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중국의 IT 유니콘 기업에 대한 탐색적 연구

A Multi-Case Study of Chinese Unicorns in the IT Industry

허문구|김원경
한국전략경영학회 (Korean Strategic Management Society)|2023.08|전략경영연구 (Journal of Strategic Management)|제26권 제2호|pp. 47-79|DOI 10.17786/jsm.2023.26.2.003

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키워드

Social Network사회적 네트워크벤처캐피탈Venture Capital창업팀유니콘 기업벤처기업의 성장다중사례 연구Unicorn CompanyGrowth of Venture CompanyFounding TeamMulti-Case Study
주제분류경영학

초록

최근 몇 년 동안 중국에서 수많은 유니콘 기업이 등장했지만 이에 관한 연구는 아직 초기 단계에 머물고 있다. 본 연구는 중국의 대표적인 IT 유니콘 기업에 대한 다중사례 연구를 통하여, 유니콘 기업으로의 성장에 큰 영향을 미치는 요인을 규명하였다. 주요 연구 결과는 다음과 같다. 첫째, 중국 IT 벤처 산업에서, 창업팀이 고학력, 명문대 졸업, 관련 경험이 있을수록 IT 유니콘 기업으로 성장할 가능성이 더 크다. 둘째, 사회적 네트워크(꽌시)가 많을수록, IT 유니콘 기업으로 성장할 가능성이 더 크고 주로 B2B 꽌시와 B2G 꽌시가 더 큰 영향을 미친다. 셋째, IT 유니콘 기업들은 차별화 전략, 마케팅 및 서비스 차별화 전략, 특히 M&A 및 전략적 제휴 전략을 주로 사용한다. 넷째, 메이저 벤처캐피탈(‘BAT’)로부터 투자받은 기업이 그렇지 않은 기업보다 유니콘 기업으로 성장할 가능성이 더 크고, 벤처캐피탈 공동투자 네트워크의 중심성이 높을수록 벤처기업이 더 빠르게 성장한다. 마지막으로, 첨단기술이 집중된 베이징, 상하이, 선전과 같은 도시에서 창업을 시작한 벤처기업이 그렇지 않은 기업에 비해서 유니콘 기업으로 성장할 가능성이 더 크다. 서구의 유니콘 기업과 비교할 때, 중국에서는 특히 사회적 네트워크(꽌시), 메이저 벤처캐피탈(‘BAT’)로부터 투자 유치 여부, 지리적 입지 요인들이 유니콘 기업으로의 성장에 큰 영향을 미치는 것으로 드러났다. 본 연구는 중국 IT 유니콘 기업에 미치는 요인들을 심층적으로 분석함으로써 새로운 변수의 개발과 이를 통한 향후 연구의 토대를 마련하였다.

Abstract

A large number of unicorns have emerged in China in recent years, research on which, however, is still in its infancy. Through multiple case studies on representative IT unicorn companies in China, the present study identified factors that have an important influence on the growth of unicorn companies. The main research findings are as follows. First, in the Chinese IT venture industry, the more highly educated and prestigious university graduates a startup team has, the more likely it is to grow into an IT unicorn company, if it is accompanied by more IT-related experience. Second, the more social networks (guanxi) there are, the more likely it is to grow into an IT unicorn company, especially due to the tremendous influence brought by B2B and B2G guanxi. Third, IT unicorn companies mainly use differentiation strategies, marketing and service differentiation strategies, especially M&A and strategic alliance strategies. Fourth, companies invested by major venture capital (‘BAT’) are more likely to grow into unicorns than those that do not. Finally, venture companies that started their business in high-tech cities such as Beijing, Shanghai, and Shenzhen are more likely to grow into unicorn companies than those that do not. Compared with Western unicorns, factors such as social networks (guanxi), investment from major venture capitalists (‘BAT’), as well as geographic location, in particular, were found to have a significant impact on the growth of unicorns in China. This study laid a solid foundation for the development of new variables and future research through an in-depth analysis of the factors affecting Chinese IT unicorn companies.

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