This study is an exploratory research of credit evaluation for small business. The main purpose of the research is to extract the knowledge of credit evaluation of consultants working in the Small Business Development Center(SBDC) by applying the AHP(Analytic Hierarchy Process) and to analyze the factors affecting the consistency ratio for the finding of final hierarchy diagram.
The results of the research show that AHP is useful to extract the knowledge of consultant working in the SBDC, and new method to find factors affecting consistent ratio is also useful to develop the final hierarchy diagram. The results of the research will contribute to develope credit evaluation model of small business in Korea.

This paper is examining the role of Kosdaq in extending and solidifying financial network of Korean venture firm, which had been considered as one of key success factors leading the last venture boom of 1999- 2000 in Korea. This paper carries out two stage process of analysis. First, this paper defines two different kinds of financial networks formed in Korean venture industry in the center of the year of 1999-2000 and also converts them into Boolean Matrix. Second, by utilizing two differently identified financial network matrix, this paper implements network analysis to refine the characters of each financial matrix identified in the center of the year of 1999- 2000 and to compare them for examining the influence of Kosdaq into the formation of financial network of Korean venture firms. Ultimately, this paper is brought to prove hypothesis that Kosdaq significantly contribute to craft extensive financial networks of providing embedded financial sources to small and medium sized Korean venture firm.

This paper aims to derive success factors and suggest some implications of internal corporate venturing system for traditional manufacturing firm through the case study of POSCO, which is sustaining and expanding it's ICV even though the venture business situation is very hard.
The success factors of POSCO's ICV can be summarized as follows. First, the strategic target for ICV has continually focused on the internal ones such as self-realization opportunity and educational tools for employees and enhancing entrepreneurship not on entering path for new business and earning additional income. Second, bottom-up type business developing strategy for venture items is another success factor for POSCO ICV. Third, the transparent and fair selection process with independent committee composed of related experts has been well established. Fourth, efficient incubating support system for selected business and continuous efforts for developing business items by the independent team in the strategic management division.

The purpose of this research is to examine the factors affecting market orientation and performance in venture firms. The development of the research model is based on the empirical studies on market orientation and performance of organization. We collected the data from Survey Questionnaire, and tested the model using a LISREL-based structural model. The results from empirical model suggest that market orientation is affected by formalization, competitive intensity, market growth, entrepreneurial competence and job autonomy. In addition, Performance of venture firms tend to be influenced by market orientation.

The paper analyzes the determinants of venture firm's innovative activity, using Korean Innovation Survey(KIS) 2002 dataset. The product innovation, product improvement, and process innovation are used as proxies for innovative activity. The independent variables such as inter-firm networks, firm size, lagged profit rate, foreign equity ratio, export ratio, firm's age, market concentration ratio, R&D activity and industrial R&D intensity are considered. With data from 1,128 firms for the two years(2000-2001), we estimated the logistic regression model. We found that venture firm is more innovative than non-venture firms not for process innovation, but for product innovation and product improvement. As expected, we also found that there are many differences between venture firms and non-venture firms. While inter-firm network is a sole and important determinant of venture firms' innovative activity, firm size, inter-firm networks, firm's age, and R&D activity play an important role in non-venture firms' innovation. Another finding is that inter-firm networks have a strong positive effect on firm's innovative activities in both venture firms and non-venture firms.

The purpose of this study suggest a direction for new evaluation Model about venture business' IPO value. Also, this study tests whether the value at IPO can be estimate rationally the venture enterprise's value at first public offering because the estimation of optimum value at IPO is very important to get the investor and company's reliability.
The methodology was tested empirically the data to analyse to 123 companies which register to Korea Securities Dealers Automated Quotation from 2000 to 2002. The data was collected from an available 145 enterprises by random sampling among venture companies that has registered to KOSDAQ market until July, 2003.
The research model was applied Black․Scholes Evaluation Model that verified superior to evaluate venture companies in much prior researches. This study was compared the IPO value that measured by Black․Scholes Evaluation Model with the IPO value that measured by traditional IPO estimation method to financial accounting information of each company.
If there is no rapidly change of market situation, the study result was construed that the book value and future value of company was measured more properly than traditional IPO value when Black․Scholes Evaluation Model use at venture business' first public offering.
The result of this study can may present a direction for new IPO value Evaluation Model research and also this study has many problems in order to generalize results because of the limitation to the data.

Venture firms in its infancy have a large effects on the managerial performance according to the characteristics and the leadership of top management and are strongly correlated to the top management compensation such stock option. This study verified the fit between the stock option and managerial strategy in Busan and Kyong-Nam region. In addition, our study performed to analyze how the fit between the managerial strategy and stock option to effect on the managerial performance.
We applied 100 venture firms in Busan and Kyong-Nam region to our research model. we classified the managerial strategy of venture firms into offensive and defensive strategy. Out findings are summarized into the followings:
First, there are no significance between managerial strategy and stock option. We, however, came to conclusion that firms with offensive strategy prefer the stock option than firms with defensive strategy through crosstabulation analysis.
Second, the firms, which have fitting between top management compensation and managerial strategy show higher organizational commitment than non-fitted forms. However, there is no significant difference for the satisfaction of the compensation.
Third, the firms, which have fitting between the offensive strategy and stock option show higher organizational commitment than the firms with defensive and non-stock option. In the case of the satisfaction for the compensation, however, there is no significant difference between the firms whether they are offensive and stock option or defensive and non-stock option.