벤처기업의 經營成果 決定要因에 관한 實證的 硏究

류재복 호서대학교 벤처전문대학원 2006 국내박사

This paper is an empirical study about the determinants of venture business performance in domestic venture businesses, aiming to identify performance factors that can raise the survival rate in the intensely competitive market. For this purpose, we made an empirical analysis of venture businesses not younger than 3 years. Literature review examined venture businesses’ technology market, technology product factors, and the effects of technology products on consumers as well as the structure of venture businesses’ competition in the market. The factors considered in this study were market/product characteristics, entrepreneur characteristics, and organization/resource characteristics. The results of this study and their implications are summarized as follows. First, with regard to market and product characteristics, high service requirement appeared to have a positive effect on business performance, and channel dependency and made-to-order supply appeared to have a negative effects on business performance. However, purchase frequency, customer fragmentation, high skill requirement and dependency on media advertisement were not supported in this study. This suggests that because consumers has a wide gap in knowledge about products of advanced technology it is required to provide high level service in order to attain a competitive advantage when advancing to the intensely competitive market. On the other hand, in order to use existing channel dependence, venture businesses should have a sufficient time for consumers’ recognition and a certain size of demand guaranteed. These requirements cost a lot, so disadvantageous to venture businesses. Moreover, made-to-order supply makes it difficult to enter into the market because of existing suppliers’ technological know how and their ties with contractors and, even after entering into the market, there is a limitation in growth due to restriction in contractors. Second, with regard to entrepreneur characteristics, risk.taking tendency, entrepreneurial ability, academic qualification and experience in relevant industries appeared to have a positive effect on business performance, but need for achievement, relevancy between major and current business and job experience appeared to barely affect business performance. This suggests that venture entrepreneur’ enthusiasm, ability to seize business opportunities and pursuit of decisive and aggressive opportunities are positive to the performance of venture businesses and that high academic qualification and industrial experiences are helpful to business performance. Third, with regard to organization and resources, organization characteristics such as the capability of the executives and staffs, marketing.orientation, technological power, sharing of visions/goals, the ability of prompt decision making appeared to be positive to business performance, but devoted effort did not have a significant effect. This suggests that the sharing of the company’s visions and goals, marketingorientation and prompt decision making are helpful to business performance. In addition, this means that the capability of the executives and staffs and technological powers are important factors in maintaining competitiveness. With regard to resource characteristics, the ability to finance appeared to be positive to business performance, but intellectual property rights and the capacity of technology marketing did not affect business performance. This shows that continuous development of technologies is essential for the survival of venture businesses and, for this, the ability to finance is an extremely important factor. In this study, we found that market/product characteristics, entrepreneur characteristics and organization/resource characteristics are important factors that affect the business performance of venture businesses. In particular, our research is meaningful in that it identified specific market/product characteristics to be considered for inexperienced venture businesses to raise their survival rate in the intensely competitive market. However, this research has limitations such as lack of scales and constraints as a cross.sectional study. Thus, complementing these aspects, further research is expected to be made to raise the survival rate of venture businesses.

지역 축제 활성화 방안에 대한 연구 : 중국 하얼빈 빙등제를 중심으로

임미화 호서대학교 벤처전문대학원 2005 국내석사

Faced with the local autonomy era in recent years, festival is utilized as one of the local activation strategies. This because th e festival can be held with the investment of a small scale capit al, increase the income of local residents and potential power of local development directly or indirectly, and suitable for the dem ands of dynamic type tourism. However the ice lantern Festival, a typical festival of Harbin city, does not fulfil the function and role of festival even it has 31 years of history. Therefore this s tudy is aimed to investigate the problems of the Harbin ice lante rn Festival and find a practical improvement scheme through the investigation into the actual condition.

테헤란밸리의 벤처생태계에 關한 硏究

공태국 호서대학교 벤처전문대학원 2002 국내석사

첨단산업 위주로 산업구조가 개편되고, 90년대말 혹독한 금융위기를 겪으면서, 기존의 대기업체제의 경제구조에 대한 문제점이 제기되면서 벤처산업은 경제위기를 극복하고 세계화되어가는 경제구조에 대한 대안으로 인식되었다. 특별히 우리나라에서는 서울의 강남에 위치한 테헤란밸리가 자연발생적인 벤처생태계의 대표적인 표본을 형성함으로써 국내 벤처산업을 선도하는 곳으로 자리메김하게 되었다. 본 연구에서는 벤처기업의 특성을 이해하고, 벤처생태계의 발전에 필요한 구성요소와 발전단계를 살펴보았다. 특히 벤처기업의 자연발생적 집적지인 강남지역의 테헤란밸리를 대상으로 벤처기업의 생태계에 관한 요인을 분석하였다. 나아가서는 테헤란밸리 이외의 대덕밸리, 홍릉벤처밸리, 안양벤처밸리, 송파벤처밸리 등 국내벤처집적지의 현황을 살펴보았다. 또한 미국, 중국, 대만, 인도, 이스라엘 등 해외 유명 벤처밸리들의 현황도 살펴보았다. 테헤란밸리는 국내의 타 벤처집적지에 비해 가장 좋은 벤처생태계 형성을 위한 요인들을 갖추고 있었다. 물리적 지원시설인 벤처집적시설(벤처빌딩)은 우리나라 전체의 46%가 테헤란밸리에 입지해 있었고, 자금공급섹터인 벤처캐피털과 기타 금융업체의 다수가 테헤란밸리에 입지해 있었다. 삼성역에 있는 코엑스(COEX)와 같은 대형 박람회장과 크고 작은 많은 벤처관련 기관들이 1년 내내 세미나, 컨퍼런스, 박람회 등의 기회를 제공하고 있는 장점을 지니고 있었다. 또한 많은 호텔들은 해외 바이어와의 좋은 상담장소로 활용되고 있었다. 하지만 테헤란밸리가 모든 입지적 요인을 만족시키는 것은 아니었다. 특히 집적지내에 대학이나 연구기관이 입지하고 있지 않아 이 부분에서는 대전같은 집적지보다 입지적 우위가 덜하다는 평가를 받았다. 스탠포드 대학을 중심으로 발전한 대표적인 벤처집적지인 미국의 실리콘밸리와 기타 해외 벤처집적지들에 대해서도 살펴보았다. 테헤란밸리는 아직 이러한 해외 벤처집적지들에 비하면 많은 점들을 개선하여야 하겠다는 결구결과가 나왔다. 이러한 해외 벤처집적지의 장점을 벤치마킹하여 그 장점을 테헤란밸리에 접목시키고, 테헤란밸리를 발전시킬 수 있는 방안들을 도출해 보았다. 나라간의 경제의 벽이 허물어지고 있는 시점에서 글로벌한 시장을 개척하기위한 해외판로의 개척방안에 대해서 살펴보았고, 정책적으로 테헤란밸리를 개선할 수 있는 방안과, 초고속 정보통신망을 이용한 e-learning 인프라의 구축은 테헤란밸리를 세계적인 벤처집적지로 발전시켜나갈 수 있는 방안으로 제시되었다. 특히 연구 클러스터와 산업 클러스터의 효율적인 형성과 벤처들끼리의 유기적인 네트워크 구축을 통한 시너지 효과의 발휘는 우리나라의 벤처 산업을 세계적인 위치로 끌어올릴 수 있는 방법이라고 여겨진다. The industry reorganized as high-tech-oriented structure and the severe economic crisis in late 1990s have witnessed several problems in the existing large-enterprise-oriented economic structure. As a result, the venture industry has been recognized as the substitute of the existing economic structure, which could overcome the economy crisis and survive in current globalizing circumstances. Teheran Valley, located in Kangnam area, Seoul, has naturally formed as a typical venture habitat to lead the domestic venture industry. With understanding of the characteristics of venture companies, in this research, we have studied the essential elements needed for the growth of venture industry. Especially, we analyzed Teheran Valley to find out the principal factors for venture habitat. We have broadened our study to other domestic valleys such as Daeduk Valley, Hongnung Valley, Anyang Valley, and Songpa Valley. We have also studied the overseas venture valleys in USA, China, Taiwan, India, and Israel. Teheran Valley has better factors than other venture habitats. In a physical factor, 46% of the venture buildings all over the country are located in Teheran Valley. In a financial factor, much of the venture capital companies and the financial firms are located there. The big exhibition centers including the COEX, around Samsung station, and many small venture-supporting institutes can hold seminars, conferences, and exhibitions all the year round. Many hotels provide good facilities for meeting with buyers from abroad. Teheran Valley, however, is not a perfect habitat for venture industry. Especially, the research centers and universities located inside the Valley are fewer than Daeduk Valley. We have also studied Silicon Valley, which has grown from Stanford University, and other venture habitats abroad. The study has found that Teheran Valley needs to improve many factors compared with other overseas venture habitats. The ways to improve Teheran Valley have been brought out by adopting the benchmarked advantages of overseas venture habitats. It has also been investigated how to find new distribution channels for exploiting the global market in this globalized era, and how to improve the Valley by the governmental side. Setting up of the e-learning infrastructures for venture companies has been proposed, which could be a plan to develop Teheran Valley to a world-class venture habitat. Conclusively, effectively forming the research clusters and industry clusters and making network among venture companies can make huge synergy effects needed for the growth of Korean venture industry.

우리나라 벤처지원정책에 대한 평가와 향후방향

정평섭 호서대학교 벤처전문대학원 2002 국내석사

The era of 'Digital Revolution' is upon us with agriculture and industry advancing in great leaps. Every nation in our increasingly globalized world aggressively supports the venture industry to encourage each nations competitive power. The economic characteristics of the venture industry are primarily economies of scope and a law on increasing returns, as well as geographical agglomeration. It means that the venture industry boosts the synergy effect by reflecting agglomeration economies. The core elements consist of venture enterprise as a manufacturer, venture capital as a customer and the KOSDAQ and M&A as dissolver. The basic elements describe Angel as an unofficial venture capital and the formulation of the venture complex through venture incubation as basic networks among industries, universities and research institutes. The external elements are the government policies aimed at developing the venture industry combined with the general status of venture industry overseas. The purpose of our government policy in stimulating venture industry particularly stresses the adjustment and enhancement of its structural competitiveness. However, such support policy has created problems such as duplicate investment, abuse of short-term policy and weakness of spontaneity among venture enterprises. Thus, the government should respect market functions and place their major effects on establishing venture infrastructure such as solving the digital gap in the arena of information system. Furthermore, it is necessary to prevent redundant policies and excessive support by establishing harmony among policies between government bureaus. The government should also expand investments with regard to the accumulation of intellectual property. The government should also derive long-term policies to achieve technical progress and hegemony rather than deriving direct support for venture industries.

벤처기업의 成長戰略 : IPO 이후 마케팅 전략을 중심으로

오성배 湖西大學校 벤처전문大學院 2001 국내석사

Individual company is severely trying to acquire the upper-hands for surviving and developing itself in the atmosphere which is changing drastically. The company has faced the change in its atmosphere (the introduction of a epoch-making communication tool such as the INTERNET) which is swaying down the conventional practices, making discontinuity and requiring the new paradigm. In this kind of environment, a company has more possibility to face the uncertainty of future, the risk is reproduced and a company is too difficult to survive and face fierce competition and new atmosphere is forming. But however a company cope with this situation, it gives numerous chances to challenge. With recent rapid spread of internet, the "hot wind of venture" blown to our country make KOSDAQ settled down as a second capital market in a short period. But the "hot wind of venture" blown with mistaken notion has induced a public criticism. Sudden riches have come up making a big fortune in a single occasion, wrong investment tendency whoever invest the money to KOSDAQ and get money easily had been spreaded. However, so-called "venture hot wind" had made the black money flown into the thru KOSDAQ and had given nations a hope triggering a venture business with technology and knowledge. Many people including investors said that IPO was the final objective of venture. It is important to see the venture business in the view of investment strategy but in the view that a venture business grows and develops into everlasting business the stock listing is not the final objective and the that of venture business was just speculation to make fortune in a single occasion and bubble was cleared just in one year and it showed the reality. As stated above, most of all, IPO must be recognized a new start rather than a final destination. Also the technology of venture business must not be that of engineers themselves but adaptability to the market and only the technology that can meet the needs of customer can be confirmed in the market by the customer. Although all kinds of technology and products produced with them included high-valued technology, they are useless without reflecting from the customer needs. Moreover, after the IPO, for the venture business to make continuous growth, the "step-by-step market strategy" is very important because there can be a chasm and a tornado appeared at a periodic time of products and services according to consumer behavior. The current situation is considered the worst and the "chasm" of the venture business. The causes seems to be originated from the rack of technology and marketing strategy suitable for the market and the unsettled core-value rather than telling on the capital. It is a rapidly changing era so the company only which forecast the sudden change and prepare the future can get the opportunity to open a new field of enterprise. It is natural that the venture business is risky and the troublesome era is thought to be faced by all of us together. It is the time that many venture businesses are falling in the mire of failure and also another venture business is created and a failed venture business is struggling to overcome. In this situation only a small number of venture business which overcomes the crisis can reach the final destination. The venture business should secure the competitiveness such as capital, technology power, marketing strategy and core value to overcome the hardship and develop itself continuously. Only the company only which set up its core value and making a step toward customers can make a continuous growth. In conclusion the venture business reach the IPO through the efforts which it stand on the basis of high technology and regard the change and threat of a market an opportunity The venture business can be considered to do a social responsibility as going-concern only if it accomplish the continuous growth on the basis of guaranteed market.

우회상장 결정요인에 대한 실증연구 : 코스닥시장을 중심으로

유상수 호서대학교 벤처전문대학원 2012 국내박사

This study aimed to examine the determinants of Initial Public Offering (IPO) and Back-Door Listing in the KOSDAQ (Korea Securities Dealers Automated Quotations) Market. Hypothesis developed here were tested in 186 Back-Door Listed firms and 522 IPO listed firms. Data used for this study were provided by DART (Data Analysis, Retrieval and Transfer System of Financial Supervisory Service of South Korea). We examined the characteristics and differences between IPO firms and Back-Door Listing firms by following three factors. First, for general and financial characteristics, we used operating period until the listing, total asset, debt-to-equity ratio and profitability (return on total asset, ratio of ordinary profit and total asset-to-operating cash flow ratio). Second, for the characteristics of CEOs, we used age of CEOs. We believe that CEOs' position in risk management will affect their choice between IPO and Back-Door Listing. We also believe that CEOs' age will affect their position in risk management. Lastly, for the environmental characteristics of the firms, we focused on outside stockholders. Since the institutional investors, such as venture capital companies, are the major stockholders of the non-listed firms, we believe the institutional investors will have major impact on determination of the type of listing. We have concluded that aforementioned three factors will have followings effects on IPO or Back-Door Listing. First, if firms have longer operating period, smaller firm size, higher debt-to-equity ratio, or less profitability (return on assets, cash flow from operating income and ordinary income ratio), there is high probability of Back-Door Listing. Second, the younger CEO’s age, the higher chance the CEO will choose Back-Door Listing over IPO. The age of CEO represents the position of the CEO on risk management. Younger CEOs tend to be less risk-averse than older ones, and hence tend to choose Back Door Listing more often than older CEOs would. Third, if a listing firm has venture capital companies as its investors, there is higher chance of choosing IPO over Back-Door Listing, while the size of the investment from venture capital does not have significant effect on choosing the types of listing. The fact that there is more probability of IPO when venture capital is invested in the company shows that venture capital companies do not necessarily seek for higher returns with high risk. Rather, they tend to prefer safe companies where they can collect their investments back from stable returns. We examined the characteristics of Back-Door Listings occurred from 2001 to 2009. However, a meaningful analysis on Back-Door Listings was only available from 2005 since the related regulations and systems of Back-Door Listings were incomplete before then. Therefore, it is possible that different conclusions could be derived from prior studies on Back-Door Listings published before 2005. We tried to understand the nature of Back-Door Listing and systematically identify the key factor why certain types of company choose certain types of listing. For this research, we used plentiful samples from KOSDAQ market existed in past ten years. This study is meaningful in terms of differentiating itself from prior studies by using the age of CEO as one of key factors of types of listing. When a deteriorating corporation becomes listed through Back-Door Listing and goes bankrupt, the ripple effect on the capital market and expected loss on the bona fide investors will be huge. However, restricting the Back-Door Listing just because of the negative standpoint and policy will have negative impact not only on the competitiveness of KOSDAQ Market, but also the ecosystems of the venture businesses. Therefore, if it is possible to identify the characteristics of the firms choosing Back-Door Listing more systematically, we will be able to utilize the Back-Door Listing policy more efficiently. Keywords: Determinants of Back-Door Listing, IPO, Firm-age, Venture capital, CEO's age 본 연구는 상장예정인 비상장기업이 IPO 또는 우회상장을 선택하는 결정요인에 대한 분석을 목적으로 한다. 즉, 비상장기업의 주요 특성이 IPO 또는 우회상장 등 상장 방안을 선택하는 데 있어서 어떻게 영향을 미치는지 검증하는 것이다. 이를 위해 2001년부터 2009년까지 한국 코스닥시장에서 우회상장을 한 186개, IPO를 한 522개 기업을 대상으로 실증 분석을 수행하였다. 비상장기업의 특성이 IPO와 우회상장에 어떤 영향을 미치는지에 대하여 비교·분석하여, 우회상장과 IPO 기업 간 차이를 실증적으로 확인 하였다. 분석 대상이 되는 비상장기업의 특성으로 다음과 같이 세 가지로 분류하였다. 첫째, 기업의 일반 및 재무적 특성으로 기업의 설립일로부터 상장연도까지의 존속기간, 기업의 규모, 부채비율, 수익률(자산수익률, 자산대비 영업현금흐름, 경상이익률 등)을 사용하였다. 둘째, 경영자의 인구통계학적 특성으로 경영자의 연령을 활용하였다. 즉, 경영자가 IPO를 선택하지 않고 우회상장을 선택하는 데에는 경영자의 위험에 대한 태도가 반영되었다고 보고, 그 위험에 대한 대용치로 경영자의 연령 변수를 고려하였다. 셋째, 기업의 환경특성 중 벤처캐피탈 투자에 대하여 분석을 하였다. 특히 외부주주 중 벤처캐피탈 등 기관투자자는 기 투자한 비상장기업의 상장에 주요 이해당사자이므로 상장방안을 선택하는 데에 영향을 미칠 것으로 보았다. 실증적 분석의 결과는 다음과 같다. 첫째, 기업의 규모가 작을수록, 부채비율이 높을수록, 수익률(자산수익률, 영업활동으로 인한 현금흐름, 경상이익률)이 낮을수록 우회상장을 선택하는 것으로 나타났다. 그리고 기업의 존속기간이 길수록 비상장기업은 우회상장을 선택하는 것으로 나타났다. 기업의 존속기간이 짧을수록 우회상장을 택할 것이라는 기존 선행연구와는 상반된 결과가 나타났다. 존속기간이 길수록 우회상장을 선택할 가능성이 높게 나타난 것은 우회상장 관련 규제의 완화시기와 자본시장의 활황기에 현상이 나타났으며 특히, 우회상장이 대대적으로 제한되기 시작한 2010년 직전에 존속기간이 긴 다수의 기업들이 우회상장을 서두른 결과로 해석된다. 이는 상장을 유보했거나 IPO 자격요건이 일부 미흡하나 업력이 오래된 비상장기업이 코스닥시장 활황기와 우회상장이 대대적으로 제한되기 직전에 우회상장을 활용하여 적시에 상장을 추진한 결과라 판단된다. 둘째, 경영자의 특성 변수로서 경영자의 연령은 낮을수록 우회상장을 선택할 가능성이 높은 것으로 분석되었다. 위험에 대해 감내할 수 있는 수준이 상대적으로 크다면 우회상장을 선택한다는 것으로 해석된다. 특히 경영자의 연령변수와 기업의 상장방안 선택과의 관련성에 대해 검증한 선행연구는 부재한 상황이다. 셋째, 벤처캐피탈의 투자지분율은 상장방안 선택과 유의한 관련성을 나타내지 못하였다. 이는 벤처캐피탈은 재무적 투자자에 불과하며 단순히 지분율이 높다고 해서 상장방안을 결정적으로 선택하지는 못한다는 것을 의미한다. 아울러 벤처캐피탈의 투자지분율 대신 투자여부에 대해서 분석한 결과, 벤처캐피탈이 상장예정인 비상장기업에 대해 투자를 하면 우회상장보다는 IPO를 선택할 가능성이 높은 것으로 나타났다. 이는 벤처캐피탈이 반드시 고위험 고수익을 추구하지 않으며 국내에서는 상대적으로 안정된 투자 안을 선호하는 것으로 해석할 수 있다. 그리고 투자대상으로 초기기업보다는 IPO가 가시적으로 가능한 기업에 주로 투자를 함으로써, 우회상장보다는 IPO를 통해 안정적으로 투자금액을 회수(Exit)하는 것으로 해석된다. 상기 결론 도출 과정에서 연도별로 우회상장의 특성을 분석한 결과, 2000년 중반까지의 우회상장에서는 공통의 특징이 나타나지 않았으며, 2005년 이후가 돼서야 비로소 우회상장의 결정 변수가 의미 있게 분석되기 시작하였다. 그 이유는 2005년 이후부터 우회상장 제도가 강화되고 질적으로 성장했던 시기였으므로, 그 무렵부터 IPO와 우회상장 기업 간 특성 차이가 발생했다고 해석할 수 있다. 그러므로 2000년 중반까지 분석의 대상으로 한 선행연구와 본 논문은 차이가 발생할 가능성이 충분히 있을 것으로 보인다. 본 연구는 우회상장 발생 초기부터 최근까지 과거 10년간의 충분한 표본을 활용하여 기업의 특성을 의미 있게 분류하고, 그 특성이 우회상장에 미치는 연구를 체계적으로 수행하였다는 데 의의가 있다. 또한 우회상장의 결정요인으로 인구통계학적 특성인 경영자의 연령을 고려하였다는 점에서 선행연구와 차별점이 있다. 그리고 벤처캐피탈의 투자여부와 지분율과, 우회상장과의 관계를 충분한 표본을 활용하여 명료히 하였다. 이와 같이 본 논문은 비상장기업의 종합적인 관점에서 우회상장 결정요인에 대한 포괄적인 분석을 함으로써 우회상장의 본질을 파악하고자 하였다.

설계VE(Value Engineering) 발주방식과 입찰업무에 대한 개선방안

박명수 호서대학교 벤처전문대학원 2013 국내석사

국 문 초 록 본 연구에서는 최근 지자체 중심으로 설계VE(Value Engineering)용역 발주가 늘고 있으나 발주 방식에 있어서의 상당한 문제점으로 인해 역량 있는 VE전문가의 참여가 원천적으로 봉쇄 당하는 구조가 되어 효과적인 VE수행을 저해하고 있어 따라서 본 연구자료는 최근 불합리한 VE용역 발주 및 입찰방법에 대한 원인을 알아보고 올바른 발주방법에 대한 개선 방안을 알아보고자 한다. 이를 위하여 설계VE 발주 및 입찰업무에 대한 전략적 고찰을 살펴보았더니 참여업체와 기술자의 VE경험과 실적이 아닌 VE리딩 기술과 무관한 특정분야 엔지니어링 면허로 VE경험과 실적을 상당히 보유하고 있는 VE전문업체나 VE실적을 많이 보유하고 있는 역량있는 회사와 VE전문가의 참여 자체가 불가능한 매우 불합리한 입찰구조가 있었는가 하면, VE리딩과 무관한 특급기술자 및 기술사 또는 건축사를 요구하므로서 역량있는 VE전문가의 참여를 원천적으로 봉쇄하고 있다. 그러나 전문기관에서 인정한 최고 수준의 VE전문가 자격을 갖춘자를 반드시 포함토록 하고 있다. 설계VE시행 지침에 VE퍼실리테이터에게 건축사나 기술사 등을 요구하고 있지 않다. 즉, 설계VE 관련지침 및 매뉴얼 그 어디에도 VE전문가에게 VE자격과 기술자격 건축사, 기술사 등을 보유하도록 요구하고 있는 곳은 없다. 소결론으로 VE시행지침에서 제시하고 있듯이 VE용역은 예산절감, 기능향상, 구조적 안전 및 품질확보를 추구하고 있으며, VE용역 발주시 기술력을 보유한 전문업체를 선정하기 위해 협상에 의한 계약 방식이 가장 바람직한 방법이라 볼 수 있으나, 업무특성과 발주처의 발주환경에 따라 2단계 경쟁입찰, 제한경쟁입찰 등도 면허가 아닌 VE실적 경쟁이 될 수 있도록 하면 올바른 발주방식으로 발전시킬 수 있음을 확인할 수 있었다. 따라서 본 연구는 설계VE 리더가 갖추어야 할 조건과 VE전문업체의 참가 자격 등 향후 설계VE 발주 및 입찰업무를 시행하고 있는 관련기관 및 발주처에서 나아 가야할 방안에 대한 시사점을 제공하였다.

왕훙이 왕훙팬덤의 지원을 통해 구매의도에 미치는 영향에 관한연구

유일동 호서대학교벤처전문대학원 2017 국내박사

인터넷기술의 급속한 발전으로 뉴미디어 플랫폼을 통한 왕훙경제는 급격한 성장을 하고 있다. 스타나 KOL과 유사한 형태를 보이는 왕훙은 팬덤의 구축 및 확장을 통해 경제영역이 확장되고 있으며, 이런 확장은 구매의도 확대에도 영향을 미친다. 전문화된 지식, 상품에 대한 정확한 판단, 오랜 경험을 통한 신뢰, 팬덤을 구축하는 매력 등 왕훙이 가지는 장점을 통해 팬덤은 더욱 더 왕훙에 대한 확고한 믿음인 지각된 가치를 가져가면서 신뢰도는 더 높아지고, 이러한 연결과정을 통해 왕훙이 추천하는 제품에 대한 일반 소비자의 구매의도는 높아지는 경향을 가지게 된다. 스마트폰 및 인터넷의 발달은 왕훙에 대한 공간적, 시간적 접촉을 더욱 확대하게 하며, 왕훙을 통해 판매되는 왕훙경제의 성장은 스타와 왕훙간의 영역파괴라는 현상이 나타나면서 왕훙이 팬덤에게 보여주는 특징과 같이 일반 소비자의 구매도 더욱 확대될 전망이다.

코스닥과 나스닥 내의 벤처 생태계 비교연구

박소현 호서대학교 벤처전문대학원 2003 국내석사

The definition of ecosystem is 'the complex of a community of organisms and its environment functioning as a ecological unit. The term was mainly used in Biology, but soon spread to other fields such as Sociology, Geography and Anthropology. The ecosystem is formed by producer, consumer and decomposer. A consumer takes a producer, and a decomposer resolves them into organic matter. The ecosystem in venture industry also consists of three elements; producer -venture companies, consumer-venture capital and decomposer-KOSDAQ/M&A. Venture capital take venture stock and ventures gain capital and managerial support in reward. Then venture capital invests in KOSDAQ and earn profit. KOSDAQ gives proceeds from sale to venture companies and gain stock from them. Previously, studies on venture ecosystem were focused on geographical aspect. They analyzed how a specific region became a center of venture companies and evolved as time went through. The regions discussed were Silicon Valley in the U.S.A, Teheran Valley in Seoul, Daeduk Valley in Daejon. However, venture ecosystem doesn't only refer to venture-intensive regions. KOSDAQ itself could be seen as venture ecosystem because three elements operate within it. Venture companies are listed in KOSDAQ, venture capitalists and angels invest, and KOSDAQ decomposes profit. NASDAQ, the model of KOSDAQ is rated as one of the most successful stockmarkets in the world. Since its opening in 1971, NASDAQ has had a great influence on venture companies worldwide. NASDAQ venture firms are mostly listed on NSM and some of the venture firms in NNM are market leaders such as Microsoft and Cisco Systems. NASDAQ has evolved into a major stock exchange, competiting with NYSE. KOSDAQ opened in 1997, and has been a crucial source of capital for the Korean venture companies. Listed companies are proven to be healthier, promising than non-listed companies. KOSDAQ followed in NASDAQ's footsteps, but it's a unique market that provides venture firms with preferential treatment with the support of government. This thesis is to examine the two different stock markets and venture ecosystems within them. By analyzing and comparing KOSDAQ and NASDAQ, this thesis points out the characteristics of two different venture ecosystems within them and suggests features that need to be improved.

벤처창업 지원제도 활용에 관한 연구

하대규 호서대학교 벤처전문대학원 2003 국내석사

The success of an enterprise depends on the existence of contingency programs, which helps the enterprise cope with sudden changes in the environment and leads it to a position of acquiring greater Requisite Variety to interface with, outside of the company as R. Ashy put it. The entrepreneurs can find one of the most important sources of Requisite Variety in the support systems of the society they belong to. Government and government-related organizations are the main providers of support, as embodied in the laws and regulations of these providers. However, these laws and regulations are very complicated, vague and inconsistent in relation to each other. They are disorderly and complicated to the extent that some specialists are able to claim a partial summary of these laws and regulations as intellectual property even when it is not comprehensive and sometimes incorrect. Chapter II is an overview of the Support system. Should a company receive Confirmation as a Venture Company within two years of starting business it would get enormous taxation and funding benefits. Also, a company that establishes itself outside the congested areas of major capital cities it would get almost the same benefits as a confirmed venture company. A company with New Technology is allowed to pay the normal rate of provincial tax even if it is established in a congested area, which is normally subject to 300% of the normal rate. Many of the schemes, however, restrict entrepreneurs from making use of special favors by the pseudo-start of a new business, for the system aims to stimulate the genuine creation of new businesses, which would increase employment and help the national economy grow. The kind of pseudo start may be grouped into four categories: the mere change of ownership by M&A, spinning-off, the non-cash investment and transfer of operating assets expansion of the business by adding new items or building new factories at the same and/or different locations simply incorporating an existing company and closing up the business to start a business which is virtually the equivalent to the former business. There are other criteria for judging qualified beneficiaries of the system, which aims to use the tax payers money in the most efficient manner : The business shall be in the area of more favored industries such as manufacturing, mining, IT, research, design, engineering, physical distribution, etc., excluding businesses less productive from Confucian view points such as public baths, barbershops, beauty saloons, bars, restaurants, hotels, etc. The companies must be of Small to Medium size, which, for example, employ up to 300 people and have a capital of 8 billion won for the manufacturing industry. Special attention must be given to the terms, New Small-medium Company and New Venture Small-medium Company, though the requirements of genuine start and location outside Congested Areas may be applied to each category differently. This study tries to clarify this differentiation. This paper briefly discusses the process of business closure in order to examine the life-cycle of corporations in their entirety. A corporation is often likened to a living organism. It is born through the efforts of the foun der and eventually meets death. The paper also examines the support schedule for company owned research facilities. Research facilities receive favorable treatment because the government wishes to stimulate the growth of new technologies. Chapter III shows how to utilize t he system from the users point of view, while previous studies concentrated on the view point from the other side of the table - the Government side. This paper provides a discussion on methods of writing company objectives, because government officials base a company accessibility to tax benefits on its Articles of Incorporation. An entrepreneur, a head of an organization must know where to get food and what to avoid all by himself He must not let his tail guide him as in the fable of the snake which argued with its tail to decide who will lead the way. I put a string in the labyrinth of the laws. In chapter IV, the paper suggests a method for writing the Objects of the Company and the Articles of Incorporation of the company on a trial and error method and shows other considerations to be taken into account for a sound start-up of a corporation. The commodity used for the suggested method was a display apparatus, usually called the electronic paper.