한국 벤처기업의 외부자금 조달 유형과 특성 분석 = Financing Types of Korean Venture Firms: Evidence from the 2020–2022 Venture Survey

다국어 초록 (Multilingual Abstract)

Previous studies on venture firm financing have primarily focused on individual funding sources, yet actual venture firm financing requires an integrated perspective as part of firms’ growth strategies. This study analyzes the determinants of external financing types among Korean venture firms using micro-level data from the 2020–2022 Venture Business Survey. The results indicate that financing type selection varies according to firm characteristics. Specifically, highly innovative venture firms are significantly more likely to choose private direct financing, such as venture capital investment. Public financing tends to be relatively concentrated among innovative firms or those at early growth stages. This study provides empirical evidence on the relationship between firm characteristics and venture firm financing structures, suggesting that policy design should consider the financing patterns of firms based on their specific characteristics.Previous studies on venture firm financing have primarily focused on individual funding sources, yet actual venture firm financing requires an integrated perspective as part of firms’ growth strategies. This study analyzes the determinants of external financing types among Korean venture firms using micro-level data from the 2020–2022 Venture Business Survey. The results indicate that financing type selection varies according to firm characteristics. Specifically, highly innovative venture firms are significantly more likely to choose private direct financing, such as venture capital investment. Public financing tends to be relatively concentrated among innovative firms or those at early growth stages. This study provides empirical evidence on the relationship between firm characteristics and venture firm financing structures, suggesting that policy design should consider the financing patterns of firms based on their specific characteristics.