Asia-Pacific Journal of Business Venturing and Entrepreneurship (벤처창업연구)

The Korean Society of Business Venturing (한국벤처창업학회)
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The Effects of the Government Funding on Venture Firms' Management Performance: Focusing on the Mediation Effect of Firms' Internal Competencies and the Moderation Effect of Firm's Growth Stage

정부지원자금이 벤처기업의 경영성과에 미치는 영향에 관한 연구: 내부역량의 매개효과와 기업 성장단계의 상호작용효과를 중심으로

  • Lee, Younghun (Department of Management Consulting at Hanyang University) ;
  • Song, Eugene (Department of Management Consulting at Hanyang University)
  • 이영훈 (한양대학교 경영컨설팅학과) ;
  • 송유진 (한양대학교 경영컨설팅학과)
  • Received : 2018.12.28
  • Accepted : 2019.04.11
  • Published : 2019.04.30
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Abstract

As the importance of venture firms has increased as a new growth engine, the South Korea government makes various efforts to establish healthy ecosystems for ventures and start-ups. Especially in order to foster the competitiveness of venture firms, various support policies such as financial and R&D expenses are being expanded and promoted. In this study, the author analyzed the impact of government funding on venture firms' internal competencies and management performance by using the resource-based theory. Moreover, this study tested the moderation effect of firm's growth stages. Unlike previous studies, this study focused on qualitative rather than quantitative aspects of internal competencies and the financial and non-financial performance are used to measure the management performance of the ventures to examine the effects of government funding for venture firms in more details. For the purpose of verifying the hypothesis of this research, "The Research On The Precision Status Of Venture Firms" in 2017 from the Ministry of Small and Medium Business was utilized, which has been compiled since 1999. According to the results of this study, the government funding experience did not significantly affect the company's internal competencies and financial performance, but had a significant impact on the non-financial performance, which in turn seemed to have a significant effect on the financial performance. In addition, it was found that the technology, price, design, and quality competencies affected non-financial performance, while the organizational management and marketing competencies did not. However, the price, design, organizational management, and marketing competencies affected financial performance, while the technology competency was not. Finally, there were no differences in the effectiveness of government funding, depending on the growth stages.

신성장 동력원으로서 벤처기업의 중요성이 증대됨에 따라 정부에서는 건강한 벤처 및 창업 생태계 구축을 위하여 다양하게 노력하고 있으며, 경쟁력 있는 벤처기업을 육성하고자 금융 및 연구개발 비용지원 등 다양한 지원정책을 확대하여 추진하고 있다. 따라서 본 연구에서는 자원기반이론을 바탕으로 벤처기업의 성장단계에 따라 정부지원자금 수혜경험이 내부역량과 경영성과에 어떠한 영향을 미치는지 분석하였다. 기존 연구와는 다르게 벤처기업의 내부역량을 측정함에 있어 자원의 양적인 측면보다는 질적인 측면에 초점을 맞추었고, 경영성과는 재무적 성과와 비재무적 성과로 구분하여 벤처기업에 대한 정부지원자금의 효과를 자세히 살펴보고자 하였다. 본 연구의 가설 검증을 위하여 중소벤처기업부에서 1999년부터 편제하고 있는 벤처기업정밀실태조사의 2017년 자료를 활용하였다. 연구 결과에 따르면 첫째, 정부지원자금 수혜경험은 벤처기업의 내부역량과 재무적 성과에 영향을 미치지 않았으나 기업의 비재무적 성과에는 영향을 미치는 것으로 나타났다. 그리고 비재무적 성과는 다시 기업의 재무적 성과에 영향을 미치는 것으로 나타났다. 둘째, 비재무적 성과에는 기술 가격 디자인 품질 경쟁력이 영향을 미치는 반면, 재무적 성과에는 가격 디자인 조직관리 마케팅 경쟁력이 영향을 미치는 것으로 나타났다. 마지막으로 성장단계에 따라 벤처기업의 내부역량과 경영성과에 차이가 있으나, 정부지원자금 수혜경험과 상호작용 효과에 따른 차이는 없는 것으로 나타났다.

Keywords

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