벤처캐피탈에 대한 정부 출자지원의 유효성 분석

Venture Capital is a key driving force for start-ups, growth, job creation and innovation activities of venture companies. The role of government in venture capital market as financial intermediaries investing in start-up and innovative companies going through an equity gap is different from that of private venture capital such as individual, corporate and institutional venture capital. This difference could have important implications in their investee’s performance to be successfully financed and nurtured for start-ups, growth, profitability, innovativeness and productivity. Despite the very significant involvement of government money in the venture capital market in Korea, the role played by government and its effects have not been definitely addressed so far in the previous literature. So, this paper attempts to both analyze and evaluate the effect of government financing to the venture capital fund on the firm’s performance. Moreover, we compare the difference of performance between government venture capital and private venture capital in Republic of Korea. Methodologically, propensity score matching (PSM) method is used for reducing the selection bias. The results indicate that venture firms which were funded by government have no different characteristics comparing with the firms which were funded by private sector. This result means that government has no discriminative selection mechanism for choosing the venture firms, although government investment to the venture capital has the different purposes comparing with private venture capital. In the respect of firm's performance, there is no difference between government venture capital and private venture capital. This indicates that the government needs to focus rather on fundamental goal of government venture capital.