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벤처기업의 지배구조가 혁신성과에 미치는 영향

Title
벤처기업의 지배구조가 혁신성과에 미치는 영향
Other Titles
The Influence of the Governance of Venture Firms on the Performance of Innovation: Focusing on the Adjustment Effect of Open Innovation and Government Assistance in Korea
Author
강형종
Alternative Author(s)
Kang, Hyung Jong
Advisor(s)
이상명
Issue Date
2020-08
Publisher
한양대학교
Degree
Doctor
Abstract
Most companies start out in the form of sole proprietorship, but this tendency is more evident with the venture companies because of their high-risk, high-return nature. The investment by venture capital or angel investing only makes up for 0.1% and thus it is most common for the founder to be in charge of financing from start-up to growth with guarantees or loans, which invariably results in the form of corporate governance where the founder is the largest shareholder. Family owned companies where the founder and his relatives hold more than 50% of the stake and exercise management rights demonstrate a strong sense of ownership and shared commitment and maintain the operational consistency in the long term as the management philosophy is passed down. In recent years, studies have been released that the positive aspects of family owned companies improve management performance and corporate values, but there are still widespread negative perceptions such as family conflict, misplaced leadership, feud triggered by succession, nepotism, etc. In this study, it has been observed for domestic venture companies whether the form of governance leads to the different corporate characteristics and how effective the open innovation and the government support are in compensating for the closedness of family owned companies. First, 560 small and medium-sized manufacturing companies in high-tech and high-skill industries (406 family owned companies, 72.5%) from 2014 In-Depth Survey for Venture Companies were analyzed for the differences in characteristics. Family owned companies more than 50% of whose stakes are held by founder and relatives were relatively inferior in size (number of employees, value of assets) and sales, but their profitability was excellent. Innovation related activities were examined by categorizing them into input-action-performance stages. The family share had an inverse U relationship with the level of R&D, and it was found that the family owned companies collaborated and were closely engaged with a variety of players. However, there was no link between corporate governance and innovation performance. When the effectiveness of government support was probed, it was revealed that the larger the family share, the more increased effect the government support had on innovation performance. Subsequently, improvement factors for innovation performance were identified only with 724 family owned companies that participated in 2016 In-Depth Survey for Venture Companies. As a result of analysis, the greater the family share, the more negatively it affected innovation performance while as the scope of open innovation moderated the relationship between family share and innovation performance in the positive direction. On the other hand, the depth of open innovation proved to reinforce the inverse relationship between the two. The governance of venture companies was explored for characteristics and the innovation activities were assessed from the perspective of process. The family share up to a certain degree helped exercising strong leadership and led to aggressive R&D investment, but once past that level, investment was rather stalled just to maintain the status quo. Although there was no difference in performance based on the form of corporate governance, it revealed the characteristics of policy targets that maximize the effectiveness of government support. Through further analysis, it was empirically proved that the concentration of family share on the founder did not have a positive impact in driving innovation performance and it is critical to engage in a wide range of collaboration. However, this study is limited in that it was not able to review the diverse forms of corporate governance and their differences such as the case in which the ownership and the governance are separated or the management is guided through equity participation of venture capital. This study also did not adequately deal with the advantages of family business succession as the data used was from cross sectional survey and the history of venture companies only spans for 20 years. In the future research, it is necessary to expand the validity of study by incorporating the growth stage of the company, the presence of professional executive managers, the characteristics of major shareholders, human capital of top management, etc.
대부분의 기업은 개인사업자 형태로 시작하며 벤처기업은 고위험 고수익을 추구하는 특성 덕에 개인 창업이 많다. 벤처캐피탈이나 엔젤과 같은 모험자본에 의한 투자는 0.1%에 불과하며 창업부터 성장에 이르기까지 보증이나 대출로 자금을 조달하는 방안이 가장 널리 쓰이기 때문에 창업자가 최대주주인 지배구조의 형태가 쉽게 변하지 않는다. 창업자와 그의 친지가 50% 이상의 지분을 보유하며 경영권을 행사하는 가족기업은 확고한 주인의식으로 기업과 일체감을 형성하며 운영 철학을 계승하므로 장기적으로 경영 일관성을 유지할 수 있다. 최근, 가족기업의 긍정적인 측면이 경영성과와 기업 가치를 향상시킨다는 연구가 소개되고 있지만, 여전히 가족 내 갈등, 잘못된 승계, 상속으로 인한 불화, 네포티즘(nepotism) 등 부정적인 인식이 넓게 퍼져 있다. 국내 벤처기업을 대상으로 지배구조(governance)에 따라 기업 특성에 차이가 있는지 살펴보고 가족기업의 폐쇄성을 보완하기 위한 개방형 혁신과 정부지원의 효과성을 검증했다. 먼저, 2014년 벤처기업정밀실태조사에 참여한 첨단 및 고기술업종을 영위하는 중소제조기업 560개(가족기업 406개, 72.5%)를 대상으로 특성 차이를 분석했다. 창업자와 친인척 지분율이 50%를 초과하는 가족기업은 규모(종업원 수, 자산액)와 매출은 상대적으로 열세였지만 수익성은 우수했다. 투입-활동-성과 단계로 나누어 혁신활동을 살펴보았다. 가족지분율은 R&D 강도와 역의 U자(inverse U) 관계가 있었으며, 다양한 대상과 협력하며 깊이 있는 관계를 맺는 것으로 나타났다. 그러나 기업 지배구조와 혁신성과 간에는 관련이 없었다. 이들을 대상으로 정부지원의 효과성을 검증했는데, 가족지분의 비중이 커질수록 혁신성과에 대한 정부지원의 효과가 증가하는 것을 알 수 있었다. 이후 2016년 벤처기업정밀실태조사에 참여한 724개 가족기업만을 대상으로 혁신성과 향상 요인을 규명했다. 분석 결과, 가족의 지분율이 많아질수록 혁신성과에 부(-)적인 영향을 끼쳤으며, 개방형 혁신의 범위는 가족 지분율과 혁신성과의 관계를 정(+)의 방향으로 조절했다. 반면, 개방형 혁신의 깊이는 둘의 반비례 관계를 더욱 강화하는 것으로 나타났다. 벤처기업의 지배구조에 따른 특성 차이를 규명하고 process 관점에서 혁신 활동을 살펴보았다. 일정 수준의 가족지분율은 강력한 리더십을 발휘하여 과감한 R&D 투자를 이끌어냈지만, 그 수준을 넘어서면 현상 유지 목적의 소극적 투자가 이루어졌다. 비록 지배구조에 따라 성과 차이는 없었지만, 정부지원의 효과를 극대화하는 정책 대상의 특성을 밝혔다. 추가 분석을 통해 실무적으로 경영자에 혁신성과 창출에 가족지분의 집중이 성과에 긍정적이지 않으며, 협력의 다양성이 중요함을 시사했다. 그러나 소유와 지배구조가 분리된 상황이나 벤처캐피털의 지분참여를 통한 경영지도와 같은 다양한 지배구조 유형별 차이를 검증하지 못했다. 횡단조사 자료를 사용한 점과 벤처기업의 역사가 20년에 불과하여 가족승계에 따른 장점을 포괄적으로 살펴보지 못했다. 향후 연구에서는 기업의 성장단계나 전문경영인 활용 여부, 주요 주주의 특성, 최고경영진의 인적 자본 등을 고려함으로써 연구의 타당성을 확장할 필요가 있다.
URI
https://repository.hanyang.ac.kr/handle/20.500.11754/153448http://hanyang.dcollection.net/common/orgView/200000438496
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GRADUATE SCHOOL[S](대학원) > BUSINESS ADMINISTRATION(경영학과) > Theses (Ph.D.)
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