정부 주도사업이 투자자 의사결정 준거점에 미치는 영향

초록

The paper investigates the influence of government-led projects on investors' decision-making reference points, using Prospect Theory and Human Capital Theory. It empirically explores whether government initiatives shift investors' reference points, offering insights for private investments in government-backed ventures. The study, spanning from May 2017 to May 2022, compares 51 companies involved in Korea's 'New Deal' policy to 49 non-participating companies. It considers founders' human capital elements such as past startup experience, technical and managerial industry experience, education level, and graduate school reputation. The analysis reveals that only the reputation of the founder's graduate school has a significant negative effect, implying a conservative approach by investors towards government-led projects. This highlights the need for investors to consider the founder's social capital and the impact of government support on venture growth and public offering pace.

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