벤처캐피탈의 투자성과 분석: 정부벤처캐피탈과 민간벤처캐피탈의 비교

The purpose of this study is to compare the independent investment performance of Government Venture Capital (GVC) to that of Private Venture Capital (PVC) for any discriminatory investment performance between the two groups. Over the 10-year period from 2008 to the end of 2017, 1,046 cases of venture capital investing in manufacturing, 278 cases of GVC investment company and 768 cases of PVC investment company were extracted as analysis data. The analysis results are as follows: First, on initial investment, the GVC investment entity found that it had a greater incentive to attract investment than the PVC investment entity. And the larger the shareholding ratio of the largest shareholders, the more likely it is to operate the company responsibly, which could be judged that venture capital first carried out large-scale investments. Second, the ratio of companies to which investment amount was recovered through IPO was significantly high, and the ratio of companies to which investment amount was collected through M&A, and the ratio to which investment amount was collected through IPO and M&A had a significant positive effect However, even when there is a mix of GVC and PVC in an investment entity, it is still necessary to analyze whether GVC achieves policy objectives and whether GVC leads PVC to increase investment inducement.