벤처캐피탈 시장에서 신기술금융회사의 역할 및 규제 개선 방안: 성장성과 안정성에 대한 실증연구를 겸하여

This study systematically examines the institutional characteristics of New Technology Finance Companies (신기술금융회사) in Korea, evaluates the adequacy and limitations of the current regulatory framework through comparative analysis with related legal regimes, and proposes directions for future regulatory reform. New Technology Finance Companies are financial institutions established under the Specialized Credit Finance Business Act (여신전문금융업법), operating within a legal framework distinct from that applicable to Venture Capital Companies under the Act on the Promotion of Venture Investment. The study argues that the existing dual supervisory structure reflects regulatory path dependency, resulting in a misalignment between the formal regulatory classification of New Technology Finance Companies and their substantive role in high-risk technology investment. Drawing on data from 2008 to 2024, this study conducts an empirical analysis, supplemented by propensity score matching (PSM) to examine how mandatory investment requirements imposed on Venture Capital Companies and the greater operational flexibility afforded to New Technology Finance Companies affect firm growth and stability, respectively. The findings suggest that although New Technology Finance Companies display a relatively low-growth, high-stability business model, they achieve profitability comparable to that of Venture Capital Companies by leveraging the diversification benefits associated with their operational autonomy. Based on these findings, the study underscores the distinctive function of New Technology Finance Companies as stable providers of capital and calls for a regulatory redesign that moves beyond a rigid dichotomy toward a framework centered on complementary functional roles and supervisory coherence. Such an approach would enhance the efficiency of capital allocation and promote risk diversification across the venture investment ecosystem.