본 연구의 목적은 이러한 특성들이 외부요인인 VC의 공동투자 여부에 따라 투자유치금액에 어떠한 영향을 미치는가를 분석하는 데 있다. 연구결과, 플랫폼의 매출액 증가율을 제외한 플랫폼 유형, 임직원 수, 자기자본은 종속변수인 투자유치금액에 긍정적인 영향을 미치는 것으로 나타났다. 혁신적인 상품과 서비스를 취급하는 플랫폼의 경우, 임직원 수가 많은 조직의 경우 그리고 자기자본이 상대적으로 많은 중개 플랫폼 기업이 VC로부터 많은 투자금액을 유치하였다. 한편, VC 공동투자의 조절효과 분석에서는 플랫폼 유형과 매출액 증가율은 공동투자 구성에 따른 차이가 발생하지 않았고, 임직원 수가 많은 플랫폼 기업과 VC 공동투자 간에는 긍정적 상호작용 효과가 있는 것으로 나타났다. 본 논문에서는 기존 연구와 차별화하여 스타트업 투자의 외부요인으로서 VC 공동투자의 조절효과에 대하여 실증 분석하였다는 데 그 의의가 있다.
Abstract
In order for the startup platform to continue to grow, it is necessary to secure necessary growth resources in a timely manner. Among startups, there are companies that have succeeded in funding from venture capital and some that have failed to fund. In order to examine whether the internal characteristics of a startup company affect the amount of venture capital investment, this study derived the characteristics of a startup mediation platform that seeks to attract investment through previous research. The purpose of this study is to analyze how these characteristics affect the investment amount depending on the VC syndication, which is an external factor. As a result of the study, it was found that the platform type, number of employees, and equity capital, excluding sales growth rate of the platform, had a positive effect on the amount of funding, which is a dependent variable. In the case of platforms that handle innovative products and services, organizations with large numbers of employees and intermediary platforms with relatively high equity capital attracted more investment from venture capital. On the other hand, the analysis of the moderating effect of VC syndication showed that the platform type and growth variable did not have a synergy effect according to the VC syndication, and there was a positive interaction effect between the platform company with many numbers of employees and the VC syndication. The significance of this paper is that it empirically analyzed the moderating effect of VC syndication as an external factor of startup investment, differentiating from previous studies.
참고문헌 (91)
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