The purpose of this study was to investigate the effects of the managerial background of Korean venture capitalists on investment decision strategies and explore how the organizational characteristics of the venture capitals where they work influence the relationship between their managerial background and investment decision strategies. For this purpose, this study used the database of investments and returns of venture funds where Korea Venture Investment Corporation has participated. In additon, this study performed a hierarchical regression analysis based on the research model with Statistical Package for the Social Sciences software, version 24.0. In the results of this study, first, venture capitalists with output or greater investment experience tend to pursue a strategy of investing in the early-stage venture companies or investing in specialized industries. Second, the more investment resources their venture capitals have, the weaker these relationships are.

中文翻译：

---

组织特征的调节作用韩国风险投资家的管理背景与其投资策略的关系

本研究的目的是调查韩国风险投资家的管理背景对投资决策策略的影响，并探讨他们工作的风险投资机构的组织特征如何影响他们的管理背景和投资决策策略之间的关系。为此，本研究使用了韩国风险投资公司参与的风险基金投资和回报数据库。此外，本研究使用 Statistical Package for the Social Sciences 软件 24.0 版基于研究模型进行了层次回归分析。在这项研究的结果中，首先，有产出或投资经验较多的风险投资家往往会采取投资早期风险公司或投资专业产业的策略。其次，他们的风险投资拥有的投资资源越多，这种关系就越弱。