사내벤처캐피탈 투자기업의 기술혁신 효과 분석

The purpose of this study is to analyze the degree to which venture firms invested by CVC in Korea strengthen to technological innovation. I conducted a survey of companies with IPOs in the KOSDAQ market during the five-year study period from January 1, 2011 to December 31, 2015. As a result, I confirmed 43 final companies that can use this study among CVC companies. 43 non-formed CVCs, corresponding samples, were extracted from venture companies which were not invested by venture capital firms, ie, technology-guaranteed lenders or R&D companies, taking into account the type of industry, career, and number of employees of formed CVCs. The results of the analysis of the effect of CVC on the innovation of venture firms are as follows. First, I analyzed the effect of CVC formation on technological innovation of venture firms. Then, I found that CVC variables had a positive effect on the number of patent registrations. As a result of analyzing the difference in the number of patents between formed CVC and non-formed CVC, the number of patents between formed CVC and non-formed CVC showed a significant difference. This indicates that the degree to which CVCs are formed to provide employees with opportunities for start-ups or contribute to technological innovation by investing in start-up companies is meaningful. These results suggest that it is desirable to encourage CVC in the future because formed CVC companies are more discriminative in terms of CVC investment efficiency than non-formed CVC companies. Second, the comparative analysis between the CVC forming companies and non-CVC forming companies on the numbers of patent has showed the significant differences. The number of patents of the corporation after CVC formation was larger than before CVC formation and the number of patents between the two groups showed a significant difference. The finding indicates that CVC formation encourages employees with opportunities for start-up their own companies, or investment on newly-founded companies for technical innovations. The importance of forming CVCs is strongly emphasized. It is suggested that forming CVCs actively encourages employees to create innovative activities. It indicates that the composition of CVC is very important. It is considered desirable to actively encourage creative innovation activities by composing CVCs. Third, I found that CVC, a leader venture capital firm, has a positive effect on the number of patent registrations as a result of analyzing the ripple effects of venture firms on technological innovation. The analysis of effect on Leader CVC to the innovation of venture businesses indicates that there is significant impact on the numbers of patent registration. The higher the investment stake of CVC, the higher technology and management support for venture companies. There were more chances for monitoring venture companies, and the finding indicates that there was expansion of patent registration by technological innovation through the R&D. These results suggest that it is effective to expand patent registration through technological innovation through R&D because the higher the CVC investment stake is, the more active the technology and management support for venture companies are and the more opportunities to monitor venture companies. In the future, it will be required to take an in-depth research on the investment stake of venture firms supporting CVC. It is necessary to clarify whether the higher the investment stake ratio is, the more technological innovation of venture company is continuing, or the rate of CVC investment stake at the time of optimizing venture company technological innovation through in-depth research.