• Journal of Technology Innovation
• /
• v.31 no.2
• /
• pp.59-82
• /
• 2023

The purpose of this research is to conduct the empirical analysis of the short- and long-term causal relationship between public R&D investment, corporate R&D investment, and university R&D investment on economic growth in Korea. To this end, based on the time series data from 1976 to 2020, a causality test was conducted through the unit root test, cointegration test, and vector error correction model (VECM). As a result, it was found that there is a long-run equilibrium relationship between economic growth in Korea, public R&D investment, corporate R&D investment, and university R&D investment, in which a causal relationship exists in the long run. Also, while public R&D investment has a short-term effect on economic growth, corporate and university R&D investment does not have a short-term effect on economic growth. In addition, the results shows that there is a bidirectional causal relationship between economic growth and public R&D investment, corporate R&D investment and public R&D investment, and university R&D investment and public R&D investment in the short term. Through this research, it was empirically found that a highly mutual relationship exists between public R&D investment, corporate R&D investment, university R&D investment and economic growth. In order to increase the ripple effect of R&D investment on economic growth in the future, R&D investment between universities and corporations should be mutually promoted, and R&D investment by corporations should have a positive effect on public R&D investment so that public R&D investment can contribute to future economic growth.

• Journal of Technology Innovation
• /
• v.21 no.2
• /
• pp.137-167
• /
• 2013

This article estimates the scale of impact of expanding governmental fiscal expenditure for R&D investment on the private business enterprise's investment for R&D, and the relationship between business enterprise and university for expanding investment of R&D. According to my results, first, an expanding fiscal expenditure from government for R&D investment leads to increase R&D investment from business enterprise. However, an expanding expenditure from university rather leads to decrease R&D investment from business enterprise. Secondly, the crowding-out effect of expanding R&D investment from University on business enterprise's is very strong, and it is affected by structural changes such as the country's economic power, fiscal stance and cyclical volatility. Third, the more governmental expenditure on university expansive is, the stronger asymmetric relationship between business enterprise and university is, and investment sources of university from business enterprise is the main factor of this relationship. Finally, it is not easy to solve out this asymmetric relationship even through the governmental subsidy.

• Proceedings of the Korea Technology Innovation Society Conference
• /
• 2005.05a
• /
• pp.18-32
• /
• 2005

본 연구는 IT 기업의 R&D활동의 성과를 파악하는 것을 목적으로 한다. 공공 R&D의 성과에 대한 연구는 상당부분 진척이 이루어졌으나, 경제의 주체인 민간기업의 R&D 활동에 대한 연구는 부족한 실정이다. 이 연구목적을 위하여, 기업의 재무자료를 이용하여 R&D투자액을 집계하였으며, IT기업의 경영성과도 분석하였다. 분석한 결과를 간단하게 요약하면, 다음과 같다. 첫째, IT기업은 대기업의 R&D투자 비중이 $93.6\%$에 달한다. IT R&D 투자 상위 10개 기업이 IT 산업에서 매출액의 $71\%$, 종업원의 $61\%,$ R&D 투자의 $87\%$를 차지한다. 둘째, 기업의 투자활동은 선택과 집중의 원칙에 따라 R&D 투자에 주력하는 경향이 강해졌다. 유형자산투자는 급격한 감소를 보이는 반면, R&D투자는 증가하고 있다. 셋째, IT 중소기업의 R&D투자는 한계가 있을 수밖에 없다. 본 연구에서 나타난 분석결과의 시사점을 보면, IT 중소기업의 R&D 투자는 한계가 있을 수밖에 없다. 따라서 중소기업의 R&D투자의 효율성을 높여주는 한편, 미래성장의 seed에 대한 준비와 단기 개발연구를 통해 기업의 수익에 기여할 수 있도록 해야 할 것이다. 또한 IT 대기업과 중소기업의 R&D에 대한 효율적인 네트워크를 구축하는 것도 IT기업의 활성화를 위해 요구된다.

• Journal of Technology Innovation
• /
• v.20 no.1
• /
• pp.45-73
• /
• 2012

In this paper, we analyse empirically the effects of financial characteristics on the relationship between R&D investment and market value of firms listed on Korea Exchange. The main results of this study can be summarized as follows. Firm size increase the market valuation of R&D investment because it provides economies of scale, easier access to capital market, and R&D cost spreading. Market share also positively effects the relationship between R&D investment and firm value. Alternatively, free cash flow has a negative effect on the relationship between R&D investment and firm value because firms with high free cash flow could be tempted to use the free cash flow to undertake negative NPV projects. The dependence on external finance is a handicap negatively assessed by the market when firms undertake R&D projects due to the higher information asymmetry associated with this kind of project. Labor intensity has a negative effect on the relationship between R&D investment and firm value because the abnormal profits arising from R&D investment are diluted among employees. Capital intensity also has a negative effect on the relationship between R&D investment and firm value due to the greater financial constraints faced by capital intensive firms. In conclusion, several financial characteristics(firm size and market share) positively effect the relationship between R&D investment and firm value, while others(free cash flow, dependence on external finance, labor intensity, and capital intensity) exert a negative effect. Therefore, we conclude that the effectiveness of R&D investment depends on these financial characteristics.

• Proceedings of the Korea Technology Innovation Society Conference
• /
• 2017.05a
• /
• pp.291-305
• /
• 2017

대전은 전국에서 R&D투자가 많은 지역으로 이는 출연연 및 출연연 출신 연구원의 기술창업의 증가로 나타나는 현상으로 볼 수 있다. R&D가 많이 투자됨에 따라 이에 따른 효율성에 대한 분석들이 많이 이루어지고 있으며, 주로 R&D 투자가 대한 지역내총생산, 기업의 생산성 등에 미치는 영향 즉 R&D투자의 효율성 분석을 많이 하고 있다. 본고에서는 지역 R&D투자가 기업의 생산성에 어느 정도 영향을 미치는 지를 분석하였다. 특히 지역특화(전략)산업 분야별로 분석하여 지역 R&D 투자의 효율적 배분을 위한 전략방안을 제시하고자 한다. 이러한 분석을 위해서 생산성에 대한 대리변수로 종업원 1인당 매출액 종업원 1인당 부가가치를 종속변수로 설정하였고, 독립변수로 연구개발비, 종업원 1인당 영업이익, 종업원 1인당 자본집약도 등의 변수를 다중회귀모형으로 실증분석 하였다. 분석결과 R&D투자가 매출액과 부가가치에 유의한 영향을 미치지만, 연구개발비가 매출액이나 부가가치 등 생산성 증가에 결정적인 요인으로 나타나지 않았다. 산업별 분석결과 정보통신, 바이오산업보다 부품소재 산업에서 결정계수가 높게 나왔다. 또한 조절회귀모형을 설정하여 조절효과를 분석한 결과 R&D투자는 매출액에 영향을 미치지만, 부가가치는 조절효과가 발생하지 않았다. 이는 지역 R&D투자의 효율적 배분 측면에서 투자의 활성화를 이루고 연구개발 투자가 실질적으로 기업의 생산성 증가에 기여할 수 있도록 견인해야 할 것이다.

• Journal of Technology Innovation
• /
• v.23 no.1
• /
• pp.87-105
• /
• 2015

This research confirms a non-linear relationship between R&D investment and performance of small and medium-sized enterprises and measures the adequate level as threshold value. Although previous studies did not consider the time lag and estimated indirectly the level using the R&D investment squared term, this study assumes 2 years time lag and uses the threshold estimation model to measure directly. We find that there is the S-curve relationship between the profit rate as R&D output and R&D intensity and the ratio of researchers to employees as R&D input. Also, we estimate the adequate levels of R&D investment, 6.4% for R&D intensity and 13% for the ratio of researchers to employees. This relationship and measurement of the level can offer basic facts and implications about R&D policy and strategy.

• Journal of the military operations research society of Korea
• /
• v.34 no.1
• /
• pp.79-98
• /
• 2008

The purpose of this paper is to find the desirable R&D policies in defense area by analyzing causality between GDP and R&D investments in government, private, defense sectors. We have five variables which are composed of GDP, total R&D investment, R&D investments in government, private and defense sectors to figure out the causality between R&D investment in defense sector and other components. In the course of analysis on causality, we took the unit root test of variables to prevent spurious regression. Also we need to take cointegration test about non-stationary variables before the causality test. According to these test results, we took the causality test using ECM(Error Correction Model) for the models which have cointegrating relations. And we took ordinary Granger causality test for model which doesn't have a long-run stationary relationship. As a result of the causality test, it was shown that there exists the long-nu causality to GDP and R&D investments in government and private sectors from other variables. However, there doesn't exist the causality to defense R&D investment from other variables. We found that there doesn't exist the causality between R&D investments in defense and private sectors, and that they are independent.

• Clean Technology
• /
• v.17 no.2
• /
• pp.181-188
• /
• 2011

In this study, the complementary or crowding-out effects of public R&D subsidy on private R&D investment in the cleaner production were analysed between the effects and the major determinants (company size, R&D investment intensity, ratio of government investment, R&D manpower intensity). Among 207 firms' projects, the number of the complementary effect was 95 (45.9%) while that of crowding-out effect was 38 (18.4%). Resulting from logistic regression, the higher the R&D investment of sponsored companies is, the more complementary effect they show, responding to public R&D subsidy, and increase own R&D investment. The other determinants, however, showed no significant effects on firms' R&D investment. To heighten the effect of public cleaner production R&D, it is need to increase the priority of R&D investment intensity among the determinants. And to increase the performance of governmental R&D investment, further studies for the individual public R&D programs are necessary.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
• /
• v.10 no.3
• /
• pp.75-83
• /
• 2015

This article investigates the impact of SMEs' R&D expenditure, government R&D funding, the number of funded by Government R&D programs on the employment growth rate. This study also explores whether government R&D funding and the number of funded by Government R&D programs have interaction effects between SMEs' R&D expenditures and the employment growth rate. The results show that SMEs' R&D expenditure and government R&D funding have a positive effect on the employment growth rate. The rest of variables have no significant direct effects on the employment growth rate. The government R&D funding has a interaction effect between SMEs' R&D expenditures and the employment growth rate. Especially, the firm group of high-level innovation capabilities has a positive effect on the employment growth rate. The results explain that the government R&D funding influences SMEs' employment positively and the impact of the government R&D funding on employment is more effective in the firm group of high-level innovation capabilities. Therefore, Government provides differentiation strategy of R&D funding by innovation capabilities of SMEs and can maximize the employment.

• Journal of Korea Technology Innovation Society
• /
• v.12 no.2
• /
• pp.360-387
• /
• 2009

In this paper, we analyse empirically the effects of internal financing on investment of innovative small and medium sized enterprises listed on Kosdaq Market of Korea Exchange. The main results of this study can be summarized as follows. Free cash flows by proxy variables of internal financing have the significant effects on R&D investment as well as fixed asset investment. Internal financing has much more effects on R&D investment of general enterprises listed on Kosdaq Market than that of venture enterprises listed on Kosdaq Market, and on R&D investment of innovative enterprises than that of non-innovative enterprises. Internal financing has more effects on asset-counted R&D investment than cost-counted R&D investment. Asset-counted R&D investment is counted in intangible assets on Balance Sheet, and cost-counted R&D investment is counted in cost on Income Statement. Internal financing has more effects on R&D investment of financial constrained enterprises than that of financial unconstrained enterprises. Financial constraints is measured by credit ratings. Faulkender and Smith (2007) emphasize that low credit ratings enterprises are more likely to face financial constraints, and they rely largely on internal financing.