• Journal of the Korea Academia-Industrial cooperation Society
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• v.17 no.7
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• pp.63-76
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• 2016

Most previous studies found a positive relationship between the value of a firm and its R&D investments. This research measures the impact of the timescale of the R&D investment of a firm on its value using panel vector autoregression. By measuring the time required for R&D to impact the value of a firm, this study demonstrates that the lead time is an essential factor in the analysis of the effect of R&D investment on a firm's value. Our study finds that the length of the lead time varies according to the firm's size, industry concentration, and book to market ratio. Firms with a higher industry concentration show a shorter lead time. Also, firms with a larger size and higher book to market ratio generally show a shorter lead time.

• Journal of Korea Technology Innovation Society
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• v.10 no.4
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• pp.706-726
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• 2007

This study attempts to empirically investigate the effects of government R&D subsidies on private firm's R&D investment in Korean industry. The R&D subsidy effect is defined as the average percentage change in firm's R&D expenditures between what was actually observed among firms that received a subsidy and what these firms would have spent had the subsidy not been received. To measure the effect we use Difference-in-Differences (DID) model which sign as to whether the relationship between government subsidies and private R&D investments is on stimulating or displacing private R&D expenditures. The differences between this study and previous studies are that we tries to measure the effect of Government R&D across various sited firm groups such as large, small & medium, and venture firms and we add one lag of the subsidy indicator in order to capture the effect of the subsidies on private R&D during 2 consecutive period. Empirically, a firm with government R&D subsidy increases its own R&D investment by 13.9%. Also on average, 1% of government R&D subsidy leads to 0.031% of private R&D increase. The main results of this study are as follows : First, Government R&D subsidies stimulate private firm's R&D expenditures. Second, Government R&D subsidies greatly increase (statistically significant) company financed R&D expenditures only for large firms but had no effect on the R&D expenditures of small & medium sized firms and venture firms.

• Korea Trade Review
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• v.41 no.2
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• pp.29-60
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• 2016

Research and Development(R&D) investment is an issue of central importance in any economy. In this paper we analyze the relationship between R&D spillovers and trade-related variables, using a two-stage model where duopolists simultaneously decide on R&D in the first stage and engage in Cournot competition in the second stage. We characterized and compared the free-trade and trade-restriction R&D equilibrium in a two-stage game of R&D investment followed by Cournot market competition. We also assessed the impact of varying the R&D spillover on the equilibrium outcomes and tariff. We showed for both free trade and protection cases that there exists a unique symmetric solution(subgame perfect Nash equilibrium). As the solution, while analytical, cannot be stated in closed form, we resorted to numerical experiments to investigate the equilibrium results. Our estimates indicate for both free trade and protection cases that the level of R&D investment and the rate of R&D expenditure decrease as the degree of R&D spillovers increases, and that there is an inverse relation between the degree of R&D spillovers and level of protection. The latter implies that the larger the degree of R&D spillovers, the lesser the level of protection.

• Journal of Technology Innovation
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• v.24 no.4
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• pp.127-158
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• 2016

Multinational corporations' overseas R&D activities bring host countries positive effects such as knowledge spillover, technology transfer, job creation and etc. For this reason, many countries have made efforts to attract foreign firms' R&D investment in their national territories. Korean government have also implemented some policy measures to expedite foreign firms operating in Korea to increase R&D activities. However, the firms' R&D investment in Korea has still been unsatisfactory, and only few studies have examined this issue. Therefore, this study attempts to explain the R&D investment of foreign firms operating in Kore, from the perspective Dunning's eclectic paradigm. Utilizing linear regression and Tobit model, this study analyzes the influence of OLI advantages on R&D intensity of foreign firms in Korea. The result shows that locational advantages of Korea (such as revealed technological advantage) had positive influences on foreign firms' R&D intensity. However, the influence of other OLI advantages were different by foreign firms' nationalities. For instance, internalization advantages had influences on R&D intensity, but the directions were different between Japanese and other nationalities. Based on the results, we provided some discussion and attempted to draw implications for Korean government's FDI and R&D policy.

• Proceedings of the Korea Contents Association Conference
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• 2015.05a
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• pp.271-272
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• 2015

정부의 ICT R&D는 전체산업 관점과 거시적 목적 지향적인 R&D 추진체계에서 필요한 R&D 목적달성을 위해 R&D투자재원의 효율적 배분이 매우 중요한 기능이 된다. 즉, R&D재원배분에 대한 다양한 기준들이 존재할 수 있으며, 이러한 상충적 배분기준들 사이에 객관적이고 효율적인 재원투자의 우선순위와 가중치가 기본적으로 필요하게 된다. R&D계획수립과 지원 분야선정을 위한 방법론으로 보편적으로 사용되고, 현장적용에 객관성을 확보하고 있는 AHP(Analytic Hierarchy Process) 모형을 통해 상충적 다중의사결정에 발생하는 기준의 선호에 대한 쌍대비교를 통해 객관적 선택기준과 대안적 선택에 대한 의사결정 프레임워크를 제공해준다. 따라서 본 연구에서는 정부의 ICT산업경쟁력 제고 목적달성을 위한 투자부문과 기술분야에 대한 실증적인 의사결정구조와 재원배분안을 제시하고자 한다.

• Proceedings of the Korea Technology Innovation Society Conference
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• 2013.10a
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• pp.688-697
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• 2013

• International Commerce and Information Review
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• v.16 no.4
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• pp.363-384
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• 2014

The adequate measurement of government expenditure efficiency for Energy Technology Development is a difficult empirical issue and the literature on it, particularly when it comes to aggregate and international data. Contribution in this study is threefold: first this study analyze the adequate measurement of government expenditure efficiency on Energy Technology sector of 24 OECD countries and korea. Second this study reconstruct efficiency composite indicators, named "Energy Technology Development Interest level indicator". Third this study assesses the efficiency of government expenditure for Energy Technology Development. The results can be summarized as follow: Korea's government expenditure efficiency for Energy Technology Development is highly ranked among 25 OECD countries based on Energy Technology Development R&D Budgets and Energy Technology Development R&D Budgets per thousand units of GDP indicators. However, Korea's ranking has fallen to 20th. The assessment suggests that government will be have to provide more government expenditure to enhance the efficiency on Energy.

• Proceedings of the Korea Information Processing Society Conference
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• 2014.04a
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• pp.648-649
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• 2014

최근 여러 기업들이 경쟁력을 확보하기 위해서 기술력 확보에 많은 신경을 쓰고 있다. 특히 몇 년간 기업 간의 특허전쟁들로 인해서 기업들은 기술력을 객관적으로 입증 받으려고 하고 있으며, 이에 대한 노력으로 R&D 투자를 하고 있다. 하지만 R&D 투자와 기업성과의 관계에 대한 실증적 연구는 부족한 실정이다. 따라서 본 논문에서는 R&D 투자비용과 기업의 영업이익, 매출액, 특허등록 수에 대한 Pearson 상관관계분석을 수행했다.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.10 no.1
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• pp.200-208
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• 2009

Trend of R&D expenditure in Korea during the last 10 years, the R&D expenditure has been constantly increasing at an average rate of 10%. The government R&D ekpenditures or subsidies are increasing rapidly But the studies of evaluating impact of government R&D subsidies are few. This study attempts to empirically investigate the effects of government R&D subsidies on private firm's R&D investment in Korean industry by using Propensity score matching method which sign as to whether the relationship between government subsidies and private R&D investments is on stimulating or displacing private R&D expenditures. Empirically, a firm with government R&D subsidy are 733 million dollar more expenditure then don't receive any government R&D funding. Also Government R&D subsidies greatly increase (statistically significant) company financed R&D expenditures only for large firms but had no effect on the R&D expenditures of small & medium sized firms and venture firms.

• Journal of Advanced Navigation Technology
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• v.15 no.1
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• pp.104-111
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• 2011

In this study, I have tried to analyze an influence of R&D investment on ROV(Real Option Value), corporate value and market value by analyzing R&D investment, ROV, corporate value and market value of machine and material industry in the perspective of ex post. As a result of this study, corporate value, which has been deduced by real option according to R&D investment, reflects market value well and possesses a strong correlation with R&D investment, ROV, corporate value and market value. This implication demonstrates this study result is corresponding with existing theories.