CAJ | 학술논문

在企业创业投资中，创投企业与新创企业间的信任水平对影响创投企业选择投资对象有重要影响。基于信任水平对创投双方行为和收益的影响，本文从创投企业视角出发，界定信任水平概念，构建基于信任水平和新企业技术价值的投资对象选择动态分析模型，研究信任水平和技术价值对投资对象选择的影响。结果表明：当创投企业与新创企业信任水平较低，其投资决策依赖于新创企业技术价值；而当创投市场中存在一部分新创企业与创投企业信任水平较高时，其投资决策依赖于技术价值和信任水平的综合考虑。
재기업창업투자중，창투기업여신창기업간적신임수평대영향창투기업선택투자대상유중요영향。기우신임수평대창투쌍방행위화수익적영향，본문종창투기업시각출발，계정신임수평개념，구건기우신임수평화신기업기술개치적투자대상선택동태분석모형，연구신임수평화기술개치대투자대상선택적영향。결과표명：당창투기업여신창기업신임수평교저，기투자결책의뢰우신창기업기술개치；이당창투시장중존재일부분신창기업여창투기업신임수평교고시，기투자결책의뢰우기술개치화신임수평적종합고필。
In corporate venture capital, the level of trust between venture capitals and start-up entrepreneurs has impor-tant effect on selecting new ventures to invest. Based on the effect of trust on the behavior and profitability of the both, VCs trade-off the following factors, some of entrepreneurs have high value of technology than the others. However, the others anticipate a closer trusting relationship with the VC. Then we develop a dynamic analysis model that analyzes the effects of economic and behavioral characteristics on a VC’ s choice of entrepreneur. The results show that when the level of trust between the both is low, the VC will just consider the value of technology to make his choice, while if some entrepreneurs enjoy the high trust level with the venture capital, which mitigates the double-sided shirking and expropria-tion threats, the VC will trade-off the value of technology and the level of trust.