벤처金融市場을 둘러싼 法律環境과 改善方向 = The Legan Problems and Proposals around the Venture Financing Markets in Korea

다국어 초록 (Multilingual Abstract)

Korean venture capital market and industry have developed by the strong efforts of government to exit from IMF crisis. Many young and smart scientists and entrepreneur advent with high technology or excellent idea to commercialize their skill or idea at bio-technology industry, internet industry and many companies, named as "venture corporations", listed at KOSDAQ market.
Most important factor in developing venture capital market is that venture capitalists(''VCs") can central role in creating and developing relating market and industry. Among other things, the most three important role of VCs are below. First, they provide money to start-ups with high technology but no with tangible assets. Those start-ups cannot barrow money from bank because the bank's traditional practice require collateral assets when they lend money. But VCs gather money from risk-lover investor and pension, institutional investor and organize venture capital funds. And then General Partner of VCs select portfolio companies to invest their funds. Second, VCs give managerial advices to portfolio companies to maximize the value of portfolio companies thereby their investments. Start-ups are normally lack of management experiences and personnel resources. Third, VCs can reduce the intrinsic problems in financial contracting including excessive uncertainty, information asymmetry, agency problem. These role can be carried by staged financing, transfer or allocation of control. By these contracting skill, VCs can monitor entrepreneur's behaviors and even replace CEO if CEO cannot perform their milestone in business plan.
Our venture capital market differ from that of U.S. due to government's interferrences, lack of personnel resources, different entrepreneural culture. A number of VC repay their investment by immature IPO and that is obstacle profit maximization of individual venture investor.
The most important and basic instrument to maximize the investor's profits is strong incentives among parties-investor, entrepreneur, VCs. For the this purpose, there can be used technical contract methods. These methods include staged financing, transfer and/or allocation of control, call option for entrepreneur, etc. For example, staged financing can stimulate VCs' incentive to monitor portfolio company's operating and to provide management advice. Now our venture capital market stands at the point of moving from government creating market type to privately developing market type, like U.S venture capital market.
I suggest that we need, first of all, to use freedom of contract. This means the freely contracting gives incentives to participants in venture capital market and industry. The trial of contemplating new organization-LLC- reflect this idea. Second, many exit methods are needed to VCs because the IPO only cannot make successful exit of venture investment. Third, the market participant, specially entrepreneur, voluntarily abandon his desire to govern his or her start-ups. This open attitude make helpful assistance from VCs even when his or her company confront dangerous state.

목차 (Table of Contents)

• Ⅰ. 序論
• Ⅱ. 벤처캐피탈 市場의 特殊性과 主要國의 現況
• Ⅲ. 미국벤처캐피탈 組合契約의 構造
• Ⅳ. 우리나라의 法律環境과 問題點
• Ⅴ. 法的 環境의 改善方向
• Ⅵ. 結論