디지털콘텐츠기업의 기술적 효율성과 영향요인에 대한 실증분석: Network SBM과 패널토빗 모형의 적용

The digital content industry is growing rapidly with the popularity of online content and mobile devices. This study estimates the technical efficiency change and identifies its determinants affecting the efficiency of Korean digital content firms in order to provide insights on industrial policy. This study applies Network SBM approach to model general multi-stage process with intermediate input and output. The sample consists of digital content firms listed on the KOSPI and KOSDAQ during the period 2012-2016. The input variables for the empirical analysis are number of employees, tangible assets, selling & administrative expenses and earnings per share; intermediate variable is sales; output variables are Tobin’s Q and Market-to-Book. The empirical results show that the technical efficiency of digital content firms is at a relatively low level, due mainly to value-creation inefficiency rather than operation inefficiency. The estimation results from the panel Tobit model show that the significant determinants affecting digital content firms’ efficiency are debt-to-equity ratio, return on assets, total assets turnover and labor intensity. The findings of this study are expected to be useful to help set policies and strategies in improving the competitiveness of digital content firms.