초기 스타트업의 기업가치 분석을 위한 정성적 평가항목의 중요도 산출에 관한 연구 = Startup Enterprise Value Analysis A Research on the Importance of Qualitative Evaluation Items

국문 초록 (Abstract)

본 연구는 스타트업 기업가치 분석에서 추정치를 근거로 한 재무지표 위주의 평가보다 창업팀 구성, 전문 인력, 사업아이디어, 제품완성도, 기술수준, 수익성, 전략적 관계, 시장성장 등 정성적 평가항목의 중요도를 파악하기 위해 현직 벤처캐피탈 심사역을 대상으로 설문조사를 하고 평가항목별로 가중점수를 부여해 분석했다. 이를 근거로 창업자와 엔젤 투자자는 투자 유치와 협상 과정에 어떤 정성적 평가항목을 좀 더 비중 있게 준비해야 하는지 가이드를 제시하려고 했다. 정성적 평가항목은 미국 실리콘 밸리를 중심으로 가장 많이 사용하는 평가법인 버커스 평가법, 스코어카드 평가법, 위험요소 합산법에서 적용하는 공통된 세부 평가항목과 선행연구에서 참조한 정성평가 항목 중에 다수 중복되는 항목을 선정했다. 스타트업 특성으로 인해 평가되는 기업가치 규모를 네 그룹으로 구분했으며 규모에 따라 어떤 평가항목이 가장 높은 가중점수를 주는지 산출했다. 전문가 집단인 벤처캐피탈 심사역의 의견을 통해 사업성이 일부 검증된 스타트업의 시리즈 A 단계 투자과정에서 어떤 정성적 항목이 중요 요인이 되어 성장과 성과를 이루었는지 살펴보고자 했다. 초기 스타트업의 투자 과정에서 심사역 개인이 주관적으로 판단하는 정성적 평가항목을 다수 현직 심사역의 의견을 종합해서 객관적인 중요도 순위를 산출했다. 본 연구를 통해 창업자는 투자유치를 위해 여러 정성적 평가항목에서 창업팀 구성과 시장조사에 좀 더 많은 준비를 해야 한다는 결론을 얻었다. 연구 결과가 창업을 준비하는 창업가와 엔젤투자자에게 참고 할 수 있는 자료로서 기여했으면 한다. 본 연구의 차별성은 초기 스타트업의 기업가치 규모를 4개 집단으로 구분하였고 여러 정성적 기업가치 평가법에서 공통으로 적용되는 평가항목을 선별해 기업가치 평가에서 어느 평가항목이 중요한지 산출하려고 했다.

목차 (Table of Contents)

• 차 례
• I. 서론 ······························································································1
• 1. 연구 배경 및 목적 ·····················································································2
• 2. 연구 범위 및 방법 ························································································3
• II. 이론적 배경 및 선행연구 고찰 ··························································4
• 1. 기업가치 평가 용어개념 ·················································································4
• 2. 전통적인 기업가치 평가법 ············································································9
• 3. 기술 중심 기업가치 평가법 ········································································14
• 4. 초기 스타트업의 정성적 기업가치 평가법 선행연구 ·······································20
• 5. 벤처캐피탈과 엔젤투자자의 투자결정 요인에 대한 선행연구 ·····························24
• III. 정성적 평가항목의 선정 ··································································25
• 1. 연구 방법과 절차 ························································································25
• 2. 선행연구와 차별성 및 연구범위 설정 ·························································26
• 3. 스타트업 기업가치 평가에 필요한 정성적 평가항목 선별·······························27
• 4. 스타트업의 초기 기업가치 구분과 투자단계··················································30
• IV. 정성적 평가항목 중요도 분석 ··························································33
• 1. 데이터 수집과 중요도 산출방법 ··································································33
• 2. 정성적 평가항목의 중요도 우선순위 분석 ······················································35
• 2.1. 초기 기업가치 10억 원 미만 정성적 평가 우선순위 ··································35
• 2.2. 초기 기업가치 50억 원 미만 정성적 평가 우선순위 ··································39
• 2.3. 초기 기업가치 100억 원 미만 정성적 평가 우선순위 ·································43
• 2.4. 초기 기업가치 200억 원 미만 정성적 평가 우선순위 ·································46
• 2.5. 기업가치 규모별 4개 집단의 평가항목 중요도 비교 ·································51
• 2.6. 베테랑 심사역과 중간급 심사역의 평가항목 중요도 비교 ··························53
• 3. 정성적 평가항목의 중요도 산출 결과 ···························································55
• 4. 사례분석 ····································································································58
• V. 결론 ···································································································60
• 1. 연구요약 및 시사점 ·····················································································60
• 2. 연구의 한계 및 향후 연구방향 ······································································61
• 참고문헌··································································································63
• Abstract ································································································65