한국 벤처캐피탈리스트의 투자의사결정 요인과 투자평가 모형

Evaluation Model and Factors for Investment Decision Making of Korean Venture Capitalists

This study is to investigate the relative significance of investment decision- making factors that Korean venture capitalists use. A decision experiment was conducted to 53 investment analysts in Korean venture capital firms, with 50 cases of anonymous real ventures. The result of analysis reveals that Korean venture capitalists put higher weights to market familiarity, proprietary protection, and the market growth than other variables in their investment decision-making process. The predictive power of the model explains about 62%.70% of successfulness of ventures, which is higher than the real hit ratio of 63% by the VCs. A contribution of the study is to have verified the significance of some investment decision-making variables, and to have proposed a better model for VCs' decision making that can be utilized along with conventional investment evaluation technique.