The Journal of Korean Institute of Communications and Information Sciences (한국통신학회논문지)

The Korean Institute of Commucations and Information Sciences (한국통신학회)
권호 표지
DOI QR코드

DOI QR Code

An Analysis of the Economic Effects of R&D Investment in the IT Industry

IT산업 연구개발 투자의 경제적 효과 분석

  • 홍재표 (과학기술연합대학원대학교 정보통신기술경영학과, 한국전자통신연구원 사업화본부) ;
  • 최나린 (안전성평가연구소 사업전략부 전략정책팀) ;
  • 김방룡 (한국전자통신연구원 기술전략연구본부, 과학기술연합대학원대학교)
  • Received : 2012.02.02
  • Accepted : 2012.08.13
  • Published : 2012.09.30
Download PDF
⟨ Previous Next ⟩

Abstract

This study has conducted the economic effects of R&D investment in the IT industry using multi-regression analysis with three independent variables; capital stock, labor input and R&D stock. In this study, the IT industry has been categorized into three sub-industries; broadcasting communication appliances, information appliances and electronic components industry. Our analysis has found that auto-correlation shows considerable levels whereas figures of t-value and R-square show significant levels among all the IT sub-industries. Meanwhile, the values of R&D stock in the information appliances industry and that of labor input coefficients in the electronic components industry were minus, thus multi-collinearity was suspected. We have solved the problems regarding auto-correlation and multi-collinearity through Cochrane-Orcutt estimation and principal components analysis. This paper has derived the implications that R&D investment in the broadcasting communication industry is much more influential than any other IT sub-industry.

본 연구에서는 IT산업의 연구개발 투자가 부가가치에 미치는 영향을 분석하기 위하여 IT산업을 방송통신기기, 정보기기, 전자부품으로 세분하고, 각 세부 산업별로 자본스톡, 노동투입, 연구개발스톡을 독립변수로 설정하여 다중회귀분석을 실시하였다. 분석 결과, 모든 산업부문에서 t-value와 R-square 값들은 유의한 것으로 나타났지만, 자기상관은 매우 높게 나타났다. 한편 정보기기산업에서는 연구개발스톡, 전자부품산업에서는 노통투입의 계수 값이 마이너스로 나타나서 다중공선성의 징후가 의심되었다. 본 연구에서는 Cochrane-Orcutt 절차와 주성분회귀분석을 통하여 자기상관 및 다중공선성의 문제를 해결하였다. 연구개발스톡이 부가가치에 미치는 영향을 분석한 결과, 방송통신기기산업의 연구개발투자가 정보기기산업이나 전자부품산업에 비해 훨씬 큰 영향을 미치는 것으로 추정되었다.

Keywords

References

  1. R. M. Solow, "A contribution to the theory of economic growth," Quart. J. Econ., 70(1), pp. 65-94, Feb. 1956. https://doi.org/10.2307/1884513
  2. P. M. Romer, "Increasing returns and long-run growth," J. Political Econ., 94(5), pp. 1002-1037, 1986. https://doi.org/10.1086/261420
  3. R. E. Lucas, Jr., "On the mechanics of development," J. Monetary Econ., 22(1), pp.3-42, 1988. https://doi.org/10.1016/0304-3932(88)90168-7
  4. D. T. Coe and E. Helpman, "International R&D spillovers," European Econ. Rev., 39(5), pp. 859-887, 1995. https://doi.org/10.1016/0014-2921(94)00100-E
  5. F. Lichtenberg and B. Pottelsberghe, "International R&D spillovers: A re-examination," NBER Working Paper, 5668, July 1996.
  6. D. Gullec and B. Pottelsberghe, "R&D and productivity growth: Panel data analysis of 16 OECD countries," OECD Econ. Stud., 33, pp. 103-126, 2001.
  7. R. G. Lipsey and K. I. Carlaw, "Measurent of technological change," The Canadian J. Econ., 37(4), pp. 1118-1150, Nov. 2004. https://doi.org/10.1111/j.0008-4085.2004.00263.x
  8. J. G. Song, "The effects of R&D capital on productivity in Korean manufacturing," The Korean J. Ind. Organization, 3(1), 1994.
  9. U. J. Kim, "Growth factor analysis on the Korean manufacturing industry," STEPI, 1999.
  10. C. H. Yoon and H. T. Jang, "A study on economic effects of R&D investment in IT," KISDI, 2000.
  11. C. H. Yoon, "The estimation of R&D spillover effects on IT companies," The Korean J. Inf. Soc., 14(2), pp.45-55, 2002.
  12. D. P. Hong, S .H. Kang, and E. M. Lee, "An analysis of sources of growth and productivity of IT industry in Korea," KISDI, 2003.
  13. Y. A. Cho, "R&D spillover effecs in Korean manufacturing industries," Korea Rev. Appl. Econ., 6(1), pp. 209-232, 2004.
  14. S. H. Kim, H. J. Lim, "Dynamic determinants of Korean productivity changes: With emphasis on trade," J. Int. Econ. Stud., 9(2), pp. 3-47, 2005.
  15. T. Y. Shin, "Empirical analysis on complementarity of both government and private R&D investment," Sci. Technol. Policy, 15(1), pp. 54-72, 2005.
  16. J. K. Ha, "Analysis on economic growth effects of R&D," The Bank of Korea, 2004
  17. K. S. Lee, M. C. Park, and D. H. Lee, "A time lag analysis of R&D effect on total factor productivity in information and telecommunications industry," J. Korean Inst. Commun. Sci., 31(2B), pp. 154-163, 2006.
  18. D. Y. Chang, "A comparison of total factor productivity between sectors producing and using information & communication technology: Data envelopment analysis based on panel data of Korean companies," J. Korean Econ. Stud., vol. 26, pp. 39-64, 2009.
  19. Y. S. Hwang and Y. J. Choi, "Analysis on the effect of R&D Level on total factor productivity - focused on comparing between SMEs and large enterprises," Productiv. Rev., 23(4), 2009.
  20. J. H. Seo, "Changes in the structure of R&D activities in Korean companies," KDI, 2002.
  21. W. K. Lee and B. K, Kim, "Productivity effects analysis of R&D investment," Sci. Technol. Policy, 14(2), pp. 63-75, 2004.
  22. T. Y. Shin and P. M. Bark, "Analysis on policy effects of R&D investment using macro-econometric models," STEPI, 1998.
  23. T. Y. Shin, "R&D investment's econnomic growth contribution," STEPI, 2004.
  24. Ministry of Knowledge Economy, "Annual report on the promotion of IT industry," 2011.
  25. P. R. Kim, "R&D and firm sizes in the information and telecommunications industry of Korea," Small Bus. Econ., 15(3), pp. 183-192, Nov. 2000. https://doi.org/10.1023/A:1008198417672
  26. P. M. Romer, "Endogenous technological change," J. Political Econ., 98(5), pp. 71-102, Oct. 1990. https://doi.org/10.1086/261725
  27. C. I. Jones, "R&D-based models of economic growth," J. Political Econ., 103(4), pp. 759-784, Aug. 1995. https://doi.org/10.1086/262002
  28. Ministry of Knowledge Economy, "Act on promotion of information and communication network utilization and information protection," 2008.
  29. J. H. Seo, "Characteristics and economic effects of Korean firms` R&D Investment," J. Econ. Policy," 27(1), pp. 81-122, 2005.
  30. E. Y Heo, Y. A. Lee, and J. S. Kim, "Evaluation of the human resource development effect on hydrate R&D project in Korea using human capital accumulation model," J. Korean Soc. Geosyst. Eng., 45(5), pp. 516-525, 2008.