초기 창업기업에 대한 주요국의 출자방식 지원정책 비교분석 및 시사점

The market failure in the high-risk investment market to the starting and early-growing stage firms is taken through lack of ability to manage the risk or hedging. Hence many countries have enforcing diversities of government equity-financing policies for compensating the market failure. This study have classified them to four kinds of type such as Tax relief, Funds of Fund, Investment partnership, and Investment agency. And in this paper, each type of equity-financing policies have been inductively analysed in terms of using scale or developing stage of high risk investment market. Consequently, some interesting findings emerge from the study. One, the structure and types of equity-financing policies for supporting starting and early-growing firms are diversified whether willing to compensate the market failure directly or promote the high-risk investment market for recovering the function of it. Two, in implication to Korea, the equity financing policies must be expanded henceforth continuously and increasing the type of Funds of fund considering the growing venture capital industry. Finally, the government strategically needs to consider to put in operation the direct equity-financing policies in the biotechnology industry which is required long term for commercialization and retrieving the investment.