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이기환,우재준,유학수 한국중소기업학회 2000 기업가정신과 벤처연구 Vol.3 No.1
This paper examines the financial characteristics of venture businesses listed on KOSDAQ. We compares the financial features of 94 venture businesses with 94 matching firms listed on KOSDAQ, focusing on profitability, growth, activity and productivity of both groups. The difference analysis of the financial ratios between venture and nonventure enterprises will be tested through t-test. The return on asset, the return on equity, and the growth rate of total asset of venture businesses are higher than nonventure businesses. This evidence is consistent with the existing result which the venture businesses show higher performance in the profitability. We found that venture businesses show lower debt ratio and liquidity than nonventure businesses. This suggests that venture enterprises should raise new funds from venture capital firms or other financial institutions in order to avoid the sudden default risk.
학술연구 : 코스닥 IPO 시장에서 벤처캐피탈회사의 역할 분석
이기환(Ki Hwan Lee),우재준(Jae Joon Woo) 한국중소기업학회 2002 기업가정신과 벤처연구 Vol.5 No.1
The evaluations on the role of the venture capitals (VCs) in the `New Economy` in 1990s have the double-faced characteristics. On the one hand, they have contributed to the growth of the capital market and the economy as a whole through corporate financing and corporate governance of the new-technology firms. But on the other hand, they are criticized for having some problems such as short-termism which are discovered in the market-disciplinary system. Since 1998`s stock market boom, VCs` financial commitments to the portfolio firms are loosened, and several researches point out the problems especially with the market efficiency of lPOs (Initial Public Offerings). On these ambivalent evaluations, this paper investigates the existing states of U.S venture capital market: its scale in the corporate finance and its role on the corporate governance in the 1990s. Futhermore this article inquires into the financial commitments of VCs to the portfolio firms and evaluates its role as patient capital which makes up for the weak points of the logics on financial liquidity in capital market-centered systems. Based on this arguments, we could find the advantages and disadvantages of the market-based system and its implications of the Korean venture capital markets.