비상장 모험자본시장의 국제 비교와 정책 시사점:한 ․ 미 ․ 유럽 비교분석과 모험자본시장 발전을 위한 법․제도적 과제

This study provides a comparative analysis of the venture capital markets in the United States, the United Kingdom, France, and Germany, and proposes legal and institutional reform measures for the structural transformation of Korea’s venture capital market. Focusing on three market pillars—a private placement regulatory framework, an electronic registration and trading infrastructure, and a broader exit market structure—the study identifies Korea’s dual deficiency: the absence of a standardized registration infrastructure that guarantees legal certainty of share ownership, and an underdeveloped disclosure regime for private and unlisted companies. The term “venture capital market” in this study refers specifically to the market for private and unlisted venture and startup companies that pursue external investment and an eventual exit through IPO or M&A, rather than the broader universe of all private and unlisted companies. The study proposes a phased venture capital market infrastructure initiative specifically for Korea, including a mandatory electronic registration policy for companies meeting specified thresholds (e.g. venture-certified or venture-backed companies), a tiered disclosure framework by investor type, a modernized electronic securities-based secondary trading platform for unlisted shares, and a globally connected strategy that leverages Korean institutional capital to connect domestic startups with global venture capital ecosystems.