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기술금융 지원제도의 효과분석과 개선방안(Policy financing for innovation) : Its effects and proposals for improvement

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  • 기술금융 지원제도의 효과분석과 개선방안(Policy financing for innovation)
  • Jeong, Seungil정승일; 손수정; 황석원; 김병우; 채민희
  • 과학기술정책연구원


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Title 기술금융 지원제도의 효과분석과 개선방안(Policy financing for innovation)
Similar Titles
Sub Title

Its effects and proposals for improvement

Material Type Reports
Author(English)

Jeong, Seungil

Author(Korean)

정승일; 손수정; 황석원; 김병우; 채민희

Publisher

서울:과학기술정책연구원

Date 2008-12
Series Title; No 정책연구 / 08-08
ISBN 978-89-6112-051-7
Pages 307
Subject Country South Korea(Asia and Pacific)
Language Korean
File Type Link
Subject Economy < Financial Policy
Industry and Technology < Science/Technology
Holding 과학기술정책연구원

Abstract

In this study, we made a critical review on the policy financing for
innovation, analyzed their effects on fims' innovation, and suggested some
policies. In chapter two, we analyzed venture capital investment and found
that venture capital-backed firms grow faster than others. Moreover, venture
capital investment contributes to the growth of the economy and firms' total
factor productivity. In chapter three, we studied the rate of return of venture
capital investment and investigated various factors that influence it. We
found that the risk adjusted rates of return of venture capital funds backed
by the government is not necessarily lower than those of not backed funds.
Chapter 4 investigates the Capital Market Consolidation Act and the
possible reorganization of venture capital industry as a result of it. Based on
our survey of venture capital companies and venture capitalists, we found
that the Act, in contrary to the prevailing theory and expectations, will not
promote venture capital in fund raising and investment because it will open
a full market of hedge funds, private equity funds, and credit derivatives.
Therefore, it will be necessary for the government to put more policy funds
into venture capital industry if it wants to promote high tech startups.
Chapter 5 analyses the effects of policy loan and guarantee. It is found that policy loan and guarantee do not contribute to the growth in sales and
export of backed companies in direct ways but in indirect ways as they
promote firms' innovation and other capabilities, which in the long run will
contribute to sales and export growth.
In chapter 6, we research the relationship between venture capital
investment and policy loan and guarantee. Prevailing theories teach that the
right way of financing innovative SMEs and startups is venture capital
investment. But in reality many innovative SMEs and startups rely on policy
loan and guarantee. We surveyed venture capitalist about possible conflict
between venture capital investment and policy loan and guarantee and found
that surprisingly a majority of venture capitalists regard them as
complementary.
Chapter 7 discusses 'on-lending', proposed as a advacned policy financing
system. We investigated the German on-lending, which is regarded as the
model, and confirmed that the German on-lending operates on the base of
such institutional frameworks as the German Hausbank(main bank), public
banks and cooperative banks, and universal banking. Commercial banks in
Korea, without them, is not able to provide on-lending credit for innovative
SMEs and startups because they have not developed capabilities of relational
banking, which is necessary to evaluate growth potential of SMEs and
startups. However, if on-lending is understand as a way of supplying policy
funds by using market mechanisms, various ways of equity investment and
mezzanine financing undertaken by venture capital companies, investment
banks and commercial banks can also be regarded as on-lending and can be
served as financing methods for innovative SMEs.