벤처․창업 투자정책 실효성 제고 방안
A Study on the Improvement of Investment Policy for Venture Business
박상조(서울벤처대학원대학교); 윤병섭(서울벤처대학원대학교)
22권 2호, 29~48쪽
초록
본 연구는 벤처캐피탈 투자와 회수 현황을 분석해 벤처․창업 투자정책의 문제점을 찾아보고 벤처․창업 투자정책 실효성을 제고할 수 있는 방안을 모색하였다. 투자조합 신규조성 금액을 살펴보면 한국벤처투자조합 결성금액 비중이 창업투자조합보다 높다. 그리고 조합의 결성 대비 출자 비중이 50.5%에 불과해 소극적 출자가 이뤄지고 있다. 업력별 투자도 창업초기 단계 벤처기업 투자 비중이 감소하고 후기투자 비중이 증가하였다. 벤처캐피탈 등록회사 수는 개인이 감소하고 일반법인은 증가하고 있다. 또한 2003년부터 2017년까지 해산한 706개 조합 평균수익률(IRR)은 3.8%이며, 이는 창업투자조합 수익률 3.0%, 한국벤처투자조합 수익률 7.4%로 구성되어 있어 2배 이상의 차이가 있다. 벤처․창업 투자정책의 실효성을 제고하기 위해 비대칭적 벤처캐피탈 관련 법규 정비가 요구된다. 현재 우리나라 벤처캐피탈의 동일기능 상이규제를 동일기능 동일규제로 바꿔 벤처캐피탈 경쟁을 촉진하고 역량 제고를 이뤄 벤처캐피탈 발전은 물론 투자하는 벤처기업의 성장지원 기능이 올바르게 작동하도록 환경을 조성해 줘야 한다. 한편, 규제 완화 중점 중소기업 관련 지원법률 정비, 통합적 관리추진체계 마련, 민간 주도 메가 모태펀드 조성 등이 필요하다.
Abstract
This study analyzed the status of venture capital investment and recovery to identify problems in venture and startup investment policies and found ways to enhance the effectiveness of venture or start-up investment policies. The amount of the Korea venture investment association is still higher than that of the start-up investment association. With only 50.5 percent of investment in the union, passive investment is taking place. Investment status by firm age has shown that investment in venture companies in the early stages of start-up has decreased and the proportion of investment in the latter phase increased. While the number of private venture capital registered companies is decreasing, that of the general corporations is increasing. The average return rate (IRR) of 706 unions that disbanded from 2003 to 2017 is 3.8%, and the return rate of the start-up investment association is 3.0%, and the return rate of the Korea Venture Investment Association is 7.4%, more than double. To enhance the effectiveness of venture and startup investment policies, asymmetric venture capital related laws and regulations are required. Currently, Korea needs to change regulations on the same function of venture capital to the same regulation to promote competition in venture capital and enhance capabilities to develop venture capital and create environment so that functions that support growth of venture businesses that invest in will work properly. In addition, there is a need to overhaul supporting laws related to small and medium-sized businesses that focus on deregulation, create private-led Mega funds, and expand opportunities for venture capital investment by innovative venture companies. Meanwhile, the role of Ministry of SMEs and Startups should be strengthened so that it can effectively implement the initiative and overall coordination of venture and startup policies. The government should give the authority to supervise the budget for policy funds, including parent funds, through the operation of policy councils, and to adjust relevant laws to effectively coordinate related policies, institutions and laws.
- 발행기관:
- 한국중소기업학회
- 분류:
- 경영학