소프트웨어기업에 대한 벤처캐피탈의 자금지원효과 분석 = The Impact of Venture Capital Assistance on the Performance of Software Venture Businesses

다국어 초록 (Multilingual Abstract)

This paper examines the effect of venture capital on the growth of software ventures through analyzing the performance difference between venture and nonventure capital-backed firms. The financial data and others of 61 software firms were utilized for our empirical analysis of venture capital role in the progress of software venture businesses. We find that the venture capital plays a positive role in the creation and growth of Korean software firms. Our first finding is that the software firms which received venture capital show the greater growth rate than nonventure capital backed-firms. Secondly, the performance of the software firms which received venture capital at the early stage is better than venture capital backed-firms at the later stage. Thirdly, the software firms which venture capitalists provide equity shows the higher growth rate than others.