Research Staff

Research Staff


Ph.D. Finance, University of California, Irvine, June 2009
M.S. Finance, University of Illinois, Urbana-Champaigne, June 2003
B.A. Economics, Seoul National University, February 1989
Professional Experience
Apr. 2018 ~ Corporate Restructuring Forum, Steering Committee Member
Apr. 2018 Chair of Selection Committee for SME-Designated IBs
Mar. 2016 Chair of Selection Committee for SME-Designated IBs
Jan. 2017 ~ Dec. 2017 On Leave (Cal State Univ. Long Beach, US)
Oct. 2016 Prime Minister’s Prize for Financial Innovation, The 1st
Finance Day, sponsored by Financial Services Commission
Jan. 2013 ~ Dec. 2016 Korea Capital Market Institute, Head of Financial Services
May. 2011 ~ Dec. 2012 Korea Capital Market Institute, Head of Corporate Policy
Mar. 2010 ~ Feb. 2012 Korea Securities Finance Corp, Investment Advisory
Committee member
Aug. 2009 ~ Korea Capital Market Institute, Research Fellow
Nov. 2000 ~ May. 2002 Good Morning Shinhan Securities, MA Team
Jul. 1997 ~ Mar. 2000 ING Baring Securities, Corporate Finance
Sep. 1994 ~ Jun. 1997 Monitor Company, Consultant



Characteristics and Implications of Funding for Unicorn Companies / Jan. 16, 2024
“Unicorn” is a term that describes an unlisted company with a valuation of over $1 billion, and global economies are striving to create an environment suitable for nurturing unicorn companies. Compared to their overseas counterparts, Korean unicorn companies feature a relatively smaller size of cumulative and growth stage-specific investments and a longer period for being qualified as a unicorn. This suggests that the Korean venture capital market has room for improvement in terms of swift and systematic funding for unicorn companies. In global markets, a range of capital market investors, such as venture capital (VC), corporate venture capital (CVC), corporate investors, private equity (PE) funds, hedge funds, mutual funds, and sovereign wealth funds, are involved in the funding for unicorn companies, and crossover investors play a crucial role in the funding landscape. This is also true for Korea as the participation of various capital market investors is required for smooth funding for Korean unicorns. To this end, the AUM of private funds investing in unlisted innovative firms should increase further and relevant policy support is required. In addition, asset management regulations should be eased from a mid-term perspective to allow equity-type public placement funds to invest in unlisted stocks. Moreover, PE funds need to expand their investments in technology companies while CVC firms should be encouraged to make a strategic investment.
Causes of the Recent Decline in Venture Capital Investment and Future Challenges for Venture Capital Market Development / Jul. 11, 2023
The startup funding support that has been implemented in response to a sharp decline in venture capital (VC) investment is expected to exert a positive effect on the recovery of VC investment in that it represents the policy authority’s commitment to supporting the VC market. The contraction of VC investment is a phenomenon caused by the overlapping of the policy aimed at expanding private funds during a rate hike cycle. This phenomenon seems to have resulted from a temporary delay in investment, driven by the gap between market supply and demand rather than a lack of investment funds. In this respect, creating the private VC market is still a meaningful policy direction. The future policy for the VC market should be directed towards creating an ecosystem that improves the private sector’s investment capability and creativity and scales up investment funds through market principle-based investment funds distribution. In the meantime, the rise of future strategic technology fields will require policy financing to act as a catalyst for relevant technological advancement.
ESG Investing in Venture Capital: Current State and Implications / Dec. 20, 2022
Venture Capital (VC) is a form of investment characterized by broad engagement in startups and plays an essential role in the wider acceptance of ESG. VC’s ESG investing is subject to a range of limitations including the strong bargaining power of a startup’s founder, limited economic value of ESG investing due to small-scale startup investment size, and a lack of disclosure and assessment criteria specific to startups. Nonetheless, VC firms have increasingly integrated ESG investing into their investment process thanks to the possibility of increasing investment returns through performance improvements and reputational risk control of portfolio companies, the ESG investing policy of limited partners (LPs) and disclosure regulations on VC firms’ ESG investing. Wider access to standardized ESG data is needed to facilitate ESG investing by VCs. Given that many startups hardly fall into conventional industry categories, a desirable approach is to evaluate ESG factors that are selected by materiality based on features of a startup’s business model, rather than producing comprehensive ESG data for portfolio companies. In Korea, VC investments are increasingly adopting the ESG investing concept with a focus on creating a checklist of investment targets and developing ESG evaluation criteria for portfolio companies. What is needed in this respect is a continuous improvement in ESG evaluation criteria, ESG integration and the expansion of the scope of ESG investing into social (S) and governance (G) dimensions.
A Thought on the Introduction of Business Development Companies / Jun. 28, 2022
(Summary) Korea plans to introduce business development companies (K-BDCs) to expand funding for non-listed companies by benchmarking similar schemes implemented in foreign countries. The introduction is likely to have a significant impact on Korea’s venture capital market. In this respect, it is worth exploring the BDC of the US, from which Korea’s BDC scheme has originated, and the venture capital trust (VCT) of the UK. In the US, the BDC has been operated as a debt-focused investment vehicle while the UK’s VCT has been used as a tax benefit oriented equity-focused investment vehicle. Such divergence has arisen from distinct features of each country’s venture capital market and specific regulations. The cases of the US and the UK offer the following implications for the BDCs in Korea. First, the mandatory ratio for investment in qualified companies and the equity investment ratio should be set up to achieve a relevant policy goal. Second, the level of tax benefits to K-BDCs should be determined by the level of mandatory investment ratio and equity investment ratio in view of the existing tax benefits applicable to venture capital investment in Korea. Third, given that conflicts of interest issue may arise from a firm operating both a private venture capital fund and a public K-BDC, regulatory safeguards should be put in place to minimize the possibility of conflicts of interest and protect individual investors.

Seminar Presentation

Research performance

KCMI Research Paper

1. Private Capital Markets in Korea (2017, with Drs. J. M. Kim, J. W. Nam, J. M. Jang, C. M. Chun) 
2. Potential Improvement in the Capital Regulation for Korean Securities Firms (2017, with Dr. S. H. Lee) 
3. The Effect of the Consolidation of Korean Securities Companies on Financial Performance (2017) 
4. Contestability of Securities Industry in Korea and Potential for Structural Change (2016, with Dr. J. H. Kwon) 
5. Private Secondary Market Platforms for Non-reporting Corporations’ Equities in the US and Their Implications (2015, with Drs. J. W. Nam, and C. M. Chun) 
6. Overview of Overseas Government Venture Capital Programs and Their Implications (2015, with Dr. J. M. Kim) 
7. Business Environment Change in Korean Securities Industry and Its Strategic Response (2013, with Drs. S. H. Lee, J. M. Jang, S. Y. Choi) 
8. Investment Strategies of Global Private Equity Funds (2012, with Dr. C. M. Chun) 
9. Global MA Market Prospect and Its Implications (2011) 

Book Chapter 

1. Angel Capital, the First Source of Outside Funding, Chapter 5 in Water Is Not Flowing on the Land of New Industries, co-authored with 15 other professionals (Korean) (2012) 
2. Angel Capital in Foreign Markets (Chapter 3), Angel Investment Ecosystem (Chapter 4), in Angel Investing (Korean) (2012) 
3. Investment, Capital Formation and Cost of Capital, Chapter 5 in Asia Capital Market Initiative: Development and Integration), sponsored by Asia Development Bank and KCMI (English) (2012) 

Reports for Commissioned Projects, Reports for Policy Recommendations 

1. Measures to Enhance Efficiency in Crowdfunding Market in Korea (January 2018 ~ April 2018) 
2. Policy Direction to Improvement Leverage Ratio Regulation for Financial Investment Companies (April 2016 ~ November 2016) 
3. Overview of Korean PEF Market and Future Direction (Project Manager, Korea Private Equity Manager Council, February 2015 ~ June 2015) 
4. Development of Key Performance Indicators for the Growth Ladder Fund (Project Manager, Korea Growth Investment Corp. November 2014 ~ February 2015) 
5. Expanding the Role of Capital Markets to Promote Creative Economy (Project Manager, Office of the President, September 2014 ~ December 2014) 
6. Impact Analysis of the 2013 Policy for the Promotion of Startup Funding Ecosystem in Korea (Project Manager, Korea Institute of Startup Entrepreneurship Development, May 2014 ~ July 2014) 
7. Role of Capital Markets for the Promotion of Startup Ecosystem in Korea (Project Manager, Korea Institute of Startup Entrepreneurship Development, July 2013 ~ September 2013) 
8. Promotion of Equity Investment in SMEs Associated with Credit Guarantee Programs (Project Manager, Korea Credit Guarantee Fund, July 2013 ~ December 2013) 
9. Effective Management of Korean Export Credit Agencies (Member, Korea Export Import Bank, July 2012 ~ December 2012) 
10. Research on the Promotion of Private Secondary Market for VC Investments (Project Manager, Korea Venture Investment Corporation, February 2012 ~ September 2012) 
11. Promotion of MA Market for Innovative SMEs in Korea (Project Manager, Korea Venture Investment Association, February 2012 ~ September 2012) 
12. Policies on the Capital Markets from the Perspective of SMEs and Middle Market Companies (Ministry of Knowledge and Economy, December 2011 ~ March 2012) 
13. Research on Promoting Investment Activities of Business Angels (Project Manager, Korea Venture Capital Association, February 2011 ~ April 2011) 
14. Research on Promoting Exit Markets for Investments in Innovative SMEs (Project Manager, Small Medium Business Corp, August 2010 ~ December 2010) 
15. Korea Exchanges Strategy in Response to Changes in Global Capital Markets Environment (Member, Korea Exchange, September 2010 ~ December 2010) 
16. Asian Capital Markets Entry Strategy for Korea Development Bank (Member, Korea Development Bank, April 2010 ~ October 2010) 
17. Research on Global Discussions about Financial Transactions Taxes (Member, G-20 Summit Preparation Committee, February 2010 ~ March 2010) 

International Conference Presentations 

1. Contestability of Securities Industry in Korea and Potential for Structural Change, KCMI-KAFA Joint International Conference in celebration of Korea America Finance Associations 25th anniversary, June 2016 
2. Private Capital Ecosystem in Korea and Future Improvements, KCMI 18th Anniversary International Conference, September, 2015 
3. Investment, Capital Formation and Cost of Capital, Peterson Institute for International Economics-KCMI Joint International Conference, April 2012 
4. Private Equity Markets: Recent Changes and Future Perspectives, Stanford University APARC-KCMI Joint International Conference, April 2012 
5. Current Landscape and Future Direction of Venture Capital in Korea, World Bank-Turkish TEPAV Joint International Conference on Global Financial Restructuring and Emerging Markets, October 2011 
6. Financing Innovative SMEs and Capital Markets: Challenges and Policies, KCMI-KAFA Joint International Conference in celebration of Korea America Finance Associations 20th anniversary, June 2011