사내벤처캐피탈이 투자기업의 기술혁신에 미치는 영향

This study discusses Corporate Venture Capital's contributing role to the innovative venture business(VB) by analyzing its promoting effect on the "Technology Innovation" for the invested venture business. It has analyzed the number of patent registrations and amount of investment in intangible assets of the 52 companies invested by Corporate Venture Capital(CVC) during the period from January of 1999 to December of 2008. The results are as follows. First, the company has shown its growth in registering the patent after receiving the CVC's investment, which verifies the CVC's pumping-up role in technology innovation. The result shows that the formation of CVC motivates R&D and innovation will and has a postive influence on technology innovation by the complementary relationship with academic externality of existing knowledge capital. This study supports the works by Kortum and Lerner(2000), Hellman and Puri(2000), McNally(1997), Ki-whan Lee and Byung-seop Yoon(2007) asserting that CVC's investment influences the number of patent registration and it contributes to spreading the technology innovation. Second, it is found that the number of patent registrations from IT VBs invested by CVC is larger than that of Non-IT VBs. The result implies that the high-technologies of IT VB's play a critical role in registering more patent than low-technology Non-IT VBs. Third, it is found that the ratio of investment in intangible assets by the VBs has grown after receiving CVC's fund, which implies that the CVC's investment plays a stimulating role for the VBs to invest more budget into R&D so that they can accomplish technology innovation.