• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.17 no.6
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• pp.1-12
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• 2022

This paper put the goal on boosting up early startup investment by delivering and positioning SAFE as the main early startup investment type in Korea. In particular, this paper proves the better fitting of SAFE as to the early stage of venture investment than these of Convertible Note. This paper as referring the previous studies of SAFE as the major keystone issues determining active SAFE applying (legal positioning issue, tax treatment issue, failure of inducing the following investment with uncertainty over maturity) proposes boosting up policy of Korean SAFE. First, as to accounting treatment of SAFE, it suggests SAFE to recognize legally as "the capital" on the Korean Venture Investment Act of introducing SAFE actively as venture investment type. Second, as to tax treatment issue, it proposes on amending venture indication rule as the best alternative of resolving tax issue by accepting SAFE as the investment meeting to venture investment requirement. Third, as benchmarking foreign cases, it delivers the method of modifying foreign SAFE Contract Format by adding up more clauses about safety vehicles against the failure of the following investment and fixing maturity date and event. Ultimately, all resolutions of this paper fall on highlighting the role of Korean Venture Investment Act and Ministry of SMEs and Startups.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.13 no.3
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• pp.47-57
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• 2018

The purpose of this study is to grasp the correlation between network and firm's performance by analyzing the perception and characteristics of network of business founder and investor from the perspective of the network. We selected a TIPS support program which is evaluated to be a best practice as a research target for empirical analysis. The empirical results using social network and statistical analysis, shows that the stronger the investor's network connectivity, the more likely it is that the investor's start - up succeeds in attracting subsequent investment. In addition, both the entrepreneurial team and the management think that the internal human network between the enterprise and the investor plays an important role in inducing investment or exploring the company, and recognizes that the value of the human network will have a significant influence on the enterprise value evaluation or investment decision.

• 한국벤처창업학회:학술대회논문집
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• 2016.04a
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• pp.65-66
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• 2016

본 연구는 국내 창업초기투자생태계의 현황을 진단하고 향후 진화의 방향과제를 도출하는 것이 목적이다. 2013년 정부의 투자중심 창업지원 생태계 구축정책에 힘입어 국내 창업초기 투자생태계는 보다 세분화되고 활성화 되고 있다. 종전의 엔젤투자와 VC 투자자로 양분되었던 벤처투자시장에, 특히 창업초기단계 개인엔젤투자조합, 전문엔젤, TIPS, 엑셀러레이터와 창업초기 전용VC 펀드인 인큐베이팅펀드와 청년창업전용투자펀드등에서 최근 마이크로VC펀드에 이르기까지 다양한 창업초기 VC 펀드가 창출되며 다양한 그룹의 투자자들이 생성 진화중이다. 이렇게 창업초기 다양한 투자자그룹이 생성되고 성장하고 있는 이면에는 정부의 매칭투자와 투자연계 R&D 자금이 큰 역할을 하고 있어 투자자들에게는 창업기업에게 Valuation과 투자 위험 관리에 큰 도움을 주고, 창업기업에게는 과도한 지분의 희석 없이 투자자금이 가진 장점의 혜택을 극대화하고 있다. 그러나 본 연구의 국내창업초기 투자생태계 진단결과, 국내 창업투자생태계는 다양한 투자자그룹이 생성되고 성장하고 있지만 서로 다른 투자자 그룹 간 공동투자나 후속투자 연계 등의 협업적 활동 및 회수네트워크 연계 등 활동은 아직 미흡하다. 또한 투자분야 자체가 모바일 및 인터넷서비스 분야에 집중되고 있어, 상대적으로 긴 시간의 보육과 성장검증기간 및 규모 있는 투자를 필요로하는 제조분야는 비중이 약한 편이어서 투자 대상 사업 분야의 다변화 필요하다. 뿐만 아니라 국내 창업초기투자생태계는 창업의 글로벌 사업성과를 내기 위한 글로벌 투자자들과의 연계구조는 미흡한 상황이어 이를 촉진할 방안이 요구된다고 할 수 있다.

• International Area Studies Review
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• v.18 no.3
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• pp.47-66
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• 2014

A noticeable aspect of Korean firms' outward sequential FDIs to China is that they occur sequentially, which means that they implement the outward FDIs to China with a long-term perspective. To analyze the strategic advantages of sequential investment, we introduce Cournot type quantity competition model. According to the model, three important implications are derived. First, sequential FDIs enhances the Korean parents' production capabilities. Second, the parents are more likely to establish new Chinese subsidiaries as they stay longer in China. Third, the production effect of sequential investments incurs more sequential investments. Some regression models are tested for verifying the predictions. According to empirical results, three important results are found. First, initial entry mode affects the size expansion of the Korean parents. Second, the longer the duration of intial subsidiary in China, the more the sequential investment will be. Third, sequential investments are positively associated with the productivity of the Korean parents.

• Journal of Venture Innovation
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• v.7 no.2
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• pp.125-141
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• 2024

This study is conducted to review issues related to the use of the Simple Agreement for Future Equity(SAFE), which has been introduced as one of the venture investment methods in Korea since 2020, and to suggest policy implications for facilitating the utilization of this investment method. With the recent rapid decline in venture investment, private venture investment associations little use the SAFE in recent years. However, after adopting the SAFE, Korean's SAFE have been utilized mainly by policy financial institutions, and it is evaluated that the system has been revitalized to some extent, with some private venture investment associations also utilizing the SAFE. The results of comparing the SAFE with other equity investment contracts, the additional risk rate related to the failure of follow-up investment is estimated to be approximately 1.8%p. This shows that the additional risk is not greater than the advantages of the SAFE. In other words, it can be judged at a level where it is possible to offset advantages of the SAFE that investors must bear with the additional risks, which shows that there are less burden in terms of using the SAFE. In light of the fact that the venture investment ecosystem can become more active as various venture investment methods are developed and utilized, it is necessary to actively utilize the SAFE method to support start-up companies.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.15 no.1
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• pp.17-29
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• 2020

In recent years, universities, with their intellectual properties and human resources, become main drivers for technology transfer. Universities in Korea have various organizations to support the technology transfer and commercialization. Among them, a technology holding company plays the critical role to successfully implement the task. Nonetheless, the performance of the technology holding company is well below the expectation of industry, government and universities themselves. The lack of expertises and experience together with the ill-suited government policies could be attributable to the observed under performance. More recently, however, the technology holding company acts as an accelerator or venture capital to search and fund promising start-ups. The university venture capital thus transforms a traditional university into an entrepreneurial university. Focusing on the role of the technology holding company as an accelerator or venture capital, the paper analyzes the characteristics of the university venture capital and the invested start-ups. The performance of the university venture capital is measured and the determinants of the performance are empirically tested. The results show that the co-investment of outside investors and the support of government program, known as Tech Incubator Program for Startup Korea, yields the highest performance. The result indicates that the coordination of the university venture capital, industry and government is the key to the success of early start-ups. The paper is the first to analyze the performance of the university venture capitals in Korea and thus contributes to the literature.

• 한국벤처창업학회:학술대회논문집
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• 2020.06a
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• pp.39-44
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• 2020

지금까지의 투자 의사결정 요인에 관한 연구는 벤처캐피탈 관점에서 이루어져 왔다. 벤처캐피탈이 투자할 만한 가치가 있는 스타트업을 선정하는 요인이 무엇인가 하는 것이 기존의 연구의 핵심이었다. 하지만, 최근 우수한 스타트업의 경우, 많은 벤처캐피탈이 투자를 하기를 원하면서, 오히려 능력 있는 스타트업들은 벤처캐피탈을 선별해서 투자를 받고 있는 현상이 나타나고 있다. 따라서 우수한 스타트업이 벤처캐피탈을 선택하는 결정 요인을 알아봐야 하는 시기가 된 것이다. 본 연구는 창업 초기단계(Series A) 창업가 4명, 중기단계(Series B/C) 창업가 3명을 인터뷰하여 스타트업이 벤처캐피탈을 선정하는 요인을 탐색하고자 한다. 연구 결과, 스타트업이 벤처캐피탈을 선정하는 주요 요인으로는 1) 계약내용, 2) 벤처캐피탈 명성(reputation), 3) 투자 심사역인 것으로 나타났다. 먼저, 초기 및 중기 단계의 스타트업 모두가 중요하게 생각하는 요인은 계약내용으로, 구체적으로는 가치평가 (valuation)와 우호적인 투자조건으로 나타났다. 다음으로, 벤처캐피탈의 명성 (reputation)의 경우, 벤처캐피탈이 지금까지 투자해 왔던 회사들의 면면 (portfolio)과 투자한 후, 후속 투자를 하는 경향 (Follow-on)을 중요시 하는 것으로 나타났다. 마지막으로, 벤처캐피탈을 선정할 때, 창업 초기 단계에서는 상대적으로 투자심사역의 영향이 컸고, 창업 중기 단계 이후로 갈수록 투자심사역 개인보다는 회사 차원의 벤처캐피탈의 영향력이 커짐을 발견하였다.

• Korea Trade Review
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• v.45 no.6
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• pp.1-22
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• 2020

This paper analyzes the influence of entrepreneurial orientation, international market orientation, and investment performance of Korean SMEs in Vietnam on sequential investment. As a result of analyzing the research model using PLS SEM, it was found that Korean SMEs make sequential investments based on investment performance rather than entrepreneurial orientation or international market orientation. In addition, entrepreneurial orientation increased internationa market orientation and had a positive effect on investment performance, which was found to have a positive effect on sequential investment. Through this study, it was clarified that there is a difference between the determinants of initial investment and sequential investment, and it was confirmed that Korean companies show stable and strategic sequential investment tendency rather than proactive and bold investment in Vietnam. In addition, the mediating effect of international market orientation and investment performance in sequential investment was confirmed. In addition, it was confirmed that entrepreneurial orientation was a valid factor in the indirect effect of sequential investment. In the future, for high entrepreneurial orientation Korean companies entered the Vietnamese market, there will be a need for policy support to provide information on Global Value Chain in Vietnam and establish networks on the country.

• International Area Studies Review
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• v.13 no.2
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• pp.526-548
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• 2009

Foreign Direct Investment(FDI) has played a vital role in the economic growth of Pakistan. The objective of this paper is to review the literature on the Pakistan's FDI law and explore possibilities for research. We focus on the Foreign Private Investment (Promotion and Protection) Act 1976, Furtherance and Protection of Economic Reforms Act 1992, and Foreign Currency Accounts (Protection) Ordinance 2001. Major concern seems to be frequent change in policies, lack of follow up for effective implementation of the good decisions above all the law.

• Journal of Digital Convergence
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• v.17 no.3
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• pp.153-160
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• 2019

This paper analyzes the impact of investment tendency of foreign investor on accounting conservatism. We use the sample of 1,527 firm-year Korea listed companies belonging to non-financial corporate sector during 2014-2016. The results of empirical analyses show that investment horizons of foreign investors has a positive relevance with accounting conservatism. This result indicates that the firm have a long-term foreign investors has a good quality of accounting earning than the firm have a short-term foreign investors. This study that verified the relevance between investment tendency of foreign investor and accounting conservatism is expected to provide useful information by suggesting the need for more incentive for the long-term foreign investors. And we expect a follow-up study focused on the discriminative effect of investment tendency of foreign investor on accounting policy.