벤처캐피털과 벤처기업의 공간적 근접성에 관한 연구

Venture companies, as small and medium-sized enterprises with significant growth potential, play a crucial role in local employment, knowledge creation, and regional competitiveness. Venture capital (VC) is closely involved in the growth of venture companies by acquiring equity or ownership stakes in firms whose performance has not yet been demonstrated. This study examines the relationship between venture capital and venture companies from various theoretical perspectives and analyzes the effect of geographic proximity on the scale of VC investments using regression models (1) to (6). The analysis results indicate that in models (1) and (2), for every 1km increase in distance, the investment amount decreases by 0.0676 billion KRW or 0.07%. In model (3), where interaction terms between the investment stage and the distance variable were included, none of the interaction terms were statistically significant. In the model limited to the Seoul region (model 4), for seed-stage venture companies, every 1km increase in distance led to a 3.09% decrease in the investment amount. However, for later-stage companies, such as those in the Series C stage, the investment amount increased as the distance grew. The spatial error models (5) and (6), which account for spatial autocorrelation, yielded results consistent with those of model (2) and model (4). This demonstrates that the effect of geographic proximity on investment amount differs depending on the growth stage of the venture company due to the varying challenges faced at each stage.