코스닥 IPO 시장에서 벤처캐피탈회사의 역할 분석 = An Empirical Analysis of the Role of Venture Capitalists in KOSDAQ IPOs Market

다국어 초록 (Multilingual Abstract)

The evaluations on the role of the venture capitals (VCs) in the `New Economy` in 1990s have the double-faced characteristics. On the one hand, they have contributed to the growth of the capital market and the economy as a whole through corporate financing and corporate governance of the new-technology firms. But on the other hand, they are criticized for having some problems such as short-termism which are discovered in the market-disciplinary system. Since 1998`s stock market boom, VCs` financial commitments to the portfolio firms are loosened, and several researches point out the problems especially with the market efficiency of lPOs (Initial Public Offerings). On these ambivalent evaluations, this paper investigates the existing states of U.S venture capital market: its scale in the corporate finance and its role on the corporate governance in the 1990s. Futhermore this article inquires into the financial commitments of VCs to the portfolio firms and evaluates its role as patient capital which makes up for the weak points of the logics on financial liquidity in capital market-centered systems. Based on this arguments, we could find the advantages and disadvantages of the market-based system and its implications of the Korean venture capital markets.