기술보증이 벤처기업의 수익성과 연구개발투자에 미치는 영향

This study investigates the effect of technology guarantee by KIBO Technology Fund on the profitability and the R&D investment of venture firms. For that, we analyze the financial data of small and medium-sized enterprises guaranteed via the technology evaluation from year 2001 to year 2006. Profitability is measured with the ratio of pretax income to sales, and R&D investment as its ratio relative to sales. The results of regression after controlling for firm size, guarantee amount, and debt ratio show that the pretax income ratio of venture firms increases more highly than that of non-venture firms over two years, particularly in the second year after technology guarantee. The R&D investment ratio of venture firms is also found to increase more highly than that of non-venture firms in the second year. When additional regressions are performed after partitioning venture firms into start-ups which are 3 years old or less and grown-ups otherwise, the increase of the pretax income ratio and the R&D investment ratio of venture start-ups is much higher, but that of venture grown-ups is relatively weaker over two years after technology guarantee. This study supports that technology guarantee has the positive effect to improve the profitability and to enhance the R&D investment of venture firms, particularly venture start-up firms.