• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.11 no.4
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• pp.27-36
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• 2016

Venture companies, which can commercialize various kinds of new ideas and creating added value, are amid of great attention. Since most of venture companies in initial development stages cannot finance its capital sufficiently all by their own, investments from outside investors are key factor to their survival. However, they have lots of difficulties in financing from outside investors because of their typical uncertain but favorable investment characteristics. Moreover, even though they had successfully financed from outsiders, problems related to their stakeholders, such as interrupting in management and types of investments, cause contrary results to firms. Therefore there are various kinds of systems for startups like angels, venture capitals and governmental supports. Even so, investments and supports for venture companies are still not sufficient. 'Accelerator', which is a brand-new investment type started from Silicon Valley in United States during the mid 2000, is growing attention these-days. It mainly supports startups financially in the initial development stages, however, it also supports the firms by providing mentoring, education and networking services. On the other hand, difference between existing investment types and performance of the investment is still in controversy. Therefore this study compared investment behavior between accelerator and venture capital. As a result, we found that the difference in investment behavior of accelerators and venture capital.

• Journal of Venture Innovation
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• v.6 no.3
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• pp.1-20
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• 2023

This study conducted an empirical analysis of whether the accelerator incubation program (mentoring, seed investment) and entrepreneur self-efficacy affect competitive advantage performance for start-up representatives who have experienced the accelerator incubation program. At this time, the mediating effect of innovation capability was also examined. As for sample collection, 334 samples collected from representatives of start-ups nurtured by national accelerators and regional centers for creative economy and innovation in Korea were tested using the Smart PLS 4.0 program, and the analysis results are as follows. First, mentoring has no significant effect on competitive advantage performance, whereas seed investment and entrepreneur self-efficacy have a positive (+) effect on competitive advantage performance. Second, mentoring, seed investment, and entrepreneurial self-efficacy have a positive (+) effect on innovation capability. Third, innovation capability has a positive (+) effect on competitive advantage performance. And fourth, it was confirmed that innovation competency has a positive (+) effect between mentoring, seed investment, entrepreneurship self-efficacy and competitive advantage, and has a mediating effect. As a result, while mentoring did not have a direct significant effect on competitive advantage performance, it was confirmed that there was a significant effect mediated by innovation capability. Seed investment, entrepreneur self-efficacy, and innovation capability directly helped competitive advantage performance, and it was confirmed that innovation capability has an effect on the competitive advantage performance as a mediating effect. It is expected that this study will be able to suggest a direction that can help start-ups improve their competitive advantage performance.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.12 no.4
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• pp.35-46
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• 2017

The purpose of this study is to identify the characteristics of entrepreneurs and organizations related to the initial investment stage of IT-based entrepreneurs. Specifically, we examine the effects of founder-related characteristics such as background and experience of founders on the initial investment stage and explore how the organizational characteristics such as finance, human, and technology resources affect initial investment of start-up enterprise. To accomplish this study purpose, a questionnaire survey was conducted on entrepreneurs who were actually invested by government, angel, and VC. A total of 295 data were used for hypothesis testing, and the hypothesis was tested by hierarchical regression analysis. As a result of the study, it was found that founders who had experience of investment before or experienced in technology development had a significant influence on initial investment stage. In addition, it was confirmed that factors such as financial, human, and technology resources had significant positive effects on the initial investment stage. The results of this study make it possible to identify the competencies and characteristics required to attract investment to potential founders preparing for start-up in the future. It also provides information on how to formulate an effective human resource composition plan. Also, these results can be used as a basis for investment decision-making by providing investors with guidelines on investment selection criteria.

• The Journal of Korean Institute of Communications and Information Sciences
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• v.25 no.12B
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• pp.2131-2140
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• 2000

향후 통신시장의 핵으로 등장하게 될 IMT-2000 서비스는 막대한 초기 투자비의 발생과 투자의 집괴성으로 인하여 개별 기업적 차원뿐만 아니라 국가 경쟁력 제고 차원은 물론 이용자 편익 증진을 고려한 적절한 추진방향과 사업전략을 설정할 필요성이 절실하다. 이에 따라 본 연구에서는 최근 중복투자의 방지는 물론 경쟁활성화를 위한 하나의 바람직한 대안으로 부각되고 있는 IMT-2000의 공동망 사용에 대한 타당성을 검토함에 있어 공동망 활용시 발생 가능한 산업구조적 측면에서의 이슈 및 이에 대한 해결방안을 고찰함으로써 IMT-2000 서비스 공동망 사용의 당위성을 제시하고자 하였다. IMT-2000 시장의 경우 주파수 자원의 한정성으로 인하여 닫힌 복과점적 시장형태를 취하게 될 것으로 예상된다. 이에 따라 망 투자유인 결여 및 사회후생의 감소와 같은 공동망 활용에 따라 발생 가능한 산업구조적 측면에서의 문제점을 극복하고, 망 운영사업자의 영속적이며 안정적인 사업운영이 가능하다면, IMT-2000 산업에서의 공동망 활용은 초기 투자비용의 절감 및 중복투자의 방지에 기여함은 물론 개별 사업자들의 투자비용 부담이 줄어들게 되어 결국 주파수 자원의 한정성을 극복하고 경쟁활성화에 기여하게 될 것으로 판단된다.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.15 no.1
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• pp.31-44
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• 2020

Accelerators that invest in early startups, as well as nursery and overall management, have recently emerged as "key players" in the startup ecosystem. This can be proved by the case where the number of domestic accelerators registered in the Korean Ministry of SMEs and Startups has recently reached 208. Accelerators provide the necessary education for early-stage companies, including guidance for a certain period of time, and support startups in ways such as demo days to attract subsequent investment after the seed investment. There is not much research in academia about what factors impact on these accelerators when making investment decisions at the time of seed investment. In this study, we checked the meaning and function of the accelerator and tried to analyze what factors affect on accelerators when making a decision to invest in startups. The research method is based on a literature survey of previous studies on investment decision-making factors of venture capital and angel investors, and a lens model and judgment analysis method through empirical research targeting 43 accelerator investment decision-makers. Empirical analysis shows that accelerators have three of the key factors to consider when choosing the first startup to invest and educate; entrepreneurs' entrepreneurial traits, their product and service expertise and a potential return on success. This will provide an opportunity for early startups to gain strategic access to accelerators when they need money or need a structured educational program. Also, the results obtained through this research will be a kind of guideline for startups to attract accelerators' investment. The significance of this study is that discriminatory evidence was presented on the accelerator determinants of investment, and it would be highly suggestive to startups and related public institutions.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.9 no.5
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• pp.1-11
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• 2014

This article studies the types of financing and the liquidity of small and medium size firms in their early-stage. The sample firms distinguish themselves from the established firms in the second year after foundation in that they rely heavily on external equity financing. However, they use the internal financing the most in the fourth year and do not show distinguishing feature any more. In the mean while, they do not show any serious liquidity problem either in the second year or in the fourth year. The empirical results imply that early-stage lasts rather short after the foundation for successful Korean firms, and that a distinguishing feature of early-stage firm can be found only in financing, not in liquidity. They also allow us to assert that Government-lead financial aid programs should be limited to two- or three-year-old firms and focused on helping their financing investments rather than easing their liquidity problem.

• The Korean Journal of Financial Management
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• v.19 no.1
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• pp.153-181
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• 2002

본 논문은 1999년 1월부터 2000년 12월까지 코스닥증권시장에 등록한 벤처기업의 IPO를 대상으로 발행시장에서 벤처캐피탈리스트의 역할을 살펴보고 있다. 특히 미국의 발행시장에서는 벤처캐피탈리스트가 투자한 기업이 조기에 공개되는 현상이 나타나는 것으로 보고되고 있는 바, 우리나라에서도 이러한 현상이 존재하는지를 실증적으로 조사하고 있다. 코스닥증권시장에 등록한 벤처기업의 IPO를 대상으로 발행시장에서 벤처캐피탈리스트의 역할에 관한 우리의 연구 결과는 다음과 같다. 첫째, 벤처기업과 비벤처기업의 초기 초과수익률의 차이분석에서, 벤처기업은 $AR_1$에서 할인 발행의 정도가 적어 Megginson-Weiss(1991)의 결과와 유사한 것으로 나타났지만, $AR_2$에서 발행가격 결정시 고려하지 못하는 비계수적 환경요인 등 미래기대수익에 대한 일반투자자의 평가가 호의적으로 나타나 발행회사의 입장에서는 할인발행의 정도가 큰 것으로 나타났다. 이는 이기환 임병균 최해술(1998), 장상수 길재욱(2000) 등의 연구와 유사한 결과를 보이고 있다. 둘째, 벤처캐피탈리스트의 명성에 따라 초기 초과수익률에 차이가 있었다. 즉, KTB지원기업의 초기 초과수익률이 낮았다. 셋째, 벤처캐피탈리스트의 보유지분을 변동에 대한 차이는 IPO전 평균보유지분율은 비KTB가 높았으나 공개 후 평균보유지분율은 KTB가 높았다. 이때 보유지분을 변동이 적은 KTB 지원기업의 초기 초과수익률이 낮았다. 특히 업력과 총자산의 규모가 할인발행을 줄이는 역할을 하는 것으로 나타났다. 업력은 Muscarella-Vetsuypens(1989)의 연구와 일치하고 있다. 넷째, 2개 이상의 벤처캐피탈리스트로부터 공동으로 투자받은 벤처기업의 초기 초과수익률이 하나의 벤처캐피탈로부터 단독으로 투자받은 벤처기업의 초기 초과수익률보다 낮았다. 그러나 통계적 유의성은 없었다. 다섯째, IPO까지 소요기간의 차이가 있는지에 대한 분석에서 비KTB지원기업이 보다 빨리 공개되고 있어 조기업적과시현상(grandstanding)을 보였다. 이는 Gompers(1996)의 연구와 일치한다. 여섯째, 등록주선인의 시장점유율에 차이가 있는지를 분석한 결과, KTB가 투자한 벤처기업 등록주선인의 평균시장점유율이 낮았다. 그러나 통계적 유의성은 없었다.

• Proceedings of the Korea Technology Innovation Society Conference
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• 2005.10a
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• pp.282-295
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• 2005

본 연구는 기업이 정보보호 투자 시 필요로 하는 경제성 평가의 접근방법을 제시한다. 기업은 윤리경영을 기초로 사업과 서비스를 통한 수익창출을 목표로 한다. 그리고 기업은 안정적인 사업, 서비스의 정보환경을 확보, 유지하기 위해 지속적인 정보보호 활동을 통하여 Risk를 줄이는 작업을 해 오고 있다. 기업의 정보보호 활동과 패턴은 초기의 정보보호 기본기능을 도입, 구축하는 단계에서 탈피하여 점진적으로 종합적인 관리체계로 발전되고 있으며 이와 병행하여 산출되는 정보와 정규화 되는 Data를 기초로 정량적인 관리가 이루어 지 는 시점에 와 있다. 기업의 정보보호 투자에 대한 경제적인 효과를 체계적으로 평가하고 관리하는 활동은 아직도 초기단계에 머무르고 있다. 그러므로 기업이 정보보호 투자 시 발생되는 피해비용의 감소와 사업 및 서비스 등에서 예측되는 경제가치 창출에 대한 기대효과의 정량적인 관리를 통해 투자의 기준을 제시하여 기업에서 효과적인 정보보호 투자가 이루어지도록 함에 있다.

• 한국IT서비스학회:학술대회논문집
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• 2008.11a
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• pp.108-111
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• 2008

최근 급격한 증가세를 보이고 있는 신재생에너지 사업중의 하나인 태양광 발전사업은 아직까지는 기술적, 사회적으로 초기 발전단계를 지나고 있다. 또한 원자재를 포함한 글로벌 실물경제의 변동성이 심하고 에너지 산업분야의 기술수준 역시 급변하고 있으며, 에너지 산업이 과거와 달리 자유경쟁 체제로 변화하고 있어서 태양광 발전사업의 가치를 평가하여 사업에 진입하고자 하는 의사결정을 갈수록 어렵게 하고 있다. 본 논문에서는 실물옵션 기반의 투자가치 평가방법을 적용하여 태양광 발전사업의 사업 투자가치와 최적투자시점을 분석한다. 전력판매가격과 초기투자비용 등의 불확실성에 대해 사업자가 대응 가능하도록 이항격자 모형을 통한 분석을 시도하고, 기존의 현금흐름할인법을 기반으로 한 사업성분석 결과와 비교하였다.

• The Journal of shipping and logistics
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• v.27 no.4
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• pp.719-746
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• 2011

This study attempted to analyse the results of investments from each individual ship investment company(SIC) in Korea which is operating under its ship investment company system. We analyzed investment result of ship investment company by means of Market Adjusted Return Method for measurement of abnormal return(AR) and cumulative abnormal return(CAR). Some implications from the results of this study are suggested. First, we find that the initial abnormal return of IPO, 30-day CAR and long-term CAR are not significantly different between A and B shipping fund management company. And then, the initial abnormal return of IPO and long-term CAR are not significantly different between newbuilding and secondhand ship SIC. But the 30-day CAR is significantly different between newbuilding and secondhand vessel SIC. Third, the 30-day CAR and long-term CAR are not significantly different between newbuilding and secondhand vessel SIC. But the 30-day AR is not significantly different between container and non-container ship SIC. Finally, newbuilding ship SCI is more stable than secondhand vessel SIC, and container ship SIC is more stable than non-container ship SIC in 3-month cumulative return over the past two and half years, from February 2008 to July 2011.