정부의 중소기업 연구개발 지원 효과성 분석 :정보통신기술 산업을 중심으로

Government invests huge amount in R&D each year to achieve technological innovation and improve the nation’s competitive power; however, it is often criticized as inefficient investment lacking innovative growth. This study aims to confirm policy effects of government R&D subsidies to small and medium-sized enterprises (SMEs) in information and communications technology (ICT) industry. This study analyzes 571 SME data from 2012 to 2016 applying Propensity Score Matching (PSM). PSM is designed to provide Average Treatment Effect on Treated (ATT) preventing potential effectiveness overestimation from selection bias and endogeneity. Age, assets per employee, and enterprise R&D investment are shown to influence the probability of receiving government R&D subsidies. The results confirm a positive influence (ATT) of government R&D subsidies on the subsidized enterprise’s performance: greater sales per employee and operating profits per employee. Especially, the subsidized enterprises’ operating profits per employee are greater by KRW 5 million. Also, a significant ATT of subsidies on the subsidized’s R&D investment is found, confirming complementary effect of government subsidies. Enterprise R&D is greater by approximately KRW 500 million for the subsidized. This study confirms a positive policy impact of government SME R&D subsidies in ICT industry. The results imply that government R&D subsidies should continue to improve performance such as labor productivity and promote enterprise R&D investment.