벤처기업이 한국 경제에 미치는 영향 분석: 지속가능한 경제성장 동력원으로서의 벤처기업 = The Impact of New Ventures on the Korean Economy: A Sustainable Economic Growth Engine

다국어 초록 (Multilingual Abstract)

Using panel data from 17 Korean regions from 2016 to 2023, we investigate the impact of new ventures on the Korean economy. The results show that an increase in the number of new ventures in a region significantly boosts regional GDP (GRDP), employment, patent applications, and the number of firms, but has limited influence on qualitative indicators, such as GRDP per capita and labor productivity. In contrast, a higher share of venture capital (VC)-backed firms in a region enhances these qualitative indicators. Furthermore, empirical evidence shows that a higher proportion of large firms in a region improves overall living standards and labor productivity but is associated with negative effects such as reduced employment and fewer firms. Regulation-Free Special Zones designed to facilitate innovation-based growth in a region alone have no significant effect on the number of new ventures, but generate positive outcomes when combined with fund-of-funds (FOF) investments and regional universities. These findings collectively suggest that, to strengthen the role of new ventures as a sustainable engine of economic growth, it is essential to support both quantitative expansion and qualitative growth of new ventures, foster complementary relationships with large firms, and promote systematic interactions among regional finance, human capital, and government.