벤처기업의 정부 정책자금 수급에 영향을 미치는 요인 및 요인들 간의 상호작용

This study investigated the allocation of public funds given to venture firms and analyzed the determinants of the receipt of any public funds. I find that the receipt of policy funds in the previous year is a key factor in determining whether to receive policy funds in the current year. In addition, there is an inverted U-shaped relationship between the amount of policy fund received in the previous year and the amount of policy funds received in the current year, showing a mechanism of diminishing returns. In addition, as the level of commitment in R&D and the level of partnership activities increases, the probability of receipt and the amount of policy funds increases. The level of technology and debt ratio of venture firms moderates the relationship between the amount of funds in previous year and the amount in current year. In particular, venture firms received more public funds as the percentage of sales to large corporations increased. The percentage of sales to SMEs, however, negatively moderates the relationship between the amount of funds in previous year and the amount in current year. These findings imply that the factors affecting the probability of receipt and the amount of public funds generally contain the implicit ‘picking winners’ rules.