기업 벤처캐피털과 신디케이트 경험의 효과와 리드 투자를 통한 네트워크 역량이 독립 벤처캐피털의 명성에 미치는 영향 연구

초록

With the recent rise in unicorn companies—privately held firms valued at over $1 billion—there has been an increase in venture capital firms seeking to discover and invest in innovative startups. For startups with groundbreaking technologies, receiving investment proposals from multiple venture capital firms is common. In such cases, the reputation of the venture capital firm becomes a crucial factor in the startup’s decision-making process. This study analyzes the effect of syndicate experience with corporate venture capital (CVC) on the reputation of independent venture capital firms. To conduct the analysis, 731 independent venture capital firms with syndicate experience with CVCs were selected as the treatment group, and another 731 independent venture capital firms without such experience were selected as the control group. Investment data from two years before and after the syndicate experience, spanning a total of five years of panel data, were collected. The difference-in-differences (DID) method was applied to assess the impact of syndicate experience. The results showed that independent venture capital firms with syndicate experience had higher reputations than those without. Furthermore, the reputation of these firms continued to grow after their syndicate experience. Additionally, networks established through lead investments by independent venture capital firms were also found to have a positive effect on enhancing their reputation.

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