벤처기업의 투자유치 유형이 기업역량과 성장 잠재력에 미치는 영향: 창업자 지분율의 조절 효과

Fundraising is very important to the growth and survival of venture companies. Previous studies reported that the fundraising of venture companies had a positive effect on corporate performance. However, there may be a difference in the positive effect of fundraising depending on the characteristics of the investor (e.g. angel investor vs. venture capital) and the venture company. Therefore, it is theoretically and practically important to search for differences in the performance of venture companies according to the type of fundraising. The study presented a mediation model to compare the differences in the effects of angel investors and venture capital investments on venture business capabilities and growth possibilty. In addition, based on the founder's dilemma theory, it was analyzed whether the positive effects of fundraising on the competency and performance of venture firms were moderated according to the founder's stake. The study collected data from the 2017-2018 detailed survey of venture companies provided by the Ministry of SMEs and Startups and analyzed a total of 4,163 observations. The PLS (Partial Least Squares) structural equation model was used for the hypothesis testing. As results, it was found that venture capital investment has a greater positive effect on corporate competency and performance than angel investors. In addition, this positive effect was found to be reinforced when the founder's stake was low. In particular, it was found that the positive effect of the fundraising of venture companies on corporate competency was not significant in the group with a high ownership of founders. The study has a contribution to discovering that the effect of fundraising of venture companies on corporate competence and performance is moderated by the founder's dilemma (king vs. rich).