벤처투자 사례에 기반한 계약방식 평가모델 도출 및 ’조건부 지분인수’ 제도 도입 타당성 검토

• 영문명: A Case-based Evaluation Model of Venture Investment Contract Method and Its Application to ‘Simple Agreement for Future Equity’
• 발행기관: 한국무역연구원
• 저자명: 이상록(Sang-Rok Lee) 조대명(Dae-Myeong Cho)
• 간행물 정보: 『무역연구』제16권 제3호, 371~389쪽, 전체 19쪽
• 주제분류: 경제경영 > 무역학
• 파일형태: PDF
• 발행일자: 2020.06.30

영문 초록

Purpose - In this paper, we examine prevailing venture investment contract methods employed by the venture capital community in Korea in order to assess the extent to which they are actually beneficial for developing and nurturing early stage start-ups. Design/Methodology/Approach - We evaluate the validity of SAFE (Simple Agreement for Future Equity), a recently adopted investment contract modality in Korea by comparing its position relative to RCPS or Redeemable Convertible Preferred Stock which is established as the most prevailing investment contract method. In doing so, we analyze data on Venture Capital investment contract during the period from 2015~2019 in Korea, through the conduct and qualitative assessment of multiple case studies of early start-ups. Findings - We find that the venture investment community in Korea has been relying disproportionately on the RCPS as the prefered venture investment contract method, which, however, works against the interests and success of the start-up by imposing too much risk on the entrepreneur and binding him/her to repay the invested capital at the expense of the longer-term viability of the firm. Research Implications - The implication of our study is that striking a good balance between the investor’s risk reduction in redemption and the sustainability of the start-up operation is the key to the successful design and implementation of the institutional framework for venture investment.

목차

Ⅰ. 서론

Ⅱ. 선행 연구 검토

Ⅲ. 국내 벤처투자 현황

Ⅳ. 벤처기업 투자유치 사례연구

Ⅴ. 벤처투자 계약방식 개선 방향

Ⅵ. 결론 및 시사점

References

키워드

Evaluation Framework SAFE Simple Agreement for Future Equity Venture Capital Venture Investment