스타트업이 벤처캐피탈을 선택할 때 영향을 미치는 주요 요소

김진수,배태준,이상명 한국벤처창업학회 2021 벤처창업연구 Vol.16 No.2

Existing research on the investment relationship between venture capital and start-up companies has mainly focused on choosing a startup from the perspective of venture capital, an investor. However, as competition among venture capital has increased recently, excellent start-ups with proven technology are choosing venture capital in reversely. This study investigated key elements that affect the selection of the venture capital by a startup. To this end, we looked at which venture capital company was selected as the final investor for startups that have received investment proposals from multiple venture capitals at the same time. Six early start-ups(pre-series A/Series A) and five mid-term (Series B/C) start-ups were interviewed to focus on the influence of the three elements regarding venture capital – 1) venture capital reputation, 2) relationship between cofounders and investors, and 3) value adding service provided by venture capital - on choice. As a result of the research, the investment portfolio among the reputations of venture capital was a very important element in selecting venture capital. However, it has been shown that the age and asset under management of venture capital are not important. Relationships have emerged as a very important element. Finally, as for venture capital's value-adding services, start-ups in this study did not consider it important. In particular, consulting and monitoring by venture capital has been found to be a burdening attribute for startups. This study suggests implications that can increase the probability of successful investment by venture capital in the investment market where investment competition is fierce, and enhance mutual understanding between venture capital and startups. 벤처캐피탈과 신생 기업의 투자 관계를 다룬 기존 연구는 주로 투자자인 벤처캐피탈의 입장에서 스타트업을 선택하는데 초점을 맞추었다. 하지만 최근 벤처캐피탈 사이의 경쟁이 높아짐에 따라 기술력이 검증된 우수한 스타트업의 경우 역으로 벤처캐피탈을 선택하는 현상이 나타나고 있다. 본 연구는 스타트업이 벤처캐피탈을 선택할 경우, 벤처캐피탈과 관련된 어떤 요소가 선택에 영향을 미쳤는지 살펴보았다. 이를 위해 복수의 벤처캐피탈로부터 동시에 투자제의를 받은 경험이 있는 국내 스타트업을 대상으로 어떤 벤처캐피탈 회사를 최종 투자자로 택했는지 살펴보았다. 창업 초기단계(Pre-series A/Series A) 창업가 6명, 중기단계(Series B/C) 창업가 5명을 인터뷰하여 벤처캐피탈의 세 가지 요소: 1) 벤처캐피탈 명성(reputation), 2) 창업자와 투자자와의 관계(Relationship), 3) 벤처캐피탈이 제공하는 가치 증대 활동(Value adding service)이 선택에 미치는 영향력을 중심으로 연구하였다. 연구결과, 벤처캐피탈의 명성 중 투자포트폴리오는 매우 중요한 벤처캐피탈의 선정 기준이 되였다. 하지만, 벤처캐피탈의 운용기간과 펀드 운용액은 중요하지 않은 것으로 나타났다. 관계는 매우 중요한 요소로 나타났다. 마지막으로 벤처캐피탈의 가치 증대 활동에 대해서는 본 연구의 스타트업 창업자들은 중요하게 생각하지 않았다. 특히, 벤처캐피탈의 컨설팅과 모니터링은 오히려 스타트업에게 부담을 주는 요소로 작용했다. 본 연구는 투자 경쟁이 치열한 투자시장에서 벤처캐피탈의 투자 성공 확률을 높여주고, 벤처캐피탈과 스타트업 간의 상호 이해를 증진시켜 줄 수 있는 시사점을 제시한다.

게임의 투자 가치 평가 요소 연구 : 국내 벤처캐피탈 게임 투자를 중심으로

박형택,정형원 한국엔터테인먼트산업학회 2025 한국엔터테인먼트산업학회논문지 Vol.19 No.6

벤처캐피탈이 투자하는 벤처기업 중 고용 효과가 크고, 큰 비중을 차지하는 산업이 게임 산업이다. 그러나, 게임 산업에 대한 벤처캐피탈의 투자는 꾸준하게 감소하였다. 본 연구는 이를 해결하기 위한 방안으로 게임 분야 투자 의사 결정에서 검토하는 요소의 투자 단계별, 수익 모델별, 프로젝트 규모별로 고려의 정도를, 다년간의 게임 산업 경험과 게임 분야 투자 경험을 가진 국내 벤처캐피탈의 게임 분야 투자심사 전문인력과 심층 인터뷰를 진행하여 검증하고 분석하였다. 연구 결과 제품/서비스, 기업가/팀, 시장의 요소는 각각 3.50, 4.08, 3.35의 고려 정도로 나타나 기업가/팀 요소의 중요도가 가장 높은 것으로 나타났다. 제품/서비스 요소는 전체적으로 프로젝트 후기에 검토할수록 더 높은 고려의 정도를 보였으며, 기업가/팀 요소는 초기에 검토할수록 더 높은 고려의 정도를 보였으며, 시장 요소는 검토 시기별로 약간의 차이는 있었으나, 상대적으로 큰 고려도의 차이를 보이지는 않았다. 이번 연구를 통해 확인한 게임 프로젝트의 수익성 검증을 위한 가치평가 요소에 관한 연구는 게임 분야 투자심사 전문인력의 판단 근거를 제공하여 투자의 난이도를 줄이고, 게임 분야 투자 검토의 기회를 늘리는 데 그 의의가 있고, 또한 중소 게임 제작사가 투자를 유치하는 과정에서 벤처캐피탈이 중요하게 여기는 요소에 대한 이해를 높여 투자 유치 준비에 도움을 주어 중소 제작사 투자 유치 가능성을 높이는 데도 의미가 있다. The game industry, within the landscape of venture capital (VC) investments, exhibits both substantial employment generation and a significant share of the invested capital. However, VC investment in the game industry has been steadily declining. This study addresses this issue by investigating the degree of consideration given to evaluation factors in venture capital investment decisions within the game sector. These factors were analyzed across investment stages, revenue models, and project scales. Data were collected through in-depth interviews with venture capitalists from domestic firms, who specialize in evaluating investments in game development projects. The findings of this study reveal that the average degrees of consideration for product/service, entrepreneur/team, and market factors were 3.50, 4.08, and 3.35, respectively, thereby underscoring the paramount importance of the entrepreneur/team factor. Specifically, the product/service factor exhibited an increasing degree of consideration in the later investment stages, whereas the entrepreneur/team factor received greater emphasis during the initial stages. The market factor demonstrated minor fluctuations in the degree of consideration across different stages. This research concerning evaluation factors for assessing the profitability of game projects offers a foundational basis for the judgment of venture capitalists in the game sector, potentially mitigating the complexity of investment decisions and expanding opportunities for investment review. Furthermore, it holds significance by enhancing small and medium-sized game developers' understanding of the crucial elements valued by venture capital firms, thereby facilitating their preparation for investment attraction and increasing their likelihood of securing funding.

新羅 ‘儀鳳四年皆土’명 기와와 納音五行

이동주(Lee, Dong-Joo) 역사학회 2013 역사학보 Vol.0 No.220

King Munmu executed large-scale civil construction works in the kingdom capital. There are roof tiles with inscription Yi feng si nian ji? t?(儀鳳四年皆土) among the construction materials used. Yi feng(儀鳳) is the era name of Tang dynasty emperor Gao-zong(高宗) and si nian(四年) is the 4th year therefore, Yi feng si nian(儀鳳四年) is A.D. 679. However, there are multiple opinions on the interpretation of the last word ji? t?(皆土) in the inscription. One representative opinion is that the word ji? t?(皆土) contains the thought of [Royal domain] because the roof tile was manufactured after the completion of the Three Countries. Another opinion is that the word ji? t?(皆土)is related to large-scale civil construction works at the time. The first opinion interpreted the character t?(土) as Royal land; while the second opinion interpreted the word t?(土) as soil in civil construction. Meanwhile, this study interpreted the character t?(土) as the expression of definite time of roof tile manufacturing. At the same period, the Jingyun Bell(景雲鐘) was casted in Tang(唐). The bell has the inscription of manufactured date on it and it shows relevant matching sounds(納音) to the sexagenary cycles of the manufactured year, month and day. Matching sounds(納音) is the matching of the Five Elements (五行) to relevant sexagenary cycles. From such viewpoint, the year, month and day of the word ji? t?(皆土) are all t?(土) in Five Elements. When they started a large-scale civil construction work in the kingdom capital, they always chose an auspicious day for groundbreaking.

1960~70년대 후진성 테제와 자립의 반/체제 언설들: 매판과 자립 그리고 ‘민족문학’의 함의를 둘러싼 헤게모니적 쟁투

공임순 상허학회 2015 상허학보 Vol.45 No.-

The purpose of this paper is to review backwardness and the anti / system discourse of independence of Korea Society in the 1960s and 1970s as critical framework of ‘comprador.’ ‘Comprador’ debate during the Korea-Japan Treaty Negotiation immediately connected with rejection of ‘The three elements’ from the past(Samban Theses) of 4․19 served as a watershed that separated Korea Society maintained short honeymoon relationships under a loose extension of nationalism. This ‘comprador’ debate related to the qualities and character of capital to be the power source of economic growth and development under Korea-US-Japan cooperation, while highlighting the problem of the agency called ‘Who will get the profit’, created a confrontation wires which accused the Park Chung-Hee government as comprador forces conspiring with foreign power. Stigmatizing the most vicious of Park Chung-hee regime as bureaucratic comprador capital among comprador capital, ‘comprador’ debate newly reconstructed the concept map that was analogy between comprador capital / national capital(economy) and comprador literature(knowledge) / national literature. There was to assure that national literature existed as a correlate of comprador literature (knowledge) not just a contrast relationship with world literature. The critical self-consciousness about the reality of new colonial comprador was led to the reversal of backwardness thesis via the third world Maoism. As it were, the logic of modernization called ‘our country has been backward because of backwardness’ was transposed into the logic of anti-modernization said ‘our country can be developed due to backwardness’ against it. National liberation movements and anti-imperialist line of the third world emerged as a major force in the world politic stage caused the exploitation and exploited relations of the centre and the periphery as a thorny issue. In Korea society, it was reenacted as ‘comprador’ debate and also could accuse the reality of unequal alienation and repression in accordance with the modernization effect by maximizing negative sense of comprador capital. This constant self-criticism about the realities of new colonial comprador was able to move towards the Third World Literature Theory and the People Literature Theory focused on peripheral people and rural community. This paper attempts to criticize the current neo-liberal tendencies armed with a huge cartel of capital, power and knowledge through the aftershocks of the 1960s that still does not end such as the comprador inside me. 이 글은 1960년과 70년대 한국 사회의 후진성과 자립의 반 / 체제 언설을 ‘매판’의 문제틀로 되짚어보았다. 4․19국면의 삼반 테제를 잇는한일협정 국면에서의 ‘매판’ 논쟁은 민족주의라는 느슨한 외연 아래에서 짧은 밀월 관계가 유지되던 한국 사회를 가르는 분수령으로 작용했다. 한․미․일의 공조 하에서 경제 성장과 발전의 동력원이 되어줄자본의 특질 및 성격을 둘러싼 이 ‘매판’ 논쟁은 ‘누구에게 이익이 되는가’라는 행위주체(agency)의 문제를 부각시키면서, 외세와 결탁한 매판세력이 곧 박정희 정권임을 고발하는 대치 전선을 만들어냈다. 매판자본 중에서도 가장 악질적이라는 관료매판자본으로 박정희 정권을 낙인찍는 이 ‘매판’ 논쟁은 매판자본 / 민족자본(경제)에 유비되는매판문학(지식) / 민족문학의 개념도를 새롭게 재구축했다. 이는 민족문학이 세계문학과의 대비 관계만이 아닌 매판문학(지식)과의 상관물로서 존재했음을 확인시켜주는 것이다. 신식민적인 매판의 현실에 대한 이러한 비판적 자의식은 제3세계 마오이즘을 경유한 후진성 테제의역전과 전치를 가져오게 되는데, 이를테면 ‘후진하기 때문에 후진하다’ 의 근대화 논리에 맞서는 ‘후진하기 때문에 선진할 수 있다’고 하는 탈(脫)근대화 논리였다. 1960년과 70년대 세계정치무대의 주요세력으로 등장한 제3세계의민족해방운동과 반제국주의운동은 중심과 주변의 착취-피착취 관계를 첨예한 쟁점으로 부상시켰다. 이것이 한국 사회에서는 지역적 냉전질서를 반영한 ‘매판’ 논쟁으로 재연된 셈이었는데, 매판자본의 부정적의미망을 극대화하는 방식으로 ‘매판’ 논쟁은 근대화 효과에 따른 한국 사회의 불평등한 소외와 억압의 현실을 고발할 수 있었다. 신식민적인 매판의 현실에 대한 이러한 부단한 자기비판이야말로 주변부 농촌과 민중을 향한 민중문학론과 제3세계 문학론으로 나아갈 수 있는 동력이 되어주었다. 이 글은 우리 안의 매판성이라고 하는 아직 끝나지 않는1960년대의 여진들을 통해서 자본․권력․지식의 거대 카르텔로 무장한 현재의 신자유주의적 경향을 비판할 유효한 역사적 입각점으로 삼고자 했다.

Research on Evaluation System of Internet Venture Capital Project based on Matter - Element Method

Ye Yuan,Haigang Sheng,Haohao Shi 보안공학연구지원센터 2016 International Journal of Hybrid Information Techno Vol.9 No.9

Drawing on experience of evaluation procedures on decision-making in the field of venture capital project, this paper establishes an evaluation procedures of telecommunications business innovation hatching project, combined with matter-element extension and other related theories. Firstly, by reviewing the evaluation index system related to innovation project and venture capital institutions, we construct the evaluation index system of Internet venture investment projects from four aspects, which are entrepreneurial team, technical/product, market and finance. Then, combining the characteristics of Internet business venture investment projects, with the project's classical field, segment field and matter element we establish the matter-element extension model of Internet venture investment project. An example is given to verify its feasibility and reasonability and the results provide a new way to assess the Internet venture capital project.

한국(韓國)과 중국(中國)의 자본주의맹아론(資本主義盟芽論)

박기수 ( Kee Soo Park ) 수선사학회 2007 사림 Vol.0 No.28

글로벌 자동차 및 전기전자 산업의 현금전환주기요소와 수익성의 관계에 대한 패널데이터분석

오건택(Oh Keontaek),이다희(Lee Dahee),김대수(Kim DaeSoo),정의범(Jeong EuiBeom) 글로벌경영학회 2020 글로벌경영학회지 Vol.17 No.2

This study intends to empirically analyze the effect of cash conversion cycle elements (the core of working capital management, i.e., days of inventory outstanding, receivables outstanding, and payables outstanding) on profitability (return on sales). For the analysis, we used the eight-year (2008-2015) financial data collected from 42 and 29 global firms in the automotive and electrical-electronics industries, respectively, ranked in the “Forbes Global 2000.” To discover the causal relationship between cash conversion cycle elements and profitability, we performed panel data analysis on each for two sub-periods, i.e., the crisis period (2008-2011) and the recovery period (2012-2015), based on the occurrence of the global financial crisis in 2008. In the results, we found significant differences by industry and by period and proposed theoretical and managerial insights into working capital management strategies in consideration of the changes in the global business environment. However, as is the case for other empirical studies, this study has a limitation in the generalization of the results. Therefore, more studies conducting periodic analyses based on important global events are needed

Integrated Reporting: A New Paradigm of Corporate Reporting

Madan Lal Bhasin 국제융합경영학회 2017 융합경영연구 Vol.5 No.2

The landscape of corporate reporting is changing quickly. The concepts, elements and principles that characterize the way organizations plan, manage and report their annual performances are currently being questioned, debated, and redesigned throughout the world. However, widening the scope of corporate performance and reporting is a major issue. Research needs to bridge the gap between social and financial performance by considering corporate performance in a wider perspective. At base, IR is a relatively new but powerful idea: enhancing the way organizations think, plan and report the story of their business. Organizations are using IR to communicate a clear, concise, integrated story that explains how all of their resources are creating value. This paper examines the rise of what has been widely claimed to represent a new and striking future for corporate reporting, namely the notion of “Integrated Reporting” (IR). Unfortunately, there is poor empirical research work undertaken which has focused on published integrated reports. This research study provides initial analysis of the content and structure of the corporate integrated reports published in 2013 and available on the International Integrated Reporting Council (IIRC) Emerging Examples Database. As part of this study, Integrated Reports were analyzed for company information, report information and report content. Moreover, they were also evaluated as to the extent these adhered to the integrated reporting (IR) Guiding Principles, Content Elements, and the multiple capitals model. Findings of this study indicate that “early integrated reports were mostly lengthy, fail to adhere to all the guiding principles, and covered four of the six capitals suggested.” At present, no universally accepted global framework for IR exists and it is still largely a voluntary practice. We believe that IR of both financial and non-financial performance should be made mandatory, and it should become a universal practice for all the global listed companies within the next 5-10 years.

통합보고(Integrated Reporting)의 현황과 기업보고서로의 당면과제 분석 -포스코 사례분석을 중심으로

권수영 ( Soo Young Kwon ),황유선 ( Yoo Sun Hwang ),허진숙 ( Jin Suk Heo ) 한국회계학회 2014 회계저널 Vol.23 No.6

International Integrated Reporting Council(IIRC) released International <IR> Framework on December 2013 for the purpose of providing potentional <IR> preparers with detailed guidelines and methods. In this study, we introduce the framework of International <IR>, explain six capitals and seven content elements, and summarize the papers in the integrated reporting literature. We also review POSCO``s integrated report to understand whether the integrated reporting is feasible and what the issues are in preparation of integrated reporting. Finally, we suggest the following aspects in order for integrated reporting to be settled as a business report: top managements’ commitment and continuous investment in integrated reporting, the balance between value creation and accountability, improvement in measures employed in integrated reporting, clarification of six capitals and seven content elements, assurance and legal liability associated with integrated report, and understanding of primary users`` needs.

1902년 皇帝御極 40년 望六旬 稱慶禮式과 皇都 정비 - 대한제국의 ‘皇都’ 구상에 담긴 만국공법적 제국과 동양적 제국의 이중 表象 -

전우용 서울역사편찬원 2012 서울과 역사 Vol.- No.81

After the First Sino~Japanese War, Sino~centric East Asian world order was practically destroyed. However, the Sinocentrism that was built around the existing world order did not immediately destroyed. Enlightenment group regime will establish the phase of the Great Joseon only in the system of the Elements of international law, but Emperor Kojong could not do that. After opening ports, King Kojong has adopted westernization policy continually, but the enlightenment group assumed hostile attitude against him. King Kojong has to embrace anti~western confucian group despite of his real thoughts. There are many opponents against the name of Imperial among them, but some of them who insist that Joseon~centrism could be supporters of King. And the world order which dominated by the system of the Elements of international laws was strange for the vast majority of people, too. It is useful for King Kojong that his people have pride of imperial ones, which would have supported to strengthen his sovereignty. After the Sino~Japanese war and King's escape to Russian Embassy, the international phase of the Great Joseon has fallen down too. The superpowers didn't think that Korea could maintain her independence by herself. Emperor Kojong and his aides have well known those situation. It was necessary for them that not only the power of military and industry, but also the symbols of civilization. They would make some evidences of civilization in the space of Seoul and open them to the public at the anniversary of Emperor Kojong's 40th enthronement and 51th birthday. The Great Han Empire had to make and possess dual symbols, one for her independence, the other for Emperor's autocracy. For the former, They were represented by western and eastern style buildings and constructs each. The needs of authority for dual symbols was realized on the space of Seoul capital, and then the dual structures and landscapes were formed in Seoul. Around the anniversary, many western style buildings were constructed in Kyeongwoon~gung, the main palace of the Great Han Empire and the eastward simple commercial street Jongno was changed to the main symbolic street. The western and eastern style buildings on the each side of this street which were constructed by the Emperor's authority, have represented that the dual phase of the Great Han Empire, not only the International one which was authorized by international standard, but also the traditional one which was authorized by Korean's traditional thoughts. 청일 전쟁 이후 중국 중심의 동아시아 세계질서, 즉 중화체제는 현실적으로 소멸했다. 그러나 현존 세계질서를 중심으로 구축되었던 中華意識까지 바로 소멸하지는 않았다. 갑오 개화파 정권은 만국공법적 세계질서 안에서만 大朝鮮國의 위상을 정립하려 했으나, 고종의 大韓帝國은 그럴 수 없었다. 개항 이후 고종 자신이 지속적으로 서구화 정책을 펴왔음에도 불구하고, 문명개화론에 일방적으로 경도된 개화 관료들은 그에게 적대적이었다. 본의야 어쨌든, 고종은 자신의 권력기반을 확대하기 위해 서구화에 반대하는 斥邪 유생들을 끌어안아야 했다. 그들 중에는 稱帝建元에 반대하는 사람들도 있었으나, 조선 후기 이래 내용적으로 ‘조선중화주의’를 주창해 온 세력에게는 그 形式的 증거들을 갖춰 줄 필요가 있었다. 또 절대다수의 臣民에게도, 만국공법적 세계질서는 아주 낯설었다. 그들에게 帝國 臣民의 자존감을 심어주는 일은 갑오개혁과 아관파천으로 실추된 王權의 위상을 회복하고 皇權을 절대화하는 데에도 유용했다. 한편 청일전쟁과 아관파천을 거치면서 대한제국의 국제적 위상 역시 추락했다. 대한제국이 자력으로 독립을 유지할 수 있으리라고 판단한 열강은 없었다. 고종과 그 측근 세력 역시 이런 현실을 모르지 않았다. 그들은 군사력을 키우고 산업을 발전시켜 자주 독립의 내실을 갖추는 것이 궁극적인 위기 타개 방법이라는 것을 알았지만, 그와 더불어 현존하는 公法的 세계 체제의 일원으로 인정받는 것도 필요하다고 판단했다. 그를 위해서는 서구적 기준에 합치하는 독립국이자 문명국이라는 증거들을 만들어야 했다. 그들은 서울 공간에 그 증거들을 집적해 두려 했고, 그것들을 고종 즉위 40년 망육순 칭경기념식을 계기로 국제 사회에 대대적으로 공개하려 했다. 대외적으로 공법이 공인하는 자주독립국이자 대내적으로 황제가 전체 신민 위에 군림하는 전제군주국을 표방한 대한제국에는, 이원적 필요에 상응하는 이원적 表象이 필요했다. 공법의 公認을 얻기 위해서는 서구적 근대 문명의 標識를 갖춰야 했고, 신민 일반의 동의를 얻기 위해서는 동양적, 전통적 帝國의 表象을 만들어내야 했다. 이 二元的 表象에 대한 권력의 요구는, 皇都 서울을 대내외적 表象의 중심 공간으로 개조하는 과정에 그대로 반영되었다. 칭경예식 전후 대한제국의 正宮 경운궁은 전통적 전각과 서양식 전각이 공존하는 독특한 궁궐이 되었으며, 상업 가로였던 종로는 帝王南面의 동양 전통적 도성 조영 원칙과 무관한 바로크적인 ‘장대한 직선 경관축’이 되었다. 이 도로 좌우에는 근대 문명을 상징하는 ‘서양식 건축물’과 동양적 帝國을 표상하는 ‘전통 양식’의 건조물들이 함께 들어섰다. 이 시기의 서울은 동양적 제국이자 만국공법적 제국이라는 대한제국의 二元的 位相을 압축적으로 표현하는 공간이었다.