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Korean Academic Society of Business Administration
[ Article ]
korean management review - Vol. 49, No. 2, pp.279-303
ISSN: 1226-1874 (Print)
Print publication date 30 Apr 2020
Received 06 Sep 2019 Revised 27 Dec 2019 Accepted 10 Jan 2020
DOI: https://doi.org/10.17287/kmr.2020.49.2.279

국내 벤처펀드의 성과결정요인에 대한 실증연구

최현희* ; 김영준**
*(주저자) 고려대학교 기술경영전문대학원 박사과정 choikoex@naver.com
**(교신저자) 고려대학교 기술경영전문대학원 교수 youngjkim@korea.ac.kr
An Empirical Study on Performance Determinants of Korean Venture Funds
HyunHee Choi* ; YoungJun Kim**
*Ph.D, Candidate, Graduate School of Management of Technology, Korea University, First Author
**Professor, Graduate School of Management of Technology, Korea University, Corresponding Author

초록

본 연구는 1999년~2014년 결성된 375개의 국내 벤처펀드를 대상으로 수익률에 영향을 미치는 요인을 실증분석하였다. 본 연구는 국내 주요 앵커출자자(Anchor LP) 4개 기관의 자료를 사용하여 데이터의 대표성과 희소성이 높고, 그간 연구가 부진했던 외부환경요인을 중심으로 분석했다는 데에 의의가 있다. 기존 연구들은 벤처투자 도입 초기를 주로 분석한 데 반해, 본 연구는 2010년대 초반까지 축적된 데이터를 통해 변화한 시장환경의 영향을 비교 연구했다는 데에도 의미가 있다. 분석결과, 외부환경요인은 펀드성과에 유의한 영향을 미쳤으나, 펀드규모, 펀드기간, GP업력, GP운용규모 등의 펀드내재요인은 펀드성과와 유의한 관계를 보이지 않았다. 주요 외부환경요인은 결성시점의 ｢Credit Spread｣, ｢주식시장 시가총액｣, ｢총자금유입액｣과 펀드기간의 ｢코스닥상승률｣이었다. Credit Spread와 주식시장 시가총액은 펀드성과에 정(+)의 영향을 미치는 것으로 나타났다. 이는 펀드성과가 경기사이클에는 경기대응성(counter-cyclicality)을, 주식시장에는 경기순응성(pro-cyclicality)을 띠는 것을 의미하는데, 벤처펀드가 경기사이클과 주식시장에 대해 상이한 경기순환성(cyclicality)을 보이는 것은 기존 연구에서는 확인되지 않았던 결과이다. 총자금유입액은 부(-)의 영향을 미쳤는데, 이는 경쟁강도가 펀드성과를 악화시키는 것을 의미한다. 펀드기간의 코스닥상승률은 정(+)의 영향을 미쳐 벤처펀드가 운용기간동안 상장 주식시장의 영향을 받는 것으로 나타났다.

향후 기관투자자들이 외부환경에 대한 예측을 토대로 결성연도(vintage year)별 벤처투자 규모를 통제함으로써 운용성과를 제고할 수 있기를 기대하며, 벤처펀드가 대형화되는 추세 속에 GP의 외부환경 대응역량에 따라 성과 차별화가 심화될 것으로 예상된다.

Abstract

This study empirically analyzed the factors that affect the yields of 375 domestic venture funds formed between 1999 and 2014. This study is meaningful in that the representation and scarcity of data is high as it used data from four major Anchor LPs in Korea, and the analysis focused on external environmental factors, which have not been sufficiently studied. It is also meaningful in that this study compares the effects of the market conditions that have changed since the 2000s, while the previous studies mainly analyzed the initial stage of ventures.

Our empirical results suggest that market conditions have a significant effect on fund performance, but fund intrinsic factors such as fund size, fund length, GP experience year, GP‘s asset size under management have no significant effect.

Major performance determinants affecting fund performance were identified as credit spreads at the time of fund formation, stock market capitalization at the time of fund formation, capital inflows and KOSDAQ growth rate over lifetime of fund. Credit spread and stock market capitalization influence positively on fund performance. This result shows that the domestic venture fund performance is counter-cyclical against the business cycle but pro-cyclical for the stock market. The finding that venture funds showed different cycles to economic cycles and stock market respectively has not been found in previous studies. Capital inflows influences negatively on fund performance. That means competition between venture capitals affects adversely fund performance.

In the future, institutional investors will be able to improve portfolio performance by controlling the size of venture investment of vintage year based on forecasts of external environment. In the midst of the trend of large funding, performance differentiation is expected depending on venture capital’s ability to respond to the external environment

Keywords:

venture funds, private equity, performance determinants, vintage year

키워드:

벤처펀드, 사모펀드, 성과결정요인, 결성연도

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• 저자 최현희는 현재 고려대학교 기술경영전문대학원 박사과정 중에 있다.

• 저자 김영준 교수는 현재 고려대학교 기술경영전문대학원 부원장을 역임하고 있으며, 서울대학교 기술경영경제정책대학원, 미국 Texas A&M 대학에서 강의하였다. 연구분야는 기술경영경제, 기술이전사업화, 전략적 제휴, 기술혁신 및 R&D 정책, 지식재산경영전략 등이다.