• The Journal of the Korea Contents Association
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• v.22 no.8
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• pp.318-328
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• 2022

The purpose of this study is to analyze the impact of ownership concentration and R&D investment on earnings growth of listed companies in China. For this purpose, this study utilized 14,196 samples from 2,366 Chinese listed companies using the WIND database and conducted empirical analysis by Python. The results of the analysis are as follows. First, the data shows that ownership concentration has a positive (+) impact on revenue growth of Chinese listed firms. Second, ownership concentration has a postive(+) impact on R&D investment of Chinese listed firms. Third, the survey shows that R&D investment has a positive (+) impact on revenue growth of Chinese listed firms. Fourth, the impact of R&D investment on earnings growth of Chinese listed firms has time lag effect. Fifth, R&D investment has a partial mediating effect in ownership concentration and earnings growth of Chinese listed firms. Based on these analytical results, this study proposes measures to promote firms' earnings increase by optimizing ownership concentration and increasing R&D investment in Chinese listed firms.

• KIPS Transactions on Software and Data Engineering
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• v.8 no.9
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• pp.355-362
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• 2019

In the past, when research and development(R&D) resources were absolutely scarce, the so-called 'choice and concentration' strategy of national R&D projects has been persuasive. Under the current situation where various actors such as GRIs(Government-funded Research Institutes) and universities supported by more abundant R&D resources conduct national R&D projects, this strategy cannot be applied without distinction. In order to see how the strategy has worked, this paper analyzes the concentration of research funds allocated to actors performing national R&D projects. Concentration is measured based on the amount of research funds supported by government from 2002 to 2016 using the Theil index to break down the concentration of individual actors in the overall national R&D project. The results from the Theil index were compared with concentrations using the Gini coefficient, a widely known indicator. As a result, the Theil index could be used to analyze the concentration and sub-components' contribution such as universities and GRIs that make up the entire national R&D system. The results also showed GRIs had the highest concentration, followed by universities, but their concentration has been somewhat reduced compared to 10 years ago. On the other hand, small-sized companies have maintained a certain level, although they are not highly concentrated. In other words, universities and GRIs tend to reduce the gap in the allocation of research funds among institutions, while small-sized companies tend to distribute them evenly.

• Journal of Technology Innovation
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• v.22 no.2
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• pp.157-183
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• 2014

This paper examines how the concentration of ownership in firms influences the R&D investment decision and whether the type of a firm's management (i.e, the owner-manager or professional manger) differentiates the relationship between the ownership concentration and R&D investments by using data of Korean pharmaceutical companies between 2004 and 2008. The results show that the share of the largest shareholder and R&D investment have an inverted U-shaped relationship, and whether a CEO is an owner or a professional manager affects the curvature of the inverted U-shaped relationship. Specifically, when a firm's CEO is a professional manager and the share of his stock is small, increase in the CEO's share increases the R&D investment in the larger amount than when a firm's CEO is an owner. This is because the increase in ownership reduces agency cost; However, when the share of his stock is large, the increase in CEO's share decreases R&D investment in the larger amount than when a firm's CEO is an owner. This is because a professional manager gets concerned over excessive risk exposure more than an owner-manager does.

• Journal of Korea Technology Innovation Society
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• v.14 no.3
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• pp.466-487
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• 2011

This study analyzed the effect of small and medium businesses' R&D intensity and patents on their price-earnings (P/E) ratios. Regression analysis was conducted on a sample of manufacturers listed on the Korean Securities Dealers Automated Quotations (KOSDAQ) for the past decade (2000~2009). The result is summarized as follows. First, a negative correlation was identified between companies' R&D intensity and their P/E ratios, but no significant relationship was found between their numbers of domestic patent applications and registrations and P/E ratios. Second, the analysis of the effect of the companies' R&D intensity on their P/E ratios resulted in a negative correlation of -1%. Third, the analysis of the effect of the companies' number of domestic patent applications and registrations on their P/E ratios showed that they did not have any significant relationship. Fourth, high-tech firms' R&D intensity had a negative correlation of -1% with their P/E ratios, but had a positive correlation of 1% with their numbers of domestic patent applications. Furthermore, the R&D intensity of middle-to-high and middle-to-low tech enterprises had a negative correlation of -1% with their P/E ratios, whereas their numbers of domestic patent applications and registrations had no significant relationship with their P/E ratios. The above results suggest that to produce successful outcomes from their R&D investment and patents, individual firms need strategies for technological innovation that relate to their technological level.

• The Korean Journal of Financial Management
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• v.21 no.1
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• pp.87-124
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• 2004

Some studies indicate that investors systematically underreact to new information in the stock market and Other studies indicate that investors systematically overreact. If investors irrationally react to the R&D intensity information, The portfolio strategy based on the R&D intensity information will be provided substantial excess returns. This study investigate that investors systematically underreact or overreact to the R&D intensity and whether portfolio strategy based on the R&D intensity is useful or not. Major results we as follows. First, This study indicate that investor systematically underreact to high R&D intensity and overreact low R&D intensity information. Second, after controlling the firm's specific factor such as firm size, BV/MV and past price performance, it is found that the performance of portfolio strategy based on the R&D intensity is not significant.

• Proceedings of the KIEE Conference
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• 2007.10a
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• pp.247-248
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• 2007

컴퓨터의 발전은 철도 산업에 큰 영향을 끼치고 있다. 특히 기계식이나 수동식 신호 장치들이 마이크로프로세서를 탑재하면서 전자식, 자동식으로 변경되면서 철도 신호 시스템에 큰 변화를 가져왔다. 이로 인해 안전성은 더 높아지고 수송력 또한 증가하게 되었다. 이런 변화에 핵심적인 역할을 하는 것이 바로 열차집중제어장치이다 열차집중제어장치는 기본적인 역할은 운행되는 열차들의 운전정보를 획득하고 이 정보들을 이용하여 효율적으로 차량을 운행하게 제어하는 것이다. 하지만, 다양한 철도 차량들이 생겨나고 신호 시스템이 발전하게 되면서 열차집중제어장치도 더 다양한 기능과 처리 능력을 가지도록 설계되어져야 한다. 특히, 현재 큰 관심을 받고 있는 무인운전, 무선을 이용한 철도 시스템에서는 열차집중제어장치의 역할이 매우 중요한 부분이 되고 있다. 본 논문에서는 이런 상황을 고려하여 실시간으로 정보를 처리하고, 차량을 안전하게 제어하며, 모든 상황들을 정보화할 수 있는 열차집중제어장치에 대한 설계를 하고자 한다.

• Journal of Korea Technology Innovation Society
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• v.19 no.3
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• pp.417-438
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• 2016

The choice of SMEs between standardization and R&D is one of the strategies of building capabilities for achieving competitive advantages under the liabilities of newness and smallness. This paper provides empirical evidence of Korean SMEs choice between standardization and R&D. We hypothesize two possible impacts of standardization intensity on sales performance; a positive linear and a U-shaped relationship. The analysis of data on 821 Korean SMEs from information and technology, and electricity and electronics industries in 2013 shows an U-shaped relationship between relative standardization intensity over R&D and sales performance.

• Electronics and Telecommunications Trends
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• v.31 no.4
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• pp.107-117
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• 2016

최근 들어 우리나라는 재정 건전성이 악화되는 가운데 경제성장률이 해마다 낮아지고 있다. 이는 향후의 R&D 재정투자가 양적 확대보다는 선택과 집중을 통한 지출 효율화 노력이 필요한 시점이 되었다는 것을 의미한다. 2016년 1월, 마이너스 기준금리를 도입하기로 결정해 세계의 이목을 집중시키고 있는 일본은 한국에 앞서 이미 수십 년간 구조적 저성장을 경험하고 있다. 본고는 과학기술 혁신정책을 지속 가능한 성장과 사회적 혁신을 위한 중요 수단으로 인식하고 저성장 경제를 극복하기 위한 다양한 시도를 하고있는 일본의 R&D 정책수립 및 예산배분체계의 분석을 통하여 한국의 상황에 적용할 수 있는 정책적 시사점을 도출하고자 한다.

• Journal of Korean Society of Industrial and Systems Engineering
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• v.37 no.3
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• pp.24-35
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• 2014

This paper examines, from the perspective of the structure-conduct-performance (S-C-P) paradigm, the structural factors that determine R&D concentration in industries. The results are as follows. First, an industry's R&D concentration is directly related to its market concentration, R&D intensity, capital intensity, and technological opportunities. In contrast, the higher an industry's performance, the more likely the diffusion of R&D investment is for firms belonging to that industry. Second, an industry's R&D concentration has a positive effect on its market concentration but a negative effect on its performance, suggesting that governments should adopt R&D policies that would induce more firms to invest in R&D instead of focusing only on a few firms to enhance industry performance.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.11 no.4
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• pp.167-178
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• 2016

This study was carried out for two purposes. One is to analyse the relationship between export performance and the five capabilities of R&D intensive firms (new product development, overseas market information, SNS and communications, brand and marketing). The second purpose is to verify the difference in those capabilities between R&D intensive small companies and mid-sized companies. Based on the OECD's classification of "technology intensity", R&D intensive firms are defined as the firms which are investing more than 5% of their annual sales in R&D activities. This study reveals the significant and positive relationships between the export performance and three capabilities( overseas market information, SNS and communication, brand) except for new product development capabilities and marketing capabilities. Those capabilities increase export performance. On the other hand, this study finds a significant difference in overseas market information capabilities and brand competence between R & D-intensive SMEs and mid sized companies. It is shown that those two capabilities in the mid sized firms are stronger than in the SMEs. These findings have important implications for the growth of R&D intensive SMEs in the global market. First, for higher export performance of R&D intensive firms, three capabilities such as overseas market information, SNS-communication and brand should be strengtened. In particular, SNS-communication capabilities as innovative marketing competences should be developed together with traditional marketing capabilities. Second, the growth of SMEs into Mid-sized firms needs the development of brand competences and overseas market information capabilities.