Global strategists emphasize leveraging capabilities developed in domestic markets when expanding into international markets, a strategy reflected in the entry of Korean startups into the Chinese market. Value appropriation refers to a company's ability to claim its share of the value created in a target market, with value appropriation factors being critical elements required for this process. Despite these strategies, many foreign companies fail to achieve expected performance in China, often attributed to their inability to secure the necessary value appropriation factors. Researchers posit that business guanxi can play a pivotal role in facilitating the acquisition of these factors in the Chinese market. This study examines the relationship between the network capabilities of global startups and value appropriation factors during the overseas expansion stage. It also explores the moderating effect of business guanxi through empirical research. The data was collected via surveys from Korean global startups targeting business operations in China. The results indicate that sub-components of network capability, specifically networking capability and international market resource securing capability, are significantly associated with the acquisition of value appropriation factors. Furthermore, business guanxi was found to positively moderate the relationship between networking capability and securing value appropriation factors. These findings suggest that Korean global startups should prioritize developing strong network capabilities and fostering business guanxi to enhance their ability to secure value appropriation factors during the overseas expansion stage. Chinese companies do not have deep trust in Korean startups. Therefore, startups should build a business guanxi based on emotional trust from the beginning of early entry. This effort will extend beyond the trust of startup products and services to corporate trust.

1. 서 론
2. 이론적 배경
2.1 글로벌 스타트업
2.2 글로벌 스타트업 특성
2.3 네트워크역량
2.4 가치전유와 가치전유요인
2.5 비즈니스 꽌시
2.6 네트워크역량과 가치전유요인
3. 연구의 설계
    3.1 연구모형과 연구가설
    3.2 설문 설계 및 조사
    3.3 표본의 특성
4. 연구 결과
    4.1 타당성 및 신뢰성 검증
    4.2 상관관계 분석 결과
    4.3 다중회귀분석과 조절효과 분석
    4.4 실증분석 결과 해석
5. 결 론
    5.1 연구의 시사점
    5.2 연구의 한계점 및 제언
References

• Woo-Sung Jung(Graduate School of Management Consulting, Hanyang University) | 정우성 (한양대학교 일반대학원 경영컨설팅학과)
• Kwang-Ho Park(Department of Business Administration, Hanyang University) | 박광호 (한양대학교 ERICA캠퍼스 경상대학 경영학부) Corresponding author