벤처기업의 부실요인에 대한 실증적 연구

Abstract

This study analyzed the failure factors of venture companies and its process through the cases by analyzing the financial situations of venture companies and the path to failure of each type as well as deriving the failure factors. It analyzed 210 venture companies trading Korea Technology Finance Corporation that failed to normalize after the guarantee accident and became insolvent in the past three years(2013.4-2016.3). The case study analysis of these 210 insolvent companies yielded 374 failure factors. The factors with similar or identical characteristics were grouped and redefined to produce 24 factors. They were then classified into four categories: deterioration of growth, deterioration of profitability, deterioration of financial safety, and the cases that cannot be distinguished by these factors. Next, the path to failure of each of the eight types, which were derived from the four categories, was analyzed. The result of the analysis of the 24 failure factors in relation to the financial data of the business reveals that there are eight factors related to deterioration of growth, six factors related to deterioration of profitability, five factors related to deterioration of financial safety, and five other factors. Among the 24 factors of failure, 10 factors, which include "reduction/cancellation of orders due to a change in the major vendor’s plan or bankruptcy," "freeze/fall in the price of a product due to price competition and the demands of the major vendor," and "Japan’s nuclear accident, suspension of operations at the Gaesung Industrial Complex, and the outbreak of unfavorable events such as litigation,"were not examined in previous studies The paths to failure can be divided into eight types. Although there were cases of companies becoming insolvent and failing due to one of the three factors (deterioration of growth, deterioration of profitability, deterioration of financial safety), there were more cases of companies being affected by the simultaneous or sequential occurrence of these factors. Among the companies analyzed in this study, the percentage of companies that became insolvent due to one factor was 19.5%, while the percentage of companies that became insolvent due to two or more factors was 43.8%, which accounts for the highest proportion of insolvencies. The percentage of companies that became insolvent due to other factors was 36.7%. This study supports the hypothesis that "the failure factors can be classified into four categories—deterioration of growth, deterioration of profitability, deterioration of financial safety, and others—based on the financial metrics" by determining the link between the failure factors of venture companies with their financial situations and tracing the types and paths to failure. Furthermore, the study indicates that 20% of the cases related to a major vendor occurs due to any of the 24 factors derived from the 374 factors, which have not been examined in the previous studies, such as "reduction/cancellation of orders due to a change in the major vendor’s plan or bankruptcy" and "freeze/fall in the price of a product due to the price competition and the major vendor’s demand". Hence, this study is significant, in that it indicates the unexpectedly large risk related to major vendors, which originates from the abovementioned factors.