The propose of this research is to suggest active schemes for college student inauguration of an enterprise. This research was done with analysis 895 parts of the college student inauguration of enterprise investigated by the Small and Medium Business Administration on actual state until the end of December, 2002. This research presents the schemes to show how to activate college student inauguration of an enterprise as following.
First, must give substantial help to college student to be able to inaugurate an enterprise. Second, each institute should encourage college student with strong desire to let it be operated into industrialization. Third, must progress the program to strengthen the link between college students and each institute. Fourth, college students must try to activate the inauguration of an enterprise. This requires cultivating of entrepreneurship consciousness, developing programs, unifying between science and engineering department and ordinary department, and activating the network of related institutes. Fifth, support from colleges is required. Must derive college students to prepare their futures with having aims. Must reorganize the present college curriculums in terms of practicing the inauguration of an enterprise. Sixth, support from government is required. There should be some way to approve the Intellectual Property Rights on ideas or products industrialized by professors or students using school hardware. Must study on methods of how to institutionalize the operation of business incubator center so that it could work as incentive for the relevant colleges.

The author provides an empirical investigation of determinants of the knowledge sharing in
high-tech ventures.. The primary research objective was to analyze the impacts of 5 variables
related the relationship management, such as shared mental model, trust-building behaviors,
attachment behaviors, and group cohesiveness. To accomplish the research purposes, the
author develops a structural equation model comprising 8 research hypotheses. A survey data
from 57 Korean high-tech ventures(N=137) was used to test the hypotheses.
The author finds evidence of significantly positive effects of shared mental model on
trust-building behaviors, attachment behaviors, and group cohesiveness. Also employees'
attachment behaviors and group cohesiveness demonstrate strong positive impacts on know-
ledge sharing among employees. Group cohesiveness mediates the influence of trust-building
behaviors on knowledge sharing. The synthesis provides managers with a framework with which
to understand knowledge management and choose effective R&D strategies. It also provides
researchers with promising avenues for further research.

This study tests the relationship between stock option and KOSDAQ firm value. We have examined the effects of the introduction of stock option on the firm value in the KOSDAQ, and additionally inquired into the effects of the characteristics of firms on the change of the firm value resulting from stock option.
The results of the event study showed that the introduction of stock option brought about a significant positive effect on the market value of ordinary businesses and venture businesses. And, the results of the stepwise regression procedure showed that the characteristics of firms such as liquidity, leverage, size, growth, profitability, stability and volatility had a significant influence on the change of the firm value resulting from the introduction of stock option in the KOSDAQ.

While previous bankruptcy predicting models verified ex-ante discriminatory power of financial ratio(index), the objective of the study is to verify the discriminatory power of technology, marketability and business indexes in predicting small and medium sized manufacturing firms' failure or bankruptcy risk and the result of the study is expected to be useful in loan evaluation, investment decision, internal management consideration and business improvement. To do this, among small and medium sized manufacturing firms funded in the year between 1999 and 2002, 1,050 normal and 184 bankrupted firms are selected for analysis. The relationship between valuation model index and firm's failure (bankruptcy risk) is carefully studied using binary logistic regression analysis and student's t-test with an aid of SPSS program. The result can be summarized as below.

First, valuation model index for small and medium sized manufacturing firms shows as good prediction power as financial ratio prediction model.

Second, for small and medium sized manufacturing firms, technology valuation index shows better discriminating power than marketability index or business index.

Third, the improvement of valuation model index is required to redefine concepts of technology index, marketability index, and business index and for mutual independency between these indexes.

This study aims to find out and analyse the actual status of the commercialization of high technology, and to suggest some policy implications to minimize the market failure in venture firms.
Through studying the state-of-the-art reports on high-tech commercialization and marketing, we first illuminated the definitions, scope, and characteristics of high tech industry and venture firms.
We also analysed the successful marketing strategies for high-tech firms.
We carried out a comprehensive survey of our domestic venture firms. Through the results of this survey, we can understand and find out the aspects and issues of high technology marketing management in our venture firms and identify the key success or failure factors in high tech commercialization. The factors which have significant influences on the success of new product launch are as follows: R&D activities (rather than R&D infra structure or input), technology management, such as marketing, and concurrent engineering.

The purpose of this study is to identify the relationship between R&D group characteristics and knowledge management activities, and to analyze the differences of such relationship according to the type of firms- venture and large firms. Empirical data is gathered about 133 R&D group from 58 firms in infocomindustry
The results reveal that R&D group characteristics are related with knowledge management activities irrespective of firm type which R&D team is belonged. Group cohesiveness is positively related both with knowledge creating and knowledge sharing. And task structure and Interdependence cohesiveness have positive impact on knowledge creative activities.
The author find some significant results when considering the type of firm. First, the degree of R$D group characteristics and knowledge management activities is somewhat different between venture and large firms. In large firms, overall group configurations are relatively higher than venture firms, but the degree of knowledge sharing activities are lower. Second, the relationship between R$D group characteristics and knowledge management activities differs according to the firm type. The degree of knowledge creative activities is high when group size is small and group interdependence is high, and knowledge sharing activities is activated when tenure year is long and group composition is diverse.
Although this study has limitations such as level of analysis and data gathering method, it has implication that R&D group design is very important to enhance the knowledge management activities.

The last few years have been a boom time for the online gaming industry. Internet-based online games have made an increasingly popular form of entertainment. The gaming industry estimates that online gaming players reach over 26 million in 2002. The rapid development of online game-contents and related information technology shall increase the size of industry and have a profound impact on many ways of our living and society. This paper develops the exploratory LISREL model for identifying the factors affecting the players' loyalty for some specific brand of online games. The concept of flow, word of mouth, feedback, challenge, social norms, and online community activities, etc, are all introduced into the model, as the independent variables affecting the loyalty directly and indirectly. Based on data collected from online questionnaire survey, the validity of the model has been tested and interesting conclusions have been developed concerning the relationships between the loyalty, flow, word of mouth and other set of independent variables. It is hoped that this result might provide the useful guidelines for developing the successful online game contents.

Investors are requesting more information on the likelihood of success of Research & Development("R&D") of all companies which is becoming the most key factor of business, as global economy becomes more knowledge-based. The Korean GAAP, revised in 1998, states that all research costs should be expensed as they are incurred and development costs are recognized as assets only if they satisfy all criteria for recognition of intangible asset.
Our empirical analysis of financial statements between years 2000 and 2002 of KOSDAQ registered companies focused on identifying the factors that lead to capitalization R&D costs. We find that R&D capitalization ratio, measured by the capitalization ratio of total R&D expenditure, is positively correlated with total R&D expenditure as percentage of assets and negatively correlated with ordinary income ratio and operating cash flow as percentage of asset. Also our examination shows that venture companies capitalized R&D more than general companies. This could be due to the fact the ratio of non-recurring R&D expenditures in venture companies are greater than general companies. However we didn't directly test contents of R&D expenditure between venture companies and general companies, due to lack of empirical data.
The projection of future economic benefits arising from R&D is the hardest part in practice to quantify for most high tech companies and also the following research topic to study.

The purpose of this research is to examine the major determinants affecting the adoption and implementation information technologies in Daedeok Valley venture firms. The development of the research model is based on the empirical studies on Diffusion of innovation theory. Nine hypotheses are derived and tested using regression analysis. The results from regression analysis suggest that the adoption of Information technologies is affected by innovation characteristics(relative advantage, compatibility, trialability, observability) as well as organizational characteristics(top management support, employee capability on information technology acceptance).

The aim of this study is to investigate through the analysis of the general enterprises and the venture enterprises whether the market value of Kosdaq listed shares includes bubble, or whether the future growth value is reflected in it. The results obtained in this study are the following: First, in both the general enterprises and the venture enterprise, the low par value of the stock shows high premium rate of initial offering price compared with the intrinsic value. Rate of return on investment of the venture enterprises shows higher rate in the case of the shares with par value 5,000won. In the case of the general enterprises, on the other hand, those shares with par value 500won shows higher value. Second, the actual ordinary profit in the second year of the venture enterprises with less than five years of operations shows much lower than the estimated value. Third, when we look at the explanatory variables that explain the market value of the general enterprises and the venture enterprises, the market value of the former case can be well-explained by net profit value, and that of the latter case is also well-explained by the financial variable as time passes by. And the stock price of the general enterprises shows a positive relationship with research and development expenses. Finally, In the case of the venture enterprises, it appears that the stock price is formed without any specific information affecting future growth value.