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The Effect of Venture Capital Investment on Corporate Innovation Performance
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벤처캐피탈 투자가 벤처기업 혁신성과에 미치는 영향

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Type
Academic journal
Author
Jiyoung Park (연세대학교) Hyun-Han Shin (연세대학교)
Journal
Korean Society of Business Venturing Asia-Pacific Journal of Business Venturing and Entrepreneurship Vol.15 No.1(Wn.67) KCI Accredited Journals
Published
2020.2
Pages
1 - 15 (15page)

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Method
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Result
The Effect of Venture Capital Investment on Corporate Innovation Performance
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Abstract· Keywords

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This study analyzes the innovation performance of venture firms according to existence of venture capital investment, and according to type and ownership of venture capital. Venture firms are IPO firms that are registered on KOSDAQ between the year 2000 and 2016. They are categorized as corporate venture capital-backed firms (CVC) and independent venture capital-backed firms (IVC). Using patent data from KIPO (Korean Intellectual Property Office), we employ the number of patents and the citations per patent as the measurement of the innovation output.
We find the positive association between the venture capital-backed firms and the number of patents before going public. Corporate venture capital-backed firms are positively associated with the number of patents before and after IPO. However, we do not find strong evidence between the number of citations and the existence of venture capital investment or the type of venture capital. Lastly, we provide an inverse U-shaped relationship between the innovation performance and venture capital’s ownership. In other words, the innovation output, both the number of patents and the number of citations, gradually increases as the venture capitalist’s ownership increases, but also shows a decrease pattern, suggesting that the venture capitalist’s ownership does not only spur the innovation but also gives a negative effect on venture firm’s innovation output such as excessive intervention. Overall, we reveal that the most important factor for the innovation performance is not the existence of venture capital investment or the type of venture capital, but the ownership of the venture capitalist.
#벤처캐피탈 #혁신 #특허 #기업벤처캐피탈(CVC) #독립벤처캐피탈(IVC) #Venture capital #Innovation #Patent #Corporate venture capital #Independent venture capital

Contents

국문요약
Ⅰ. 서론
Ⅱ. 선행연구 및 가설설정
Ⅲ. 연구방법
Ⅳ. 실증분석 결과
Ⅴ. 결론
REFERENCE
Abstract

References (39)

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강원진 / 2012 / 국내 벤처기업의 성장단계별 외부자원 활용이 기술혁신 성과에 미치는 영향 / 벤처창업연구 7(1):35~45 Crossref 김명건 / 2019 / 스타트업 인수 시 기업벤처캐피탈(CVC)이 모기업에 미치는 영향 / 벤처창업연구 14(2):1~13 Crossref 김성현 / 2004 / 투자기업의 성장에 대한 벤처캐피탈의 기여: 탐험적분석과 정책적 함의 / 벤처연구 1(2):31~55 google schola 김정훈 / 2013 / 벤처캐피탈 투자가 창업기업의 IPO 성과에 미치는 영향 / 회계와 정책연구 18(1):83~103 google schola 김재진 / 2014 / 벤처캐피탈 투자가 중소벤처기업의 기술적 성과에 미치는 영향에 관한 연구 / 디지털융복합연구 12(4):115~131 dbpia

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UCI(KEPA) : I410-ECN-0101-2020-324-000463517