벤처캐피탈의 제한적 주의력과 포트폴리오 벤처기업의 성장률

There have been numerous research articles on venture capitalists and entrepreneurial opportunities. However, few researchers have investigated portfolio decisions of venture capitalists on growing venture companies. In this article, we investigate the venture capitalist’s portfolio decision-making problem from the perspective of limited attention and profit maximization. Gifford(1992, 1993, 1997, 1998) proposed the so called “juggler model” for analyzing decision makings of venture capitalists. She argued that venture capitalists should economically allocate their attention among their portfolios of profitable venture companies. However, her modified management science model did not include any growth components. In this article, by adding a growth component to the juggler model, we analyze the portfolio choice of a venture capitalist who invests in a set of growing venture companies. The major propositions developed are as follows. First, the higher growth rates of portfolio venture companies, the higher opportunity costs of venture capitalists. Second, the optimal number of proactive management activities performed by a venture capitalist is inversely proportional to growth rates of portfolio venture companies.