• Journal of Korea Technology Innovation Society
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• v.12 no.4
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• pp.687-714
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• 2009

In this paper, we study empirically the relations between financial constraints and dividend adjustment speed of innovative small and medium sized enterprises (SMEs) listed on Kosdaq Market of Korea Exchange. The main results of this study can be summarized as follows. Determinants suggested by the major theories of dividends, namely, residual dividend theory, dividend signaling theory, agency theory, catering theory, and transactions cost theory explain significantly the dividend payout policy of Kosdaq SMEs. Lintner's dividend adjustment model indicates that Kosdaq SMEs have long run target payout ratio, and that Kosdaq SMEs adjust partially the gap between actual and target payout ratio each year. In the core variables of Lintner (1956) dividend adjustment model, past DPS has more effect than current EPS. These results suggest that Kosdaq SMEs maintain stable dividend policy which maintain past DPS level without corporate special reasons. Dividend adjustment speed of innovative Kosdaq SMEs is more fast than that of uninnovative Kosdaq SMEs, and dividend adjustment speed of financial unconstrained innovative Kosdaq SMEs is faster than that of financial constrained innovative Kosdaq SMEs. Futhermore, dividend adjustment speed of innovative Kosdaq SMEs classified by Small and Medium Business Administration is faster than that of unclassified innovative Kosdaq SMEs. The former is linked with financial policies and services like credit guaranteed service, venture investment fund, insurance program, and so on. In conclusion, past DPS and current EPS suggested by the Lintner's dividend adjustment model explain mainly dividend adjustment speed, and financial constraints explain also partially. Therefore, if managers of innovative Kosdaq SMEs can properly understand of the effects of financial constraints on dividend smoothing, they can maintain constantly dividend policy. This is encouraging result for Korea government as it has implemented many policies to commit to innovative Kosdaq SMEs.

• International Commerce and Information Review
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• v.15 no.2
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• pp.25-47
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• 2013

In China, the commercial bank credit financing is the most important external financing channel for SMEs. However, the lack of credit guarantee significantly deters commercial banks to finance SMEs. which may generate a negative impact on the trade activities of SME in China. In this paper we examine the risk of credit guarantee for SMEs financing and the factors affecting this risk through a VAR (Value-at-Risk) model. Our analysis shows that the scale of enterprises' impact on the VAR (risk of financing guarantee) is not much relevant. We also find that the certainty of financing for SMEs, such as the fixed asset ratio, has a significant and negative effect on the VAR of Chinese credit guarantee institutions. The product uniqueness is positively correlated with the VAR, and operation risk is also positively related to the credit risk of Chinese credit guarantee institutions.

• Journal of the Korea Convergence Society
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• v.11 no.4
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• pp.203-219
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• 2020

This study attempts to empirically analyzes whether the establishment of a company-affiliated research institute affects corporate performance and innovation-oriented enterprises, and suggests implications for policy establishment. Logistic regression analysis was used to analyze if the establishment of an affiliated research institute and internal competency variables affect innovation and innovative performance-type companies. As a result, the establishment of an affiliated research institute was found to have a positive effect on the probability of belonging to an innovation-oriented company group, and it was found that it had a significant effect on business performance. In particular, there was significant effect on the production capability among internal competencies and the inclusion of innovative business groups is analyzed to have a mediating effect. Based on the research, the policy directions for encouraging the establishment of an affiliated research institute of small and medium-sized enterprises and revitalizing the research institute were suggested, and limitations and future research directions were suggested.

• The Journal of the Korea Contents Association
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• v.19 no.12
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• pp.215-228
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• 2019

This study micro-analyzed the impact of innovation capabilities on innovation performance by type of CEO, with innovative SMEs being subject to research. In addition, the impact of CEO type on innovative capabilities and the impact of innovative capabilities on innovation performance were studied together. In order to achieve the research objective, we conducted an empirical analysis of 250 innovative small and medium-sized enterprises registered in the medium-term department as research targets and the results are as follows. First, the analysis of the impact of the type of CEO on the capacity of innovation shows that market-oriented, technology-driven and consultant-type CEOs have a significant impact on the amount of technology change reduction, but managed CEOs do not see any statistically significant differences in the amount of technology change reduction areas. Managed CEOs did not see statistically significant differences in the amount of technology change-sensitive areas. In addition, it was analyzed that the current type of CEO of small businesses does not affect the R&D technology digestion capacity of technological innovation capabilities. Second, the analysis of the relationship between innovation capabilities and innovation performance did not have a statistically significant effect. Third, the analysis of the adjustment effect between the type of CEO and the capacity of innovation according to the growth stage of small businesses shows that the technology and the consultant-type CEO affect the amount of the area of technology change, but the managed and market-type CEOs did not have the adjustment effect. Fourth, the analysis of the capacity of innovation and the effect of adjustment between innovation and innovation in the growth phase of innovative SMEs did not have a statistically significant effect.

• Journal of Digital Convergence
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• v.19 no.5
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• pp.145-152
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• 2021

In this study, we have examined the effect of open innovation of SMEs on innovation performance of firms. Most studies do not consider internal generation in relation to open innovation and innovation performance.We conducted empirical studies to overcome this problem. The research was carried out by collecting data collected from 512 SMEs and the 3SLS method was used to minimize the internal generation. As a result, open innovation investment and use of external ideas among SMEs' open innovation have positively influenced project success and technical performance. But, the introduction of technology and cooperation with the research organization did not affect the innovation performance, which is presumed to be due to the fact that the open innovation of SMEs is limited to relatively inexpensive activities. Therefore, in order to promote open innovation of SMEs, it is necessary to provide support for relatively high-cost activities and to improve the innovation performance of enterprises. In order to reduce the difficulties of open innovation activities, domestic universities and research institutes should support the construction of enterprise networks and actively support the utilization of technology to expand innovation performance.

• Proceedings of the CALSEC Conference
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• 2000.08a
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• pp.335-359
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• 2000

◆ 기술 중심의 지식집약형 중소ㆍ벤처기업이 경제발전을 주도 ◆ 기업지원 기능의 부처, 기관별 분산 및 서비스 일관성 부족 →기업활동에 필요한 정보획득 및 애로사항 해소의 어려움 ◆ 창업, 자금 등 기업활동에 필요한 정보의 적시공급 및 기업애로사항을 신속히 해결 할 수 있는 종합기업서비스정보망 구축ㆍ운영 필요 : '97. 3월 대통령 주재 경제장관회의 보고 ◆ 종합기업서비스센터(산자부 중소기업정책반) 설치ㆍ운영 Inno-NET 구축사업 착수('97년 8월 1일 시범서비스 개시) - 1차 1998. 7. 1 - 1999. 6. 30, - 2차 1999. 7. 1 - 2000. 6. 30 ◆ 기업의 애로를 효율적으로 해소할 수 있도록 정부 및 관련 공공기관들을 상호 연계한 현장밀착형 양방향서비스정보망 구축(기업정보제공＋종합안내정보＋민원 및 애로상담 기능＋지역기술정보) ◆ 체계화된 범국가적ㆍ지역별 종합기업지원 정보 서비스 체제 구축 ◆ 지방업체의 기술경쟁력 제고를 위한 지역별 산업기술정보 DB 및 기업지원 전문정보 DB 구축 ◆ EIP(Enterprise Information Portal) 정보제공 및 애로해소를 위한 종합적이고 전문적인 기업지원 포탈시스템 구축(중소벤처기업지원 나침반-HUB 기능)(중략)

• 정보화사회
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• s.129
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• pp.30-38
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• 1999

엔젤의 투자목적은 제각기 다르기 때문에 엔젤의 투자를 유치하려는 벤처기업으로서는 엔젤의 특성에 따라 투자유치전략을 달리해야 한다. 엔젤은 투자목적에 따라 수익추구형(portfolio angels), 취업형(job-seeking angels), 경영참여형(micromanagement angels), 사업다각화기술동향 파악형(hidden agenda angels) 및 보람추구형(enthusiast angels)으로 구분된다.

• Proceedings of the CALSEC Conference
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• 1997.11a
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• pp.191-197
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• 1997

과거에는 국가의 산업경쟁력이 가격과 품질에 의하여 주로 결정되었다. 그러나 최근과 같이 국제간의 무한경쟁시대에서는 상기 경쟁요소 외에 신속, 정확한 정보획득과 유연성있는 기업체질이 요구되며 이것은 대기업뿐만 아니라 중소기업에 이르기까지 전 산업분야에 걸쳐 필수적인 요건이 되고 있다. 중소기업형 CALS 시범사업 목적은 정보기술이 취약한 중소기업을 대상으로 CALS 시스템을 정착함으로써 중소기업 정보화는 물론 국내외의 산업 경쟁력 강화를 도모하는 것을 목표로 하고 있다. 본 논문에서는 중소기업형 CALS 시범 시스템 추진배경과 미국과 일본의 시범사업 사례를 언급하고, IDEF(Integrated DEFinition)기법에 의한 프로세스 모델을 제시한다.

• Proceedings of the Korea Technology Innovation Society Conference
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• 2013.10a
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• pp.57-70
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• 2013

• International Commerce and Information Review
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• v.14 no.1
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• pp.197-218
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• 2012

Technological competitiveness of SMEs is an important factor of the country's industrial competitiveness. And technological competitiveness of SMEs in South Korea has been a long-term congestion. Through the study, we analyzed the correlation between SMEs technical support policy and technological competitiveness. As a result, the technological competitiveness of SMEs is positively related to R&D policy of funding, taxation and infrastructure. And on the other hand, R&D support policy positively effected the technological competitiveness of subcontractors, 5~49 people of small enterprises and innovation SMEs. We suggest that technology fund should be increased by expanding policy funds, investments and loans. Also, allocation of strategic R&D resources and supportive researching staffs are needed to strengthen high-growth innovative SMEs.