유니콘 기업들의 투자 유치 지속 기간, 정부 정책, 해외 투자자가 Exit 가치평가에 미치는 영향에 대한 연구Unicorn Startups' Investment Duration, Government Policy, Foreign Investors, and Exit Valuation
- Other Titles
- Unicorn Startups' Investment Duration, Government Policy, Foreign Investors, and Exit Valuation
- Authors
- 이민선; 남대일
- Issue Date
- 2020
- Publisher
- 한국벤처창업학회
- Keywords
- Unicorn startups; Investment duration; Foreign investors; Government policy; 유니콘 스타트업; 투자 기간; 엑시트 밸류에이션; 정부정책지원; 해외투자자 효과
- Citation
- 벤처창업연구, v.15, no.5, pp.1 - 11
- Indexed
- KCI
- Journal Title
- 벤처창업연구
- Volume
- 15
- Number
- 5
- Start Page
- 1
- End Page
- 11
- URI
- https://scholar.korea.ac.kr/handle/2021.sw.korea/59635
- DOI
- 10.16972/apjbve.15.5.202010.1
- ISSN
- 1975-7557
- Abstract
- Increasing the number of unicorn startups has recently received much attention. In this study, we attempt to investigate that startups achieving an extremely high valuation could postpone their exit to raise more investment and receive more benefits. This study tested the hypotheses using data from Crunchbase, World Bank, Global Competitiveness Report, and Global Entrepreneurship Monitor. Using 140 unicorn startups that have already exited through an initial public offering (IPO) or mergers and acquisitions (M&A), we find out that unicorn startups tend to acquire higher valuation as their investment duration increases. Furthermore, we also examined the moderating effects of governmental policy and institutional distance from foreign investors in order to consider the institutional aspects of startups. The results of the moderating variables show significant supports. We expect to provide a better understanding with respect to making an exit decision of unicorn startups. Furthermore, managers and investors need to acknowledge the institutional factors of startups when they decide to fund.
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Collections - Korea University Business School > Department of Business Administration > 1. Journal Articles
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