• Asian Journal of Innovation and Policy
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• 제11권3호
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• pp.277-292
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• 2022

This study examines the implications on the valuations of privately held firms when stakes are acquired by venture capitalists in India. In addition, the effect of fund size and revenue multiple is considered as a determinant of firm value. The study is based on a sample of 1229 rounds of funding during the period 2007-2015. The data was obtained from Venture Intelligence. Three major observations emerged based on an OLS regression. Firstly, it is observed that the stake acquired by venture capitalists has a negative effect on firm value. It supports the belief that when a firm reaches its maximum valuation from the promoter's perspective, there is a tendency to liquidate additional stakes. Secondly, a positive association between the revenue multiple and valuation is recognized. Thirdly, the convex relationship (U-shaped) between the fund size and firm valuations as seen in the case of developed economies, appears to be non-existent in India.

• 기술경영경제학회:학술대회논문집
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• 기술경영경제학회 2005년도 27회 하계학술발표회 논문집
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• pp.24-43
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• 2005

On industry highly developed and competition with each company, technology is considered as the one of the most significant variables in the era of technology competition. So, the needs of technology valuation and valuating technology competitiveness are increasing to measure value of company. However, in many cases of valuation tools, elaborate valuation technique is required all the more by reason of difficulty of defining the valuation target, the valuation perspective and the purpose of valuation. This study tried to define valuation framework of technology competitiveness for technology intensive small medium venture company to valuate technology environment and company's capability related with technology synthetically as well as technology itself which company uses. And also the purpose of technology valuation, the purpose of technology competitiveness, basic elements of technology valuation, trend of technology valuation in major countries including Korea are presented and analyzed.

• 지식경영연구
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• 제6권1호
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• pp.19-32
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• 2005

The reliability of technology valuation depends on, among other things, the reliability of the discount rate estimate. The weighted average cost of capital, generally accepted as discount rate, consists of cost of equity and cost of debt. The model used to estimate the cost of equity for publicly traded firms can not be used directly for small-sized venture firms. In addition, the estimation of cost of debt become very difficult, given the limited and volatile price history, because these small-sized venture firms do not have associated credit ratings. Since two kinds of cost of capital for the small-sized venture firms can not be estimated directly from market data, this study suggests statistical frame works for estimating unknown two kinds of cost of capital. The estimates of underlying cost of capital will help determine the size of appropriate discount rate with logical and scientific way when the technology valuation for small-sized venture firms is made. This study also suggests the necessity of the risk premium for the technology competitiveness to improve the estimation of the appropriate discount rate for small-sized venture firms.

• 한국산학기술학회논문지
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• 제4권3호
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• pp.289-295
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• 2003

본 논문은 벤처기업을 합리적으로 평가할 수 있는 평가모형과 방법을 제시할 목적으로 코스닥 등록기업 중 무작위 추출에 의해 선정된 99개 벤처기업을 분석표본으로 삼았으며 기업별 시장주가로 2000년 1월부터 2001년12월까지의 최고, 최저, 평균주가를 추출하였다. 본 논문에서는 벤처기업가치평가 모형으로 실물옵션 평가모형 중 성장옵션모형을 이용하여 각 기업의 현재가격, 행사가격, 변동성, 행사기간, 무위험이자율의 5개 변수로 벤처기업의 옵션가치를 산출하고 여기에 잔존가치를 현금흐름 할인 법으로 할인 산출하여 그 값을 합하여 기업 가치를 평가하였고 또한 현금흐름 할인 법(DCF)을 이용하여 기업 가치를 평가하였다. 여기에 사용된 각종 파라미터 값은 우리나라 벤처기업과 산업의 자료를 중심으로 추출하여 본 모형에 적용, 기업의 가치를 실증적으로 평가하였다.

• 한국벤처창업학회:학술대회논문집
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• 한국벤처창업학회 2006년도 추계학술발표회
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• pp.61-85
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• 2006

The Purpose of this study is to prove empirically the relationship between ventures' technology valuation and performance, while considering the uniqueness of Korean firms. We use technology valuation index, marketability valuation index, business valuation index as ex-ante independent variables, use firm's performance(sales, asset, operating income ratio, net income ratio etc) as ex-post dependent variables. Parametric analysis such as Paired T-test, ANOVA are applied in this paper. The results of Empirical analysis is summarized as follows. Firstly, operating income ratio and net income ratio are different in portfolios classified by technology valuation index. Secondly, the growth rate of operating income is different in portfolios classified by technology valuation index. Finally, this study has shown that technology valuation index has possibility which it use the predictive variables of ventures' performances.

• 한국IT서비스학회:학술대회논문집
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• 한국IT서비스학회 2002년도 창립기념 학술대회
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• pp.1-7
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• 2002

SI기업은 IT시대에 광범한 산업영역에 걸쳐 높은 사회적 가치를 창출하는 주체로서 인정받고 있다. 그럼에도 불구하고, 재무적 조달 관점의 가치평가결과는 타업종에 비하여 그다지 매력적이지 못하다. 그렇게 되는 요인은 높은 원가율, 기술적 차별화의 제약 및 낮은 시장진입장벽으로 인한 경쟁격화 등으로 요약될 수 있다. IT기술의 확산에 대한 기대, 적정 마진의 확보가 가능한 SM 및 기개발된 솔루션 매출 등의 긍정적 요인과 경쟁과다로 인한 원가경쟁, 낮은 진입장벽, IT 투자 변동성 등의 부정적 요인이 SI기업의 가치에 영향을 미치고 있다.

• 품질경영학회지
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• 제41권1호
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• pp.15-38
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• 2013

Purpose: This study is to search for the core factors of improving business performance of small and medium venture manufacturing company and to do an in-depth analysis of the relations with management performance through systematic approach and to provide implications of importance of the management for the improvement factors for the domestic small and medium venture manufacturing company. Methods: The data have been analyzed via the regression and path analysis using AMOS. Results: this study is absorptive capacity affects the business performance of manufacturing companies. absorptive capacity has the role of the parameters of the Quality Management System and business performance. Conclusion: This study suggests how to run absorptive capacity according to type of management performance, and how to enhance Quality Management System to efficiently promote absorptive capacity in order to grow of management performance. also, this study shows a way to enlarge the valuation standard for management and customer performance reflecting the growth potential of an enterprise in circumstance where the valuation standard focuses on financial performance.

• 한국경영과학회지
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• 제26권3호
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• pp.21-37
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• 2001

Riding on the wave of the information technology revolution, a slow of internet venture businesses (IVB) came into being. Hence, one of the recent developments in Korean capital market has been the proliferation of IVB, which is in accordance with the worldwide trend of ‘new economy’. Although the fair valuation is crucial for the nourishment of IVB, it is difficult to apply traditional valuation methods to these firms without reservation. It is due to the facts that most venture firms have little records of performance, grow unprecedently fast, and have highly uncertain future. The main purpose of this study is to suggest performance evaluation system of IVB and to develop KPE (Key Performance Indicators). Our empirical study is based upon Kaplan & Norton’s Balance Scorecard (BSC) approach. Specifically, our research has been conducted by the following two subsequent procedures: Firstly, seven internet venture firms have been selected and their executives have been interviewed by FGI(Focus Group Interview) method. Based upon these results, performance indicators have been developed. Secondly, by using the above mentioned BSC items (i.e., financial perspective, customer perspective, internal perspective and innovation & learning perspective), questionnaires have been constructed and sent to IVB through e-mail as well as over the Fax. Among the collected 110 samples, reliable 106 samples have been used to build BSC model and to draw our conclusion. In the future study, it would be much better to consider the role of strategy in IVB and the causal relationship among Key Performance Indicators of BSC.

• 기술혁신학회지
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• 제9권4호
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• pp.812-841
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• 2006

본 연구는 중소벤처평가지표의 개선을 위해 t-test, 요인분석, 로짓회귀분석을 이용하여 평가지표의 판별력을 분석하였다. 연구결과를 요약하면 하면 다음과 같다. 첫째, 중소벤처평가지표의 분류정확도가 93%를 보이고 있어 기존 재무비율을 이용한 선행연구의 예측력과 비슷한 것으로 나타났다. 둘째, 통상적으로 중소벤처지원기관의 평가지표는 기술성지표, 사업성지표, 시장성지표로 구성되어 있는데 본 연구의 요인분석 결과 6개의 평가지표로 구성되는 것이 바람직함을 보이고 있다. 셋째, 중소벤처성과에 영향을 미치는 요인들로, 기존 연구에서도 주장된 기업가정신(entrepreneurship)을 나타내는 경영자기술역량, 경영자경영역량 그리고 사업성인 것으로 나타났다. 그리고 이들의 비중(영향정도)는 비슷한 것으로 나타났다.

• 한국기술혁신학회:학술대회논문집
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• 한국기술혁신학회 2000년도 추계 학술대회(The 2000 Autumn Conference of korea Technology Inovation Society)(한국기술혁신학회)
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• pp.297-311
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• 2000

Since 1996 when Kosdaq market was set up, serious doubt has been raised regarding the efficiency of the market. The most important question is whether this market can reflect the real value of the venture company quoted on it. In order to answer this question, this study aimed to evaluate venture companies in Kosdaq market adopting the concept of real option theory. From the results of empirical analysis, we found that in the early 2000, there was serious over-valuation problem. On the contrary, in the recent period of economic recession, under-valuation problem is quite prevalent. We also present our methodology and empirical results confirm the conjecture that option premium outweighs the DCF valor for the newly born and high-technology intensive venture companies. We hope that the empirical results shed some light on the policy prescription to improve the efficiency of Kosdaq market.