국내 벤처펀드의 성과결정요인에 대한 실증연구

This study empirically analyzed the factors that affect the yields of 375 domestic venture funds formed between 1999 and 2014. This study is meaningful in that the representation and scarcity of data is high as it used data from four major Anchor LPs in Korea, and the analysis focused on external environmental factors, which have not been sufficiently studied. It is also meaningful in that this study compares the effects of the market conditions that have changed since the 2000s, while the previous studies mainly analyzed the initial stage of ventures. Our empirical results suggest that market conditions have a significant effect on fund performance, but fund intrinsic factors such as fund size, fund length, GP experience year, GP‘s asset size under management have no significant effect. Major performance determinants affecting fund performance were identified as credit spreads at the time of fund formation, stock market capitalization at the time of fund formation, capital inflows and KOSDAQ growth rate over lifetime of fund. Credit spread and stock market capitalization influence positively on fund performance. This result shows that the domestic venture fund performance is counter-cyclical against the business cycle but pro-cyclical for the stock market. The finding that venture funds showed different cycles to economic cycles and stock market respectively has not been found in previous studies. Capital inflows influences negatively on fund performance. That means competition between venture capitals affects adversely fund performance. In the future, institutional investors will be able to improve portfolio performance by controlling the size of venture investment of vintage year based on forecasts of external environment. In the midst of the trend of large funding, performance differentiation is expected depending on venture capital’s ability to respond to the external environment