| Suggestions for Role Enhancement of Venture Capital for the Development of Venture Firms under the Creative Economy |
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Chi Seung Song |
| 창조경제 하에서의 벤처기업 발전을 위한 벤처캐피탈의 역할 제고방안 |
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송치승 |
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| Abstract |
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From an economic point of view, the creative economy progressed in the Park`s administration is similar to the innovative economy. Currently, Korea is in the process of moving from investment-driven stage of economy to innovation-driven one. For the successful improvement of Korean economy, it needs to enhance the role by the start-ups and technology- generating small- and medium-sized enterprises (SMEs) that have a relatively comparative advantage than the large firms. Indeed, a typical venture firm, as a main core agent of the creative economy, is required for the improvement of fund accessibility to make sustainable growth after its set-up. Venture capital, a financial company supplying equity financing for venture firms, plays an important role in leading them to innovation. While Korea`s venture capital mostly relies on traditional venture capital (TVC), it is poor in corporate venture capital (CVC) that tends to invest in start-ups and early stage of firms. Although fund raising and investment of venture capital are getting better than before, the exit market for venture capital has been depressed as ever. Under this circumstance, it needs changing from government driven to private sector-driven venture capital for the further development of venture firms. The purpose of this paper is to suggest the role enhancement of venture capital not only for the development of venture firms, but also for innovation of Korean economy. This paper suggests as follows: First, Deregulation or easing of regulations that hinder invigoration of venture capital in the fields of venture capital laws and PEF (private equity fund) is needed. Second, Reinforcement of monitoring venture firms, such as changing to stage of capital infusion, fostering monitoring, and implementing cash distribution, etc. is needed. Third, The information exchange system between venture capitals and policy financial institutions, and between venture firms and commercial banks is needed, in which will assist the enlargement of venture firms` financing, efficiency of policy fund, and improvement of controling a commercial bank`s credit risk. |
| Key Words:
벤처기업,벤처캐피탈 관행,벤처캐피탈 운용체계,벤처캐피탈 제도,창조경제,Creative Economy,Venture Capital Operation Scheme,Venture Capital Practice,Venture Capital System,Venture Firms |
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