한국 정보기술산업의 총요소생산성: 유가증권시장과 코스닥시장의 상장기업 비교분석

This paper estimates total factor productivity (TFP) growth and decomposes its contributing factors into technical efficiency change, scale component and technical progress for the Korean IT industry. The data set is the unbalanced panel of 293 IT firms listed in the KOSPI and KOSDAQ market for the period of 1980-2011. To compare the two markets, we apply the group-specific stochastic frontier production model, allowing for different groups of firms to have different patterns of technical efficiency over time. The empirical results are as follows; (1) The time-varing technical inefficiency exists significantly in Korean IT industry and its time-varing patterns are different each other in KOSPI and KOSDAQ. (2) The improvement of technical efficiency is major contributing factor to the TFP growth in both markets, but it has slowed down continuously over the sample period. (3) The scale component is larger in KOSPI than KOSDAQ, but it has trivial influences on the TFP growth in both markets. (4) The rate of technical progress is higher in KOSDAQ than KOSPI. Especially in KOSDAQ market, technical progress is also crucial factor on TFP growth. (5) The growth rate of TFP is higher in KOSDAQ than KOSPI, but it has slowed down continuously in both markets. Especially, TFP growth rate deteriorate rapidly in the late of 1990s(asian economic crisis) and 2000s(dot-com bubble collapse and global financial crisis). KOSDAQ is more sensitive to external shock than KOSPI. (6) In the case of KOSDAQ market, the technical progress is also as important factor as technical efficiency changes. It means that the speed of catch-up to the frontier technology is fast in KOSDAQ than in KOSPI.