한국 벤처기업의 외부자금 조달 유형과 특성 분석
Financing Types of Korean Venture Firms: Evidence from the 2020–2022 Venture Survey
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초록
벤처기업의 자금조달은 구조적이고 통합적인 관점에서 분석될 필요가 있으나, 기존 연구는 개별 자금원의 성과나 활용 여부에 초점을 맞추어왔다. 이에 본 연구는 2020년부터 2022년까지의 벤처기업 정밀실태조사 미시자료를 활용하여 벤처기업 자금조달 유형을 정의하고 기업 특성과의 관계를 분석하였다. 분석 결과, 기업의 특성에 따라 자금조달 유형이 상이하게 나타났다. 특히, 벤처기업의 혁신성과 벤처캐피탈 등 민간직접 유형의 자금조달 활용 간의 상관관계를 확인하였으며, 공공자금의 경우, 혁신성이 높거나 창업 초기 기업에서 주로 활용되는 경향이 존재하였다. 본 연구는 벤처기업의 특성과 벤처기업 자금조달 유형 간의 관계를 분석함으로써, 정책 설계 시 기업 특성별 차이를 고려할 필요가 있음을 시사한다.
Abstract
Previous studies on venture firm financing have primarily focused on individual funding sources, yet actual venture firm financing requires an integrated perspective as part of firms’ growth strategies. This study analyzes the determinants of external financing types among Korean venture firms using micro-level data from the 2020–2022 Venture Business Survey. The results indicate that financing type selection varies according to firm characteristics. Specifically, highly innovative venture firms are significantly more likely to choose private direct financing, such as venture capital investment. Public financing tends to be relatively concentrated among innovative firms or those at early growth stages. This study provides empirical evidence on the relationship between firm characteristics and venture firm financing structures, suggesting that policy design should consider the financing patterns of firms based on their specific characteristics.Previous studies on venture firm financing have primarily focused on individual funding sources, yet actual venture firm financing requires an integrated perspective as part of firms’ growth strategies. This study analyzes the determinants of external financing types among Korean venture firms using micro-level data from the 2020–2022 Venture Business Survey. The results indicate that financing type selection varies according to firm characteristics. Specifically, highly innovative venture firms are significantly more likely to choose private direct financing, such as venture capital investment. Public financing tends to be relatively concentrated among innovative firms or those at early growth stages. This study provides empirical evidence on the relationship between firm characteristics and venture firm financing structures, suggesting that policy design should consider the financing patterns of firms based on their specific characteristics.