국내 증권형 크라우드펀딩 실증연구를 통한 크라우드펀딩에 미치는 성공요인 분석
An Analysis of Success Factors on Crowdfunding through Domestic Stock-type Crowd Funding Empirical Study
- 주제(키워드) 크라우드펀딩 , 증권형 크라우드펀딩 , 기업 비전 , 사업 성공 경험 , 출구 전략 , 투자유치 경험
- 발행기관 고려대학교 기술경영전문대학원
- 지도교수 김영준
- 발행년도 2019
- 학위수여년월 2019. 2
- 학위구분 석사
- 학과 기술경영전문대학원 기술경영학과
- 원문페이지 66 p
- 실제URI http://www.dcollection.net/handler/korea/000000082603
- UCI I804:11009-000000082603
- DOI 10.23186/korea.000000082603.11009.0000825
- 본문언어 한국어
- 제출원본 000045979030
초록/요약
짧은 시간에도 불구하고 양적 질적으로 급속한 성장을 하고 있는 증권형 크라 우드펀딩에 대한 실증분석을 통해 크라우드펀딩에 미치는 성공요인을 제시하고 자 한다. 선행연구 과정에서 크라우드펀딩에 대한 실증분석이 양적, 질적으로 부족하다는 것을 연구자들이 공통으로 인식하고 있으며, 그 원인은 짧은 역사 만큼 부족한 데이터가 배경으로 작용하고 있다. 따라서 온라인소액투자중개업 제도 도입 후 최근까지 진행된 프로젝트에 대해, 일부 자료 부재의 경우를 제 외하고 모집정보게재자료와 관련 홍보자료를 모두 수집하여 전수 조사하였다. 선행연구 대비 양적 확대와 최근의 표본까지 포함하고 있어 연구결과에 대한 일반화의 신뢰를 높일 수 있다. 선행연구의 기초를 다질 수 있도록 크라우드펀 딩의 개념 파악과 분류를 하고, 국내 제도와 시장현황 그리고 해외 주요국의 시장현황을 정리하였다. 선행연구를 바탕으로 반복적으로 강조되었던 주요 요 인을 파악 및 정제를 통해 펀딩성공에 영향을 주는 총 9개의 가설을 설정하였 다. 종속변수는 증권형 크라우드펀딩의 성공 여부이며 이를 설명하기 위한 독 립변수는 총 9개 가설의 더미 변수이다. 로지스틱 회귀분석을 통해 총 4개의 가설이 채택되었으며, 창업 또는 사업개시 후 7년 이내 중소기업 등이 증권형 을 크라우드펀딩을 통해 자금을 조달할 때 다음과 같은 학술적으로 유의미하고 실무적으로 활용 가능한 결론을 도출했다. 첫째, 펀딩기업이 비전, 사업 성공 경험, 투자유치 경험, 투자에 대한 출구전략 등이 제시되면 그렇지 않은 경우보다 펀딩성공 가능성이 크다. 성공 가능성은 평균적으로 각각 출구전략 44.1%, 투자유치 경험 25.6%, 사업 성공 경험 19.4%, 비전 10.0% 증가하는 것으로 나타났다. 따라서 에인절 투자자, 벤처캐피 털 등과 함께 투자유치 및 출구전략을 구사하는 방법이 자금 모집에 효율적이 며, 비전 수립과 비즈니스 경험을 축적해 나가면 펀딩의 유효성은 더욱 높아질 것이다. 둘째, 자금 모집에 성공한 기업들이 특허 등의 지식재산권 보유 경향이 강하거 나, 3년 이상의 장기적인 목표를 제시하는 경우가 많다는 견해는 통계적으로 유의미한 결과를 얻지 못했다. 이는 연구에 활용된 표본의 대상 기간과 양적 확대로 제도 초기에 활용된 표본의 변화가 있었을 것으로 보이며, 일정규모 이 상의 매출과 누적된 연구와 지식재산권이 있는 기업들에 유의미 하다는 선행연 구들의 의견과도 일치하기도 한다.
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목 차
국문 초록 ············································································································Ⅰ
목 차 ············································································································Ⅲ
표 목차 ············································································································Ⅵ
그림 목차 ············································································································Ⅵ
제1장 서론 ··········································································································1
제1절 연구 배경 및 목적 ······················································································ 1
1. 연구 배경 ·············································································································1
2. 연구 목적 ·············································································································3
제2절 연구 범위 및 논문 구성 ················································································6
1. 연구 범위 ·············································································································6
2. 논문 구성 ·············································································································8
제2장 이론적 배경 및 선행연구 ·····································································9
제1절 크라우드펀딩 개념 및 분류 ············································································9
1. 크라우드펀딩 개념·····························································································9
2. 크라우드펀딩 분류···························································································14
1). 반대급부 유무 및 종류에 따른 분류 ·····················································15
2). 펀딩성공 조건에 따른 분류·····································································17
3). 투자방식 및 목적에 따른 분류 ·······························································18
4). 사업 참여도에 따른 분류 ·········································································19
5). 투자 시기 및 투자자/소유주 관계에 따른 분류 ··································19
6). 투자목적과 유형(구조) 기준에 따른 분류 ············································19
제2절 크라우드펀딩 시장현황 ··················································································20
1. 전 세계 크라우드펀딩 시장현황 ···································································20
2. 기업의 자금조달 현황과 크라우드펀딩의 위치 ·········································21
3. 국내 크라우드펀딩 시장현황 ·········································································21
4. 주요국 크라우드펀딩 시장현황·····································································23
제3절 국내의 크라우드펀딩 제도 ········································································ 25
1. 증권형 크라우드펀딩 제도 ·············································································25
1). 개요···············································································································25
2). 온라인소액투자중개업 주요 내용 ···························································26
2. 대출형 크라우드펀딩 제도 ·············································································28
1). 개요···············································································································28
2). 대출형 크라우드펀딩(P2P대출) 가이드라인 주요 내용 ····················· 29
3). 대부업법 시행령 개정 내용·····································································30
제4절 선행연구 ············································································································31
제3장 가설 설정 및 연구 방법 ··································································· 33
제1절 연구가설··············································································································33
1. 가설 설정 ·············································································································33
2. 가설의 가정에 대한 충족요건 ·········································································38
제2절 연구 방법 ············································································································39
제3절 자료 수집 ············································································································42
제4장 연구결과 및 시사점 ·············································································43
제1절 연구결과 및 시사점··························································································43
1. 상관계수(Correlation Coefficient) ···································································43
2. 오즈비(Odds Ratio) ···························································································44
3. 로지스틱 회귀분석(Logistic Regression) ·····················································45
4. 한계효과(Marginal Effect) ···············································································47
제2절 가설검증 결과·································································································· 48
제5장 결 론 ···································································································· 50
참고문헌 ··············································································································52
