벤처기업의 해외시장개척 이후의 기업가치 창출에 영향을 주는 요인

[Purpose]The purpose of this study is to investigate the success factors of venture companies in overseas market development by reviewing the cases of venture companies listed in KOSDAQ and KONEX. In particular, this study investigates the factors of value creation in the situation of venture companies pioneering overseas markets based on the belief that stock returns are an indicator of long－term financial performance. [Methodology]Data necessary for testing hypotheses will be obtained from various sources of information. In particular, data related to venture companies’ overseas market development is collected using “FnGuide” and “KISVALUE”. In addition, contents related to venture companies’ overseas expansion cases will be targeted for content from 1998 to 2016, and text mining techniques will be used for news search and analysis. [Findings]The results of the study are as follows. First, it is related to the level of diversification of venture companies and the creation of corporate value after overseas market development. Second, the psychological distance between countries affects value creation after overseas market development. Third, the core competencies of venture companies control the effect of the level of diversification and psychological distance from the country of entry on corporate value creation after overseas market development. [Implications]Korean－based ventures will be able to present strategies to maximize the acquisition of market knowledge through the advantages of latecomers, that is, the learning from trial and error of leading companies.