벤처캐피탈 투자를 유치하는 신기술기반 벤처기업의 긍정 신호에 관한 연구 : 인적 자본과 전략적 보증효과에 관한 탐구 = A Study on the Positive Signals of New Technology-Based Ventures to Entice Venture Capitals in Korea : Exploring Human Capitals and Strategic Endorsements?

다국어 초록 (Multilingual Abstract)

In developing countries where many of these institutions exist in relatively weak form, the investment pattern of VCs in developing countries may differ from one of VCs in developed countries. Given this situation, the research question of this study is how venture capitals invest new technology based ventures in developing countries. To address the research question, our study employs insight from signaling theory and examines two ways. First, what are the internal value of new technology based ventures and the identity of endorsing organization signaling to venture capitals' investment in developing countries? Second, Do venture capitals play a pivotal role for the growth of new technology based ventures in developing countries? This study then tests these hypotheses using the new technology based ventures in Korea which is regarded as an example of developing countries in Northeas tern Asia. Entrepreneur's prior work experience in a related industry in the human capital variables and collaboration with business groups and certification of venture company in the endorsement variables result in obtaining venture capital's investment and superior new technology based venture's growth whereas entrepreneur's educational level has no effect on venture capital's investment and firm's growth.

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