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크라우드 펀딩 활성화 방안 연구
제목 크라우드 펀딩 활성화 방안 연구
저자 조유리 ·정원준· 정현준 조회 6079
게재지 정책연구 권호 정책연구 14-05
언어 Kor 페이지 1-95 (총 95 pages)
PDF pdf열기크라우드 펀딩 활성화 방안 연구 발행일 2014.06.30
분류정보 통신 > 통신정책
통신 > 통신서비스 산업ㆍ시장
2013년 5월 범부처의 벤처 ․ 창업 자금생태계 선순환 방안이 발표되었다. 박근혜정부가 추구하는 창조경제 생태계의 핵심 분야로, 벤처기업의 ‘창업 → 성장 → 회수 → 재투자/재도전’의 단계별 원활한 자금순환을 목표로 하고 있다. 창업단계의 융자 중심에서 투자 중심으로 조달구조를 전환하고, 성장/회수단계는 수익의 조기회수를 촉진하며, 재투자단계는 회수 부담 완화 및 재투자 유인 강화를 위한 세부 목표로 정책이 수립되었는데, 범부처를 아우르는 대규모 정책 패키지 형태이다. 이후, 방안의 후속조치로 정책자금과 민간자금의 합동으로 미래창조펀드(5천억 원) 성장사다리펀드(2조 원) 등의 대규모 펀드를 조성하고 창업플랫폼, M&A 인프라 조성 등 창업기반을 조성하며 우수인력의 유입을 촉진하는 등의 정책이 진행되고 있다.
자금생태계 방안에서 크라우드 펀딩은 창업기업의 초기투자를 활성화하기 위한 방안 중 하나로 제시되었다. 우리나라의 벤처기업의 수는 2007년 1만 4천개에서 2012년 2만 7천여개로 5년간 약 2배 증가하였으며, 이에 따라 벤처캐피탈의 신규투자 역시 2010년 이후 1조원 이상을 기록하는 등 양적 성장이 이루어졌다. 하지만 벤처 ․ 창업 투자를 좀 더 자세히 살펴보면, 기술혁신과정에서 소요되는 자금의 대부분을 기술보증에 의존하는 보증 위주의 기술금융, 업력 7년 이상의 빠른 회수가 가능한 기업에게만 투자하는 보수적인 벤처캐피탈, 2000년 이후 감소하여 이제는 거의 사라진 엔젤투자 등의 문제가 드러나고 있다. 이에 따라 혁신기술이나 아이디어만 있을 뿐 아직 시장에서 판매할 상품이 없고 물적 설비를 갖추지 못한 창업초기의 벤처기업에 대한 자금조달은 매우 저조하였다. 이에 대한 대안으로 각국에서 관심을 받고 있는 것이 크라우드 펀딩이다.
크라우드 펀딩은 인터넷을 기반으로 자금수요자의 프로젝트를 홍보하고, 불특정 다수의 일반대중으로부터 소액의 자금을 모금하는 형태를 띠고 있다. 벤처 ․ 창업기업의 고위험-고수익 특성에 적합한 지분 혹은 후원 형태의 투자이며, 여러 명이 참여함에 따라 고위험을 분산할 수 있다는 장점이 있고, 대중의 지혜를 통해 정보비대칭성의 완화가 가능하다는 특징이 있다. 때문에, 자금생태계 선순환 방안에서도 크라우드 펀딩을 도입하기 위해 기업의 증권발행에 대한 공시부담을 완화하면서, 온라인펀딩플랫폼 자격요건, 모집 ․ 투자금액 한도, 투자자 보호장치 등의 규율체계를 마련하기로 한 것이다.
하지만, 2014년 6월 현재 크라우드 펀딩은 새로운 창업금융 수단으로서 주목을 받은 것에 비해 아직 법제화 단계를 통과하지 못하고 있는 실정이다. 반면, 해외에서는 미국을 비롯한 많은 국가들이 지분투자형 크라우드 펀딩의 시장 도입을 목전에 두고 있어 벤처 ․ 창업과 관련한 자본시장에 큰 변화가 올 것으로 예상된다. 우리나라 역시 크라우드 펀딩과 관련한 법률 및 제도를 도입하고 투자 활성화를 촉진하는 기틀을 마련할 수 있도록 체계적인 준비와 지원 전략의 수립이 필요할 것으로 보인다. 따라서 이번 연구의 목적은 급성장하고 있는 크라우드 펀딩 시장과 각국의 법률 및 정책 동향을 파악하고, 이를 통해 국내 법률 개정을 비롯한 관련 제도의 개선안을 검토하고 정책적인 활성화 방안을 모색하는 데에 있다.
요약문 ·····························································································································ⅶ
제 1 장 서 론 ··················································································································· 1
제 1 절 연구의 필요성 및 목적 ··················································································· 1
제 2 절 연구 내용 및 기대효과 ··················································································· 2
제 2 장 벤처창업금융의 현황 및 문제점 ········································································· 7
제 1 절 국내 벤처기업의 현황 ····················································································· 8
1. 창업의 개념 및 유형 ······························································································ 8
2. 국내 벤처기업의 규모 성장 ··················································································· 9
제 2 절 국내 벤처창업금융의 현황 및 문제점 ··························································· 11
제 3 장 크라우드 펀딩 현황 ·························································································· 19
제 1 절 크라우드 펀딩의 의의 ··················································································· 19
1. 크라우드 펀딩의 개념 ·························································································· 19
2. 크라우드 펀딩의 유형 ·························································································· 20
3. 크라우드 펀딩의 창업금융에서의 역할 ································································ 22
제 2 절 크라우드 펀딩의 시장 현황 ·········································································· 23
1. 해외 크라우드 펀딩 시장 현황 ············································································ 23
2. 해외 크라우드 펀딩 정책 현황 ············································································ 26
3. 국내 크라우드 펀딩 시장 현황 ············································································ 27
4. 국내 크라우드 펀딩 정책 현황 ············································································ 31
제 3 절 크라우드 펀딩 관련 국내 이슈 ····································································· 33
제 4 장 크라우드펀딩 활성화를 위한 정책 제언 ··························································· 36
제 1 절 정책의 기본 방향 ·························································································· 36
제 2 절 크라우드펀딩의 제도화를 통한 관리 및 활성화 ··········································· 37
1. 자본시장법 개정안의 조속한 입법을 통한 크라우드 펀딩 제도화 ······················ 37
2. 법안에 의거한 건전한 생태계 구현 ····································································· 39
3. 펀딩 플랫폼의 다양하고 특화된 전문역량 강화 유도 ········································· 42
4. 펀딩 플랫폼 업체 민간협의회의 구성 및 운영 ···················································· 44
5. 크라우드 펀딩 통계자료의 구축 및 평가 시스템의 마련 ···································· 45
제 3 절 자금공급자의 참여 유도 방안 ······································································· 47
1. 보상형의 강화를 통한 성공사례의 도출과 확산 ·················································· 48
2. 세제 혜택의 제공 ································································································· 51
3. 지불 수단의 다양화 ······························································································ 55
4. 홍보 및 교육 프로그램의 운영 ············································································ 56
5. 전문투자자의 시드 역할 도입 ·············································································· 58
6. 투자 회수 촉진을 위한 크라우드 펀딩 전용 세컨더리 펀드의 조성 ··················· 59
7. 소셜네트워크서비스와의 연계 ·············································································· 60
제 5 장 결 론 ··············································································································· 63
참고문헌 ························································································································· 68
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