기업벤처투자 인수 및 합병에 영향을 미치는 모기업과 투자대상기업의 산업군 및 지리적 특성에 관한 연구

Unlike specialized venture investment, which focuses on realizing financial profits, the corporate venture investment field of today is evolving into a means to achieve the parent company's strategic goals. Corporate venture investment is progressing in diverse forms according to the varied business environment. Thus, it is necessary to research any correlations related to this trend. This study investigated the effects of the environment of a parent company and its target venture business on the form of the parent company's corporate venture investment. Based on the existing research literature, this study extracted three environmental factors, namely, the difference between the parent company and its target venture business's industries, their business sectors, and their geographical distance, as the major corporate environmental factors affecting the parent company's corporate venture investment. In addition, the correlation between acquisitions and mergers, which are the main types of corporate venture investment, was analyzed using logistic regression analysis. According to the results of the correlation analysis, it was confirmed that mergers were preferred to acquisitions when the parent company and its target venture business for investment were in the same industry group. In addition, a closer geographical distance between a parent company and its target venture business for investment resulted in a greater preference for mergers. The results of this study verified a correlation between the environments of the parent company and its target venture company and the form of the corporate venture investment, through an analysis covering the recent 10-year period, during which the importance and number of corporate venture investments has grown. The study also provided practical guidelines regarding the strategy and operating methods for corporate venture investments.