• Asia-Pacific Journal of Business Venturing and Entrepreneurship
• /
• v.18 no.4
• /
• pp.37-50
• /
• 2023

Venture capital invests the necessary capital and supports management and technology in promising small and medium-sized venture companies in the early stages of start-up with promising technology and excellent manpower. It plays a role as a key player in the venture ecosystem that realizes profits by collecting the investment through various means after growth. Venture capital's job is to recruit various investors(LPs) to invest in small and medium-sized venture companies with growth potential through the formation of venture investment funds, and to collect investment as companies grow, distribute and reinvest. The main tasks of venture capitalists, which play the most important role in venture investment, are finding promising companies, corporate analysis and evaluation, investment screening, follow-up management, and investment recovery. Venture capital's success indicators are fund formation and return on investment, and venture capitalists are rewarded with annual salary, performance-based incentive, and promotion with work performance such as investment, exit, and fund formation. Compared to the recent rapidly growing venture investment market, investment manpower is insufficient, and venture capital is making great efforts to foster manpower and establish infrastructure and systems for long-term service, but research has been conducted mainly from a quantitative perspective. Accordingly, this study aims to empirically analyzed the impact of investment experience, delegation of authority, job fit, and peer relationships on fund formation and return on investment according to the characteristics of the venture capital industry. The results of these empirical studies suggested that future venture capital needs a job environment and manpower operation strategy so that venture capitalists with high job fit and investment experience can work for a long time.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
• /
• v.14 no.6
• /
• pp.1-9
• /
• 2019

Since 2005, Korea Venture Investment Corp. (KVIC) has been managing Korean Fund of Funds (KFoF) which helped greatly the domestic venture capitals create their private funds. Its contribution, however, is not limited fetching the pump. When KFoF decides to invest in VC funds, it demands very strict rules the VC funds need to follow before and after their investments in private equities. Whether this tight control of investments does hinder GPs' creativity or rather enhance GPs' transparency and professionalism is an open question subject to empirical tests. If KFoF is only fetching the pump, and neither fund size or time horizon improves VC funds' return rates, then KFoF's involvement in VC funds should not be positively related to VC funds' return rates. If, on the other hand, KFoF harms GPs' creativity, KFoF's involvement should be negatively related to VC funds' performances. Still, if KFoF promotes GPs' transparency and professionalism, its presence in VC funds should positively affect the returns earned by VC funds. Even when KFoF only got to get quality VC funds because those GPs good enough to stand up to the tight conditions set forth by KFoF, the empirical implication will yield the same results. In this article, empirical tests are carried out using the data provided by Korea Venture Capital Association. The VC funds formed and liquidated from 2000 to 2018 are selected for the tests. The results show that VC funds with the presence of KFoF exceed VC funds without KFoF in returns, which supports the hypothesis that KFoF enhances transparency and professionalism of VC funds.

• Journal of Cadastre & Land InformatiX
• /
• v.49 no.1
• /
• pp.45-63
• /
• 2019

Until recently, most people have invested in a traditional portfolio consisting of stocks, bonds and real estates based on the three-division method of properties in Korea. However, this study analyzed the impact of the composition of a portfolio combining representative real estate indirect investment products such as Reits and real estate funds on the investment performance. For this purpose, the empirical analysis using the mean variance model, which is the most appropriate method for the portfolio composition, was used. For variables used in this study, mixed asset portfolios were classified into Portfolio A through Portfolio G depending on the composition of assets, and the price indices selected as Kospi, Krx bond, Reits Trus Y7, Hanwha-Lasal fund, and Office (Seoul). The results are as follows; first Portfolio D, which combined bonds, stocks, Reits and Real Estate funds, and Portfolio G, which added the office, the actual real estate, were shown to have the lowest risk. second, Portfolio B composed of bonds, stocks and Reits and Portfolio D with added real estate funds had the lowest risk while Portfolio F composed of bonds, stocks, offices and real estate funds, and Portfolio G with added Reits were the most profitable. As a result, it has been analyzed that it was more effective to compose a portfolio including Reits and real estate funds, which were real estate indirect investment products that eliminated the illiquidity limitation of real estates than real estates, the traditional three-division method of properties. Therefore, it is possible to minimize the risk of investors and reduce the cost of ownership of the real estate by solving the illiquidity problem that is the biggest disadvantage of the direct investment, In addition, it is considered that it is more necessary to reinvigorate the real estate indirect investment market where small amounts can be invested.

• Land and Housing Review
• /
• v.11 no.3
• /
• pp.21-31
• /
• 2020

This paper quantitatively analyzes the investment performance of the environmental improvement fund focusing on the sales effect and the housing benefit effect. The analysis of this study focused on the effects of sales and housing benefits for completed business sites among the business sites supported by the Environmental Improvement Fund. The analysis results are as follows. First, it appears that the sales effect of the completed workplace is effective compared to the amount of investment, so it seems that the purpose of industrial integration of the environment improvement fund is being achieved. Second, it was found that there are variations by workplace and region in housing benefits. This seems to be due to the fact that profitability can be neglected by reflecting the characteristics of residential facilities built by private businesses. The Environmental Improvement Fund is a policy fund that pursues both profitability and publicity. Therefore, it is necessary to transform the structure of the fund to expand support for industrial infrastructure with high publicity. To this end, it is necessary to establish a long-term management plan that equitably considers the profitability and publicity of the environmental improvement fund.

• International Area Studies Review
• /
• v.18 no.3
• /
• pp.175-201
• /
• 2014

This paper analyses the effect of R&D investment on local economies. R&D investment contributes to the regional local economy by increasing employment and production activity of the investees. The investees may end up with increased productivity, sales and employment. At the regional R&D level, the central government R&D fund and firm self R&D budget will be the source of R&D investment. Further positive effects are inter-related with local industries. This study carried out an empirical analysis on the effect of R&D investment on local economies using Korean panel data after comparing international literatures. The dynamic panel estimator is used to estimate an autoregressive model with lagged dependent variable. Using the Da Silva method, mixed variance-component moving-average error process is estimated and selected. R&D investment is very important factor to improve the productivity of a region and the size of the effect is dependent on the time periods within the Korean economic history.

• The Korean Journal of Financial Management
• /
• v.27 no.2
• /
• pp.35-62
• /
• 2010

This paper examines the existence of the fund performance persistence and the smart money effect in Korean stock market and tests the flow-induced price pressure (FIPP) hypothesis, that is, fund flows affect individual stock returns and mutual fund performance. This paper also tests whether the FIPP effect can cause the performance persistence using the monthly returns and stock holdings data of 2,702 Korean mutual funds from January 2002 to June 2008. The empirical results indicate that the performance persistence exists significantly for a long time but the smart money effect does not. The hedge portfolio constructed by buying funds with the highest past 12 months performance and selling funds with the lowest past 12 months performance earns 0.11%~1.05% monthly abnormal returns, on average, in 3 years from portfolio formation month, but the hedge portfolio constructed by buying funds with the highest past net fund inflows and selling funds with the lowest past net fund inflows cannot earn positive monthly abnormal returns and the size of negative abnormal returns of the portfolio increase as time goes on. We find the evidence that the FIPP hypothesis is significantly supported. We first estimate the FIPP measure for each individual stock using the trading volume resulting from past fund flows and then construct the hedge portfolio by buying stocks with the highest FIPP measure and selling stocks with the lowest FIPP measure. That portfolio earns significantly positive abnormal return, 1.01% at only portfolio formation month and cannot earn significant abnormal returns after formation month. But, the FIPP effect cannot cause the performance persistence because, within the same FIPP measure group, funds with higher past performance still earn higher monthly abnormal returns than those with lower past performance by 0.08%~0.77%, on average, in 2 years. These results imply that the main cause of the performance persistence in Korean stock market is the difference of fund managers' ability rather than the FIPP effect.

• 한국벤처창업학회:학술대회논문집
• /
• 2021.04a
• /
• pp.43-47
• /
• 2021

2020년 8월 중소벤처기업부는 '20년 상반기 벤처기업 및 벤처투자 받은 기업의 일자리 동향, 벤처투자 및 펀드결성 동향 등을 분석한 결과 '20년 상반기 혁신 벤처·스타트업의 투자는 줄었지만, 일자리는 늘어난 것으로 분석됐다. 이는 전년 동월대비 1.3%(35.2만명) 감소한 것을 고려하면 괄목할 만한 성장으로, 코로나19로 인해 어려운 상황에서도 경제협력개발기구(OECD) 국가 중에서 경제성장률 감소폭이 적었던 것은 창업기업이 우리 경제의 버팀목 역할을 하고 있기 때문으로 풀이된다(중소벤처깅업부, 2020). 예비 창업기업 및 초기 창업기업을 위한 전문보육 및 투자를 맞춤형 패키지로 지원하는 엑셀러레이터의 역할은 대중화된 창업생태계 속에서 기대효과가 크다(김선우, 2015). 2020년 8월에 개정된 벤처투자총진법 시행은 액셀러레이터의 제도가 구체화 되고 초기 창업기업에 대한 투자가 보다 활발해져 실질적인 지원이 가능해 질 것을 기대된다. 이러한 액셀러레이터에 대한 관심은 선행연구에서도 나타나고 있다. 국내의 엑셀러레이터는 빠른 확산에도 불구하고 아직까지 그 효과가 검증되지 않은 상황이며, 엑셀러레이터의 지원성과를 객관적으로 평가할 수 있는 체계가 요구되고 있다(김용재, 2014). 액셀러레이터 지원 및 역량과 초기창업기업 성과 간의 연관성을 연구할 필요한 연관성이 있다고 제시한다. 이에 본 연구에서는 최근 3년 이내 스타트업 액셀러레이터로부터 보육 및 투자지원을 받은 초기창업기업 관계자를 대상으로 초기 창업기업 성과와 액셀러레이터 지원간에 관계에서 액셀러레이터 역량이 어떤 역할을 하는지에 대해 분석하고 자 한다.

• KDI Journal of Economic Policy
• /
• v.35 no.2
• /
• pp.133-166
• /
• 2013

This study analyzes the relationships between soft dollar(brokerage commission) and characteristics of funds, and between brokerage commission and return on funds, using the data on equity funds of Korea from June 2008 to November 2011. The result confirms a statistically significant negative relationship between management & sales fees and brokerage commission, meaning that rather than raising management & sales fees, which could be easily recognized by investors, it is through brokerage commission, a hidden cost, which asset management firms indirectly compensate for their services. Meanwhile, the analysis on the relationship between brokerage commission and return on funds reveals that higher brokerage commissions lead to lower return on funds, meaning at least in short-term no contribution to increasing returns in the future. These results suggest the need for streamlining the system to alleviate conflicts of interest between investors and management firms in addition to effectively controlling for principal-agent problems.

• Journal of the Economic Geographical Society of Korea
• /
• v.10 no.3
• /
• pp.245-262
• /
• 2007

This paper aims at analyzing the characteristics of performance and asset management system of listed property trusts(LPT) in Australia, and elucidating the implications for Korean real estate indirect investment market. The main results of this paper are as follows. Firstly, LPT have a leading position among the real estate indirect investment systems in Australia, through the rapid growth of market capitalization. Secondly, LPT achieved superior risk adjustment performance than other financial products, and had valid portfolio diversification effect. Thirdly, many LPT have used stapled securities structure as a asset management system, and stapled LPT revealed superior risk adjustment performance than unit LPT. Finally, implications and policy measures such as using the stapled structure and activating the development activities were examined for the development of Korean real estate indirect investment market.

• Journal of the Korean Data and Information Science Society
• /
• v.26 no.6
• /
• pp.1189-1198
• /
• 2015

For the effects of the global financial crisis cause hedge funds to have a strong influence on financial markets, it is needed to study new approach method to predict hedge fund survival. This paper proposes to organize fuzzy neural network using hedge fund data as input to predict hedge fund survival. The variables of hedge fund data are ambiguous to analyze and have internal uncertainty and these characteristics make it challenging to predict their survival from the past records. The object of this study is to evaluate the predictability of fuzzy neural network which uses grades of membership to predict survival. The results of this study show that proposed system is effective to predict the hedge funds survival and can be a desirable solution which helps investors to support decision-making.