한중일 벤처캐피탈의 초기 벤처기업 투자 의사결정 요인 비교 분석: AHP 방법론을 중심으로 = A Comparative Analysis of Early-Stage Investment Decision Factors by Venture Capitalists in Korea, China, and Japan: Focusing on the AHP

다국어 초록 (Multilingual Abstract)

This study aims to empirically compare and analyze the investment decision-making factors considered by venture capitalists (VCs) in Korea, China, and Japan when evaluating early-stage startups. Applying the Analytic Hierarchy Process (AHP) methodology, a hierarchical evaluation model was developed comprising five main criteria—Founder/Team, Product/Service, Market, Financials, and Network/Relationships—and 21 sub-criteria. A pairwise comparison survey was conducted with 284 VC professionals across the three countries.
The analysis revealed that “Founder/Team” was consistently identified as the most critical investment factor in all three countries, with “Technical Expertise” and “Founding Experience” emerging as key sub-factors. However, notable cross-national differences were observed in other evaluation criteria. Chinese VCs placed greater emphasis on relationship-based elements such as “Personal Referrals (guanxi)” and “Policy Linkage,” reflecting the influence of social networks and institutional context. Japanese VCs highlighted conservative investment preferences, prioritizing factors such as “Co-investors,” “Market Validation,” and “Exit Strategy.” Korean VCs demonstrated a balanced approach, emphasizing “Technical Capabilities,” “Product Differentiation,” and “Market Growth Potential.” As the first empirical study to quantify and compare VC investment criteria across Korea, China, and Japan using hierarchical weighting, this research provides valuable insights into how cultural, institutional, and market contexts shape VC decision structures. The findings offer practical implications for entrepreneurs, investors, and policymakers seeking to develop localized investment strategies and evaluation frameworks. Methodologically, the combination of AHP and Delphi techniques enhances both the validity and practical relevance of the evaluation factors, suggesting a robust framework for future cross-national studies on startup investment and venture capital decision-making.