• Proceedings of the Korea Technology Innovation Society Conference
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• 2012.05a
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• pp.45-53
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• 2012

본 연구에서는 정부의 R&D 투자를 받는 기업들의 특성을 규명하였다. 정부의 투자 행태를 반영하기 위해 순위 프로빗 모형(ordered probit)을 사용하였으며, 기업의 특성과 과제의 특성을 함께 고려함으로써 정부 정책의 실효성과 정합성을 분석하였다. 분석 결과 대기업, 매출액이 큰 기업, R&D집약도가 높은 기업, 벤처기업 등이 정부 R&D 투자를 많이 받는 것으로 나타났다. 기업특성과 과제 특성을 함께 분석한 결과, 중소기업이 신성장동력, 녹색기술 등에 대한 투자를 많이 받은 것으로 나타났다. 기업에 대한 투자가 개발연구 위주로 추진된 것은 합당하나, 대기업 중심, 성장기 기술 중심의 편중 현상은 개선의 여지가 있는 것으로 보인다.

• KDI Journal of Economic Policy
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• v.27 no.1
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• pp.81-122
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• 2005

The paper aims to establish the characteristics of the Korean firms' R&D investment and to estimate the private rate of return to R&D investment. For the empirical analysis, a balanced panel data is constructed with 695 firms on 8 year observations. The panel data enables to characterize R&D investment of the Korean firms, which is mostly conformed to the 'stylized facts' of R&D investment that found in the previous studies on foreign firms. Klette model was used to estimate the private rate of return on R&D investment and depreciation rate of R&D capital. The paper estimates that the rate of return on R&D investment is 10.5% on average or 16.4% on median for the whole industry whereas manufacturing firms show 10.4% on average or 16.4% on median. The depreciation rate was estimated about 32.9% for whole industry, where it ranges from the minimum 11.6% for metal industry and 49.5% for services. The median estimate of the rate of return for R&D investment of Korean firms is roughly two times higher than real interest rates for the same period, which implies that R&D investment allows sizable rent in addition to the opportunity cost of capital investment.

• Proceedings of the Korea Technology Innovation Society Conference
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• 2013.10a
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• pp.247-260
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• 2013

• Journal of Technology Innovation
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• v.29 no.2
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• pp.31-57
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• 2021

So far, several researchers have studied the relationship between research and development investment and firm performance; however, most have focused on linear relationships. Thus, previous studies remain fragmented and show mixed results. This study examined the moderating effect of political ties in the relationship between R&D investment and firm performance. We tested the hypotheses based on extensive 20-year data on enterprises, from 1998 through 2017, as the research period. The study is expected to contribute to explaining the mixed results of the research between research and development investment and firm performance.

• Journal of Technology Innovation
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• v.25 no.2
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• pp.1-34
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• 2017

This paper seeks to explore the effects of the board structure and director characteristics on the R&D investment of a company. The results from analyzing 95 Korean listed companies reveal that the directors' demographic characteristics substantially affect the R&D intensity. When the directors are younger, major in science or engineering, and have an experience of studying abroad, they tend to be supportive of R&D, thereby increasing the R&D expenditure. Particularly, the effects of insider directors are shown to be greater than those of outside directors, which implies that the Korean corporate boards are mainly operated by insiders. Furthermore, when the relative power of boards is greater than the management, the effects of inside directors, rather than overall directors, on R&D intensity are weakened.

• Management & Information Systems Review
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• v.34 no.3
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• pp.179-196
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• 2015

The purpose of this study is to examine the influence of variable cash compensation depending on short-term performances instead of stock compensation for the executives on the investment in tangible assets, investment and R&D, and profit reconciliation. The detailed objectives of the study include, first, to examine the influence of the cash compensation on investment in tangible assets and profit reconciliation depending on the characteristics of the company and, second, to examine the influence of cash compensation on the profit reconciliation of the investment in R&D depending on the characteristics of the company. The results of the analysis in this study can be summarized as follows; Firstly, the result of the positive analysis, as the compensation for the executives increased, by the characteristics of the companies conducted on the significant 'positive' (+) on the investment in R&D and the profits reconciliation showed that the high tech industry and the share ratio of the executives did not show a significant result, while the debt ratio showed a significantly positive result. Secondly, the result of the positive analysis, as the compensation for the executives increased, by the characteristics of the companieson the significant 'positive' (+) of the investment in tangible assets and reconciliation of profits showed that the high-tech industry did not show a significant result, while the hypothesis on the share ratio of the executives and the hypothesis on the debt ratio showed results that are significantly positive as expected. In other words, it can help Korean companies, which have to investment in R&D and tangible assets to increase their competitiveness and promote future growth dynamics, to design a manager compensation system that is appropriate for our country to support efficient investment decision-making.

• Proceedings of the Technology Innovation Conference
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• 2009.02a
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• pp.489-518
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• 2009

선진국의 경제구조가 서비스경제로 전환됨에 따라 고부가가치를 낼 수 있는 지식기반 (Knowledge-based) 또는 기술기반 (Technology-based) 서비스의 중요성이 부각되고 있으며 서비스 기업들간의 경쟁도 매우 치열해지고 있다. 서비스 기업들은 보다 차별화 된 고객가치를 창출하고 미래의 핵심역량을 확보하기 위해 다양한 활동을 전개하고 있으나 제조기업과는 달리 대부분의 서비스 기업들에게 연구개발 (Research and Development, R&D)이라는 개념은 매우 생소한 상태이다. 최근 유럽을 중심으로 서비스기업의 연구개발에 관한 논의가 활발히 진행되고 있지만 서비스기업의 특성을 포괄하는 연구개발에 대한 정의를 내리는 수준에 머물고 있다. 최근 우리나라 정부에서도 서비스 연구개발에 관한 정책입안을 위해 연구를 진행하고 있는바, 서비스기업에서의 연구개발에 대한 정의, 조직, 예산, 활동영역, 산출물 및 이에 따른 정책적 지원 등에 관한 학계에서의 연구는 거의 이루어지지 않고 있는 실정이다. 본 연구에서는 서비스기업의 연구개발활동을 도출하고 연구개발투자와 기업성과와의 관계를 분석함으로써 효과적인 연구개발 투자규모를 도출하는 것이 목표이다. 이 때 서비스기업의 연구개발활동이라 함은 연구개발 대상, 수행조직, 연구개발의 중요성이 포함된다. 또한 연구개발투자와 1-2년 후의 매출 및 순이익의 변화를 분석한다. 실증분석을 위해 기술기반 서비스를 대표하는 국내 IT서비스 기업을 대상으로 설문조사를 실시하였으며 다양한 통계분석을 활용하였다. 연구결과 대부분의 서비스 기업 응답자가 연구개발의 중요성을 크게 느끼고 있는 것으로 나타났다. 기업마다 부서별 또는 중앙 연구개발센터를 중심으로 다양한 연구개발활동을 수행하고 있으며 연구개발투자가 기업성과로 연계되기 위해서는 최고경영자의 관심이 가장 중요한 요인인 것으로 지적되었다. 가장 효과적인 연구개발 투자규모는 매출액 대비 15-19%인 것으로 분석되었는데 이는 벤처기업의 특성을 갖는 중소 IT서비스 기업들의 참여가 많았기 때문일 것으로 해석된다. 본 연구의 결과는 우리나라 서비스기업들이 미래준비를 위한 활동을 전개함에 있어 고려해야 할 주요 요인들을 제시해 줄 것이다.

• Journal of Korea Technology Innovation Society
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• v.15 no.3
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• pp.649-674
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• 2012

The purpose of this study is to investigate the effects of public R&D subsidies on private R&D. We have analyzed rationales for the public R&D subsidy from different perspectives. On the basis of literature review, a two step research model is constructed: participation phase (when firms benefit from public subsidies) and decision phase (when firms make decision on additional R&D investments). Using propensity score matching(PSM) method, we compare the potential outcome of the treated group to a matched controlled group of non-subsidized firms. The data used in this paper was collected from various sources. The Korean Innovation Survey 2008(manufacturing sector) is a main source of data. Financial data such as revenue, asset and capital stock, and number of employees were supplemented from the Nice Information Service KIS Value database. The R&D survey, conducted by MEST(Ministry of Education, Science and Technology) each year, was also used for the R&D expenditures of the manufacturing firms. This study comes up with the following empirical results. First, a firm's innovation capability, financial constraints, and sector appear to influence the selection of firms who were benefited from government's financial supports for R&D. Second, empirical results show that public R&D funding complements private investment on average and appear to have perpetual effects on the following year. Finally, sectoral difference in the effect of public subsidies on firms' R&D investment was confirmed. In addition, SMEs show more positive effects than large firms.

• Journal of Digital Convergence
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• v.17 no.6
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• pp.43-49
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• 2019

The study divided the life cycle of Chinese companies into three stages from 2011 to 2017, 3,750 small and medium-sized enterprises(SME) used disclosure data to analyze the intensity of R&D investment by company life cycle. The analysis showed that the impact of wealth(ROA) on the performance of R&D investment(RDS) and the next(t) business performance, and research and development investments had a different impact on the company's performance depending on the life cycle of the company. The results of this study are expected to help determine the amount of expenditure related to R&D investment and the time of input of resources in consideration of industrial characteristics and corporate characteristics when making strategic decisions related to R&D investment of companies.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.12 no.7
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• pp.3053-3061
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• 2011

This study examines the relationship between R&D(research & development) investment and market value among KOSDAQ firms in the Korea Stock Exchange. We investigate the effect of R&D investment on firm value in both total sample and sub-samples classified by firm characteristics based on types of firms. And we study the impact of a major economic disruption as the global financial crisis triggered by sub-prime mortgage problem in the US on R&D investment relative to the firm value. We find that R&D investment positively affects firm value and the squared term of R&D investment is found to be significant and negatively correlated with market value. This suggests the presence of nonlinear relationship like a reverse U-shape between R&D investment and market value in total sample and most of sub-samples. And we find firm characteristics and global financial crisis partially affect the contribution of R&D investment to market value in some of sub-samples.