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korean management review - Vol. 47 , No. 1

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[ Article ]
korean management review - Vol. 47, No. 1, pp. 45-66
Abbreviation: kmr
ISSN: 1226-1874 (Print)
Print publication date 28 Feb 2018
Received 03 Oct 2017 Accepted 02 Jan 2018
DOI: https://doi.org/10.17287/kmr.2018.47.1.45
The Effect of Firm’s Venture Investment Experience Diversity on the Likelihood of Explorative Venture Investment
Shin-hyung Kang^* ; Jung-Tae Hwang^**
*Visiting Professor, SungKyunKwan University, First Author

**Associate Professor, Dept. of Business Administration, Hallym University, Corresponding Author

기업의 벤처투자 경험 다양성이 탐험적 벤처투자 가능성에 미치는 영향
강신형^* ; 황정태^**

*(주저자) 성균관대학교 경영학과 (david.kang98@gmail.com)

**(교신저자) 한림대학교 경영학과 (jthwang@hallym.ac.kr)



Funding Information ▼ Ministry of Education National Research Foundation of Korea 2016S1A5B5A07918879

Abstract

Corporate venture capital(CVC) refers to the capital raised by established firms to acquire minority equity stakes in privately held venture firms for strategic purposes. In order to enhance the innovation performance from the operation of CVC, firms need to invest in sectors distant from the current business or knowledge base. However, the research on the antecedents of such explorative investment has received less attention. In this vein, this paper investigates how the diversity of a firm’s venture investment experience affects the likelihood of the firm’s explorative venture investment. Based on a sample of 3,032 venture investments during 2006 and 2015, we found that firms that had invested in ventures of diverse industry sectors were more likely to materialize explorative investments. We also found that the positive effect of the experience diversity on the likelihood of explorative investment was enhanced when the firm had sufficient absorptive capacity and the venture investment was operated directly by an internal department.

초록

기업벤처캐피탈(CVC)은 기업이 필요한 기술 지식을 외부에서 확보하는 개방형 혁신의 한 수단으로 상장 전의 벤처기업에 지분투자를 하기 위해 출자한 벤처캐피탈을 의미한다. 기업벤처캐피탈을 통해 혁신 성과를 강화하려면 자신의 지식기반과 거리가 있는 분야의 벤처기업에 대한 탐험적 투자를 적극적으로 해야한다. 그러나 탐험적 벤처투자를 촉진하거나 저해하는 선행 요인 연구는 미흡하다. 이에 본 연구는 기업의 벤처투자 경험 다양성이 탐험적 벤처투자 가능성에 미치는 영향을 살펴봤다. 2006년부터 2015년까지 3,032건의 벤처투자를 실증 분석한 결과, 기업이 과거에 다양한 산업분야의 벤처기업에 투자한 경험이 많을수록 탐험적 성격의 벤처투자를 할 가능성이 높아졌다. 그리고 기업이 활발한 연구개발 활동을 통해 충분한 흡수역량을 보유하거나 기업 내부 조직이 직접 벤처투자를 하는 경우 벤처투자 경험 다양성의 탐험적 투자에 대한 긍정적 영향이 강화되었다.


Keywords: Open Innovation, Corporate Venture Capital, Venture Investment, Technology Innovation, Explorative Innovation 키워드: 개방형 혁신, 기업벤처캐피탈, 벤처투자, 기술혁신, 탐험적 혁신

Acknowledgments

이 논문 또는 저서는 2016년 정부(교육부)의 재원으로 한국연구재단의 지원을 받아 수행된 연구임(2016S1A5B5A07918879)

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• 저자 강신형은 현재 성균관대학교 경영학과 초빙교수로 재직 중에 있다. 한국과학기술원(KAIST) 기계공학과를 졸업하고 동대학에서 경영공학 석사 및 박사 학위를 취득했다. LG전자 본사 전략기획팀에서 신사업기획, M&A, J/V 등의 업무를 수행한 바 있으며 LG전자 스마트폰 사업부에서도 근무하였다. 주요 연구 및 관심 분야는 경영혁신으로 개방형 혁신, 기업벤처캐피탈(CVC) 등과 관련된 논문을 발표했다.

• 저자 황정태는 현재 한림대학교 경영학과 부교수로 재직 중이며 벤처기업 및 기술경영 분야를 맡고 있다. 서울대학교 공과대학 및 동 대학원 기술정책협동과정(석사)을 졸업하였으며 University of Sussex SPRU에서 혁신체제 및 기술벤처 관련 연구로 박사학위를 취득하였다. 과학기술정책연구원에서 부연구위원으로 일했으며 한국기술교육대학 겸임교수 및 기술경영연구소 객원교수 경력이 있다.