벤처캐피탈 투자가 기업의 성장성과 생산성 향상에 도움을 주는가?

Venture Capital(VC) is the capital pursuing the high-risk and high-return. The traditional role of venture capital is to provide capital for VC-backed firms' growth. However, above this role, VC could help VC-backed firms as mentor that supporting consulting services such as strategy management and technology management In this paper, we conducted a study on impact assessment of venture capital investment. To implement this, we analyzed growth, innovation, and total factor productivity of VC-backed firms. To avoid selection bias problem, which occurs frequently in impact assessment, the Propensity Score Matching methodology was used. The result shows that venture capital investment has a positive effect on VC-backed firms' growth and innovative capability, but negative on total factor productivity. This result implicates that venture capital's function as mentor don't work properly.