코스닥 벤처기업의 R&D 투자에 관한 분석

Venture companies has been accepted as an engine of economic growth since IMF-supported economy system and emergence of knowledge-based economy. Using the data of R&D Scoreboard published by Ministry of Science and Technology (2002), this paper attempts to analyze the R&D investment of KOSDAQ venture companies in the following four aspects. First, the relationship between firm size and R&D investment is investigated. Second, the impacts of profit rate, foreigners' investment ratio, financial self-reliance, and IT or non-IT company on R&D intensity (defined as R&D outlay over sales amount) are also analyzed. Third, the performance of R&D investment is examined in terms of profitability, sales growth, productivity, financial self-reliance, and induction of foreign capital. Forth, we look into whether R&D intensity, R&D investment per worker, and sales elasticity of R&D investment of venture companies are structurally different from those of non-venture companies or not. The results of the study provide a number of implications as summarized below. Firm size variables such as sales amount and the number of workers are positively related to R&D investment. The sales elasticity of R&D investment is larger than one. The R&D intensity has a positive relation to profit rate, foreigners' investment ratio, and degree of financial self-reliance. The R&D intensity of IT company is larger than that of non-IT company. The level of R&D investment contributes to both profit rate and growth of sales amount. The R&D intensity also contributes to increases in profit rate, degree of financial self-reliance, and foreigners' investment ratio. Finally, the levels of both R&D intensity and R&D investment per worker of venture companies are higher than those of non-venture companies. Moreover, the structure of the effect of sales amount on R&D investment is different between venture companies and non-venture companies.