한국 벤처캐피탈리스트의 투자결정 과정 : 경험 많은 벤처캐피탈리스트가 보다 좋은 의사결정을 하는가?

The venture capitalists(VCs)' decision process has received much attention within entrepreneurship literature. Common wisdom suggests that growing discernment comes with experience. Applying this dictum to entrepreneurship, it seems reasonable to suggest that as VCs gain experience, their decision-making processes improve. However, do more venture capital experiences always provide better decision making? In spite of the best knowledge of authors, this idea has not been systematically and deeply investigated. Moreover, articles in related fields offer somewhat contradictory aspects with respect to addressing this question. The purpose of this study is to investigate empirically that Korean VCs' investment decision process: Does more experience at the venture capital task result in better decision? This paper aims to suggest that answer to the problem may involve a curvilinear relationship between the experiences in venture capital tasks and accuracy of VCs' decision processes. This study found the results that as decision-makers' experiences increase, accuracy of decision making decrease at first but increases gradually, and also that as decision-makers' experiences increase, confidence and overconfidence of decision making increase at first but decreases gradually. Therefore the VCs' experiences in VC tasks are related curvilinearly to decision making accuracy, accordingly are showed as an U shaped function.