벤처캐피탈의 스타트업 투자전략 영향요인에 관한 연구: 벤처캐피탈의 업력 및 재무적 특성을 중심으로

This study aims to measure observable characteristics of a venture capital, such as age, asset, capital, operating revenue, and operating income to verify how they influence the investment strategy of start-ups. Data was collected and measured based on the 2016 report of the Disclosure Information of Venture Capital Analysis(DIVA) and statistical positive analysis was conducted. The result of the research can be summarized as follows: First, multiple regression analysis with initial investment amount as a dependent variable revealed that age and asset, out of the independent variables, have negative(-) values while capital, operating revenue, and operating income have positive(+) values. Capital and operating income, among variable, proved to have statistically significant influences. This finding indicates as a venture capital company has more capital and operating income, it is more likely to have bigger initial investment, with capital having more effect than operating income. Second, multiple regression analysis with the number of initial investment as a dependent variable revealed that age and asset, out of the independent variables, have negative(-) values while capital, operating revenue, and operating income have positive(+) values. However, only capital showed having a statistically significant influence. This indicates a venture capital is more likely to have more cases of initial investment as it has more capital. Overall, the result of multiple regression analysis showed that the capital of a venture capital company influences significantly the amount and cases of initial investment while age, asset, or operating revenues do not.