A Study on the Usefulness of Macroeconomic Variables in Technology Evaluation Model

This study analyzed whether it is useful to include macroeconomic variables in addition to the technology assessment. The results are summarized as follows: First, the technical rating variables are useful in predicting the possibility of an entity's bankruptcy. In this study, significant results are derived even if it is applied to predict technology commercialization risk using sub-subcategory variables. Next, when introducing macroeconomic variables, macroeconomic variables are also evaluated to contribute to the improvement of the insolvency prediction. In general, macroeconomic variables are indicators of the overall downturn and activity of the economy, which directly and indirectly affect the financing, investment and profitability of individual entities. Despite these findings, this study has the following limitations:First of all, it may be useful to use the sub-subcategory technical evaluation variables. Next, it seems necessary to analyze the relationship between the default rate and macroeconomic variables using monthly or quarterly default rate data of SMEs.