공공벤처캐피탈의 공동투자가 벤처기업의 성과에 미치는 영향

The objective of this study is to understand of venture capital syndication effect and investment performance of government-owned banks, which play an important role as a public venture capital in Korea venture industry. Despite of significant role of government-owned bank in the venture capital market in Korea, its effects have not been definitely addressed so far in the previous literature. This study attempts to analyze and evaluate the effect of syndicated investment between government-owned banks and private venture capital based on company’s exit performance, includes IPO, M&A, court receivership and write-off. Survival analysis results by using Cox’s proportional hazard model were mostly consistent with the hypotheses, based on dataset consisted of 435 companies which participated in Korean governmental R&D program for core material and parts from 2000 to 2010. Main results of this study are as follows. First, it took shorter time to successful exit with total funding size increase. Second, syndication between government-owned bank and private venture capital increases investments for early stage hi-tech venture firms with successful exit performance. Third, it took longer time to successful exit with number of venture capital and proportion of government-owned bank investment increases. Fourth, investment of prominent experienced venture capital made no significant difference in successful exit for investee companies, while it made significant difference in negative exit.