시너지와 기업벤처투자사(Corporate Venture Capital)와의 관계성 연구

The purpose of this study is to systematize synergy from equity investment of Corporate Venture Capital(CVC) through literature review and to derive implications for corporate strategy. Most of the existing research on CVC's investment in venture companies related to manufacturing industries has been studied from the perspective of business diversification and merger and acquisition(M&A), but there is little research on synergy from equity investment from the strategic investment point of view. In this context, this study examines the meaning and interrelationships of synergy in CVC investment activities through the analysis of existing literature on the relationship between synergy and CVC and examines how this relationship affects firm strategy. Based on this, we have newly classified synergies specific to CVC investment. In this process, the shared, scale, and internalized-type synergies were found to be weakly related to CVC investment activities. Meanwhile, exploratory-type synergy was newly added to the purpose of CVC investment, which had never been considered before. In addition, this study examined strategic implications by aligning CVC specific synergy types and company's market strategy through the Product-Market Mix. In other words, when developing new products or businesses in the existing market, the parent company may utilize the technology capability of venture companies through CVC investment activities to jointly develop new products (complementary synergy). In the case of expanding new markets in the existing markets, the parent company may search for the new strategy direction and conduct experiments to avoid business risks by leveraging the accumulated business contents and capabilities of venture companies. (exploratory synergy)