Journal of Digital Convergence (디지털융복합연구)

The Society of Digital Policy and Management (한국디지털정책학회)
권호 표지
DOI QR코드

DOI QR Code

An Empirical Study on the Effect of Venture Capital Investment on the Technological Performance of SMEs

벤처캐피탈 투자가 중소벤처기업의 기술적 성과에 미치는 영향에 관한 연구

  • 김재진 (호서대학교벤처전문대학원 벤처경영학과) ;
  • 양동우 (호서대학교벤처전문대학원 벤처경영학과)
  • Received : 2014.01.14
  • Accepted : 2014.04.20
  • Published : 2014.04.28
Download PDF
⟨ Previous Next ⟩

Abstract

This study analyzed the impact of the investment of venture capital firms(VCFs) on the technological advancement of SMEs, which could be represented as the numerical increasement of patents. The results of this study are as follows: the higher proportion of VCFs' shares or the higher intensity of R&D, the more positive impact has been shown in the technological advancement of SMEs. Also, the joint investment of VCFs or the leading investors' stock acquirement had a positive impact on the technological improvement of them. Meanwhile, the meaningful relationships of company-size and the technical manpower with technological development were not identified although they were marginally positive. Those could be interpreted that the VCFs' supervision and control, including their managerial and technical advice, over invested companies display effectiveness for SMEs. It could also be interpreted that investors concentrate their investment on the relatively stable companies or the companies which other investors already finished screening.

본 연구는 벤처캐피탈 투자가 중소벤처기업의 기술적 성과(특허)에 미치는 영향을 분석하였으며 분석결과는 다음과 같다. 벤처캐피탈 투자지분율이 높을수록, R&D집약도가 높을수록 기술적 성과에 정(+)의 영향을 미치는 것으로 나타났다. 또한 벤처캐피탈이 공동투자한 기업 또는 투자지분율이 월등하게 높은 리딩(leading) 투자자가 있는 투자기업의 경우에도 기술적 성과가 정(+)의 결과를 보이고 있다. 그러나 기업규모가 클수록, 기술인력이 많을수록 기술적 성과가 정(+)의 결과를 보이고 있으나 유의하지 않았다. 이는 벤처캐피탈의 투자기업에 대한 모니터링과 통제 그리고 경영 또는 기술적 지원이 효과를 발휘하고 있거나 다른 투자자들의 검증을 받은 기업 또는 비교적 안정적인 기업에 투자가 집중된 결과로 해석할 수 있다.

Keywords

References

  1. Balkin, D. B., G. D. Markman and L. R. Gomez-Mejia, "Is Ceo Pay In High-Technology Firms Related To Innovation?", Academy of Management Journal, Vol. 43, No. 9, pp. 1118-112, 2000. https://doi.org/10.2307/1556340
  2. Gupta, A. K., & H. J. Sapienza, "Determinants of venture capital firms' preferences regarding the industry diversity and geographic scope of their investments", Journal of Business Venturing, Volume 7, Issue 5, pp. 347-362, 1992. https://doi.org/10.1016/0883-9026(92)90012-G
  3. Kyung-Won, Lee, In-Chan, Lee, Sung-Hyun, Kim and Kyung-Hyoung, Lee, "A Empirical Analysis on Korea Venture Capital Investment Behavior", Korea Information Society Development Institute, Research Report 02-14, pp. 1-135, 2002.
  4. Kun-Woo, Kim, Byung-Chull, Seo, "Effect of Venture Capital Investment on the Management Performance of Venture Company", Journal of Industrial Economics and Business, Vol. 23, No. 4, pp. 1911-1931, 2010.
  5. Yeon-Bae, Kim, Seong-Hoon, Lee, Young-Hoon, Kim, 'The Diversity of Investment Pattern of Korean Venture Capital According to Source of Fund", The Korean Venture Management Review, Vol. 10, No. 2, pp. 49-67, 2007.
  6. Sang-Pok, Lee, "Corporate Governance and The Role of Institutional Investors", Business Law Review, Vol. 22, No. 4, pp. 247-292, 2008.
  7. Sung-Woo, Kim, Ki-Hwan, Lee, Mee-Young, Lee, " An Empirical Study on the Relationship between Domestic Institutional Investors' Ownership and Corporate Value after Granting Voting Right", Korean Corporation Management Review, Vol. 19, No. 3, pp. 235-253, 2012.
  8. Andrei, Shleifer & Robert W., Vishny, "Large Shareholders and Corporate Control", Journal of Political Economy, Vol. 94, pp. 461-488, 1986. https://doi.org/10.1086/261385
  9. Lowenstein, L., "Why managements should (and should not) have respect for their shareholders", Journal of Corporation Law, Vol. 17, pp. 1-27, 1991.
  10. Admati, A. R., P. Pfeiderer, & J. Zechnewr, "Large Shareholder Activism, Risk Sharing, and Financial Market Equilibrium", Journal of Political Economy, pp. 1097-1130, 1994.
  11. Dong-woo, Yang and Tae-wook, Yoo, "An Empirical Study on the Relationship among Technology Innovation Capability, Technology Performance and Economic Performance", The Korean Venture Management Review, Vol. 12, No. 4, pp. 69-93, 2009.
  12. Jaemin Park and Jungmann Lee, "How Do Firms' Innovation Behaviors Affect their Outputs in Korea?", Journal of the Korea Contents Association, Vol. 11, No. 3, pp. 339-350, 2011. https://doi.org/10.5392/JKCA.2011.11.3.339
  13. Griliches, Z., "Patent Statistics as Economic Indicators: A Survey". Journal of Economic Literature, Vol. 28, pp. 1661-1707, 1990.
  14. Kortum, S. and J., Lerner, "Assessing the Contribution of Venture Capital to Innovation", The RAND Journal of Economics, Vol. 31, No. 4, pp. 674-692, 2000. https://doi.org/10.2307/2696354
  15. Won Jin, Kang, Byung Heon, Lee, Wang Geun, Oh, "The Effects of the Utilization of External Resources on the Technological Innovation Performance Along the Stages of Growth in Korean Ventures". Asia-Pacific Journal of Business Venturing and Entrepreneurship, Vol. 7, No. 1, pp. 35-45, 2012.
  16. Kochhar, R., Parthiban David, "Institutional investors and firm innovation: a test of competing hypotheses", Strategic Management Journal, vol. 17, pp. 73-84, 1996. https://doi.org/10.1002/(SICI)1097-0266(199601)17:1<73::AID-SMJ795>3.0.CO;2-N
  17. Dushnitsky, G., & Michael J. Lenox, "When do incumbents learn from entrepreneurial ventures?: Corporate venture capital and investing firm innovation rates", Research Policy Vol. 34, No. 5, pp. 615-639, 2005. https://doi.org/10.1016/j.respol.2005.01.017
  18. Byung-Seop, Yoon, Joung-Soo, Kim, Jee-In, Jang, "The Impact of the Corporate Venture Capital on the Technology Innovation of Investment", Korean International Accounting Review, Vol. 41, pp. 243-264, 2012.
  19. Ki-Hwan, Lee and Byung-Seop, Yoon, "The Impact of Corporate Venture Capital on Technological Innovation in Korea and U.S.A", Korean Corporation Management Review, Vol. 14, No. 1, pp. 243-264, 2007.
  20. Ki-Hwan, Lee, "The Impact of Corporate Venture Capital on Technological Innovation", Korea Venture Management Review, VOl. 8, No. 2, pp. 153-173, 2005.
  21. Croce, A., J. Marti, S. Murtinu, "The impact of venture capital on the productivity growth of European entrepreneurial firms:'Screening'or 'value added'effect?" Journal of Business Venturing, Vol. 28, No. 4, pp. 489-510, 2012.
  22. Falk, M., "Effects of foreign ownership on innovation activities: empirical evidence for twelve European countries", National Institute Economic Review Vol. 204, No. 1, pp. 85-97, 2008.
  23. Davila, A., George Foster, Mahendra Gupta, "Venture capital financing and the growth of startup firms", Journal of Business Venturing, Vol. 18, pp. 689-708, 2003. https://doi.org/10.1016/S0883-9026(02)00127-1
  24. Byung-Chul, Seo, Kun-Woo, Kim, "An Analysis of Effect of Each Type of Fund Investment by Venture Capital", The Journal of Small Business Innovation, Vol. 14, No. 1, pp.69-88, 2011.
  25. Ki-Hwan, Lee, Chun, Kang, Ki-Soo, Kim, Sung-Chol, Cho, Hyun-Sung, Kang, "The Impact of Venture Capital Assitance on the Performance of Software Venture Businesses", Asian Pacific Journal of Small Business, Vol. 22, No. 1, pp. 29-61, 2000.
  26. Yi, T., Hong Huang, and Haitian Lu, "The Effect of Venture Capital Investment-Evidence from China's Small and Medium-Sized Enterprises Board", Journal of Small Business Management Vol. 51, No. 1, pp. 138-157, 2013. https://doi.org/10.1111/j.1540-627X.2012.00379.x
  27. Jensen M. C. & W. H. Meckling, "Theory of the firm: Managerial Behavior, agency costs, and ownership structure", Journal of Financial Economics Vol. 3, No. 4, pp. 305-360, 1976. https://doi.org/10.1016/0304-405X(76)90026-X
  28. Lee, P. M., & Hugh M. O'neill, "Ownership Structures and R&D Investments of U.S. and Japanese Firms: Agency and Stewardship Perspectives", Academy of Management Journal, Vol. 46, No. 2, pp. 212-225, 2003. https://doi.org/10.2307/30040615
  29. Sangmoon, Park and Byungheon, Lee, "The Effects of the Utilization of External Resources on the Technological Innovation of New Ventures", Asian Pacific Journal of Small Business, Vol. 28, No. 2, pp. 181-206, 2006.
  30. Joon-Hyup, Song, Hong-Bok, Ahn, "The Study on the Relation between Ownership Structure and R&D Innovation Activities", Journal of Industrial Economics and Business, Vol. 20, No. 3, pp. 1187-1206, 2007.
  31. Seonghoon, Kim, Donghoon, Shin, Cheolsoon, Park, "Corporate Governance and Adoption of Management Fashions : A Case of Six Sigma Program in Korea", Journal of Strategic Management, Vol. 13, No. 1, pp. 51-71, 2010. https://doi.org/10.17786/jsm.2010.13.1.003
  32. Gompers, P., Joy Ishii and Andrew Metrick, "Corporate Governance and Equity Prices", The Quarterly Journal of Economics, Vol. 118, No. 1, pp. 107-156, 2003. https://doi.org/10.1162/00335530360535162
  33. Chhibber, P. K., & Sumit K., Majumdar, "Foreign ownership and profitability : property rights, control, and the performance of firms in Indian industry", Journal of Law and Economics, Vol. 42, No. 1, pp. 209-238, 1999. https://doi.org/10.1086/467423
  34. Hak-Kon, Kim, Jae-Ho, Lee, "Corporate Governance, Firm Value, Cost of Capital and R&D: Evidence from KOSDAQ", Journal of Entrepreneurship and Venture Studies, Vol. 15, No. 2, pp. 1-22, 2012.
  35. Bong-Han Yoon, Jae-Young Oh, "Korean case studies on corporate governance and firm's performance, value and market returns" Korean Journal of Financial Studies Vol. 34, No. 13, pp. 227-263, 2005.
  36. Hyoung-Joo, Lim, Jong-Seo, Choi, "The Effect of Ownership Concentration on Firm Performance: Static and Dynamic Panel Data Analysis", Korean Journal of Business Administration, Vol. 25, No. 8, pp. 3265-3291, 2012.
  37. Seong-Joon Lim, Sang-Yong, Sung, "The Effect of Pre-IPO Ownership Structure on IPO Success", Journal of Strategic Management Vol. 8, No. 2, pp. 55-79, 2005
  38. Hyunseob, Kim, Jaeyong, Song, "The Impact of Corporate Ownership Structure on R&D Investment in Korea", Journal of Strategic Management, Vol. 14, No. 2, pp. 93-112, 2011. https://doi.org/10.17786/jsm.2011.14.2.005
  39. Gyeong-Mook, Kim, "Corporate Governance Structure and Innovation: The Influence of Ownership Structure on R&D Investment", Korean Management Review, Vol. 32, No. 6, pp. 1799-1832, 2003.
  40. Hansen, G. S., and Charles W. L. Hill, "Are institutional investors myopic? A time-series study of four technology-driven industries", Strategic Management Journal, Vol. 12, No. 1, pp. 1-16, 1991.
  41. Bushee, B. J., "The Influence of Institutional Investors on Myopic R&D Investment Behavior", The Accounting Review, Vol. 73, No. 3, pp. 305-333, 1998.
  42. David, P., M. A. Hitt and J. Gimeno, " The Influence of Activism by Institutional Investors on R&D", Academy of Management Journal, Vol. 44, No. 1, pp. 144-157, 2001. https://doi.org/10.2307/3069342
  43. Shin Ae, Kang, "The Impact of Foreign Block Investors and Information Asymmetry on R&D Investment", International Business Review, Vol. 16, No. 4, pp. 127-147, 2012. https://doi.org/10.21739/IBR.2012.12.16.4.127
  44. Byung-Seop, Yoon, Wan-Joong, Kim, "The Impact of Ownership Structure on the Value Relevance of R&D Investment in KOSDAQ Firms", Korea International Accounting Review, Vol. 24, pp. 75-97, 2008.
  45. Wang, T., Stewart Thornhill, "R&D investment and financing choices: A comprehensive perspective", Research Policy, Vol. 39, No. 9, pp.1148-1159, 2010. https://doi.org/10.1016/j.respol.2010.07.004
  46. Hirschman, A. O., "Exit, voice, and loyalty: Responses to decline in firms, organizations, and states", Harvard Business Press, Havard M.A, pp.76-105, 1970.
  47. Seok Yong, Kim, Tae Jin, Park, "An Empirical Study on the Equity Investment of Venture Capitalists on the IPOs Performance", Asia-Pacific Journal of Business Venturing and Entrepreneurship, Vol. 1, No. 1, pp. 179-199, 2006.
  48. Jeongil Seo, Howon Chang, "CEO Characteristics and Firm R&D Investment: The Moderating Role of TMT Characteristics and Ownership Structure", Journal of Strategic Management, Vol. 13, No. 1, pp. 29-49, 2010. https://doi.org/10.17786/jsm.2010.13.1.002
  49. Rosenbusch, N., Jan Brinckmann, Andreas Bausch, "Is innovation always beneficial? A meta-analysis of the relationship between innovation and performance in SMEs", Journal of Business Venturing, Vol. 26, No. 4, pp. 441-457, 2011. https://doi.org/10.1016/j.jbusvent.2009.12.002
  50. Blind, K., Jakob Edler, Rainer Frietsch, Ulrich Schmoch, "Motives to patent: Empirical evidence from Germany", Research Policy, Vol. 35, No. 5, pp. 655-672, 2006. https://doi.org/10.1016/j.respol.2006.03.002
  51. Almeida, P., "Knowledge sourcing by foreign multinationals: patent citation analysis in the US semiconductor industry", Strategic Management Journal, Vol. 17, pp. 155-165, 1996. https://doi.org/10.1002/smj.4250171113
  52. Buddelmeyer, H., Paul H. Jensen and Elizabeth Webster, "Innovation and the determinants of company survival", Oxford Economic Paper. Vol. 62 No. 2, pp. 261-285, 2010. https://doi.org/10.1093/oep/gpp012
  53. Heewon Chae, Jaeyong Song, "The Impact of Top Management Team Demography on Technological Innovations in High-Technology Firms", Journal of Strategic Management, Vol. 12, No. 2, pp. 83-104, 2009. https://doi.org/10.17786/jsm.2009.12.2.004
  54. Bygrave, W. D., "Syndicated investments by venture capital firms: A networking perspective", Journal of Business Venturing, Vol. 2, No. 2, pp. 139-154, 1987. https://doi.org/10.1016/0883-9026(87)90004-8
  55. Leiponen, A., & Constance E. Helfat, "Innovation objectives, knowledge sources, and the benefits of breadth." Strategic Management Journal, Vol. 31, No. 2, pp. 224-236, 2010. https://doi.org/10.1002/smj.807
  56. Tae-Kyung Sung, A Firm Size-Innovation Activity Relationship : An Empirical Study of the Korean Manufacturing Industry." Asian Pacific Journal of Small Business, Vol. 25, No. 2, pp. 1-20, 2003.
  57. Chul-Min Park, "The Effectiveness of R&D Investment for Small and Medium-Sized Firm"s Management Performance", Korean Journal of Business Administration, Vol. 42, pp. 101-125, 2004.