Contents

The Development of Venture Capital Industry and the Role of Government in Korea: Venture Boom vs. Post-boom

벤처캐피털 산업의 발전과 정부의 역할

Lee, Su Il

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Abstract

This paper evaluates the role of Korean government in the venture capital industry, in particular in the stages of fund-raising and venture investment. Utilizing data from Korean Venture Capital Association (KVCA), the analysis is conducted for the venture boom and post-boom periods separately. Empirical results show that the government played a significant role in the fund-raising stage in both venture boom and post-boom periods. When it comes to the investment stage, however, the empirical results indicate that the government did not accomplish expected roles. In particular, the government failed to induce investments in the outside funds of which the government had a larger stake toward early-staged firms and guide common stock investments during the venture boom period. The empirical outcomes also show that the government has not properly increased venture investments on high-tech industries during the post-boom period. This paper argues tentative reasons why the policy failures were observed in relation to the policy implications and provide several pieces of supporting evidence.

Issue Date
2008
Publisher
한국개발연구원
Keywords
Venture Capital(벤처캐피털); Government Policy(정부정책); Fundraising(자금조달); Venture Investment(벤처투자)
Citation
한국개발연구, v.30, no.1, pp.213 - 246, 2008
DOI
10.23895/kdijep.2008.30.1.211
Journal Title
한국개발연구
Start Page
213
End Page
246
ISSN
1738-656X
Language
English
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