기술인증 및 정부지원이 중소기업의 효율성과 경영성과를 개선시키는가?

This study examines the effects of government supports through subsidies and technical certification on corporate efficiency and managerial performance of SMEs(small and medium sized enterprises) listed on the KOSDAQ markets of the Korea Exchange(KRX) from 2008 to 2016. In order to study the long-term effects of governmental policy objectives up to five years after the grants and certifications, we measure the efficiency of firms by DEA(data envelopment analysis) annually by each industry. We apply econometric tools like simultaneous equations model(SEM) to control for the effects of endogeneity problems in taking government supports by SMEs. The major findings of this study are as follows. First, government subsidies are ineffective in improving short-term and long-term efficiency of SMEs for 2 years. Second, the certification of venture firms and inno-biz firms shows a positive effect on both short-term and long-term efficiency measured by DEA method. Third, government subsidies have a positive effect on managerial performance both in the short-term and long-term. Fourth, the certification of venture firms has a positive effect on the short-term and long-term managerial performance while the certification of inno-biz firms has a negative effect. The results of this study support those of prior studies with positive long-term effects of government subsidies on corporate managerial performance. However, our results do not support the hypotheses of persistent influence of government supports on production efficiency and managerial performance of SMEs over years. The test results are in some senses not comparable to those of previous studies, maybe because they are from an extensive dataset of all SMEs for a long period of time using panel data analysis and DEA method in measuring efficiency and applying SEM instead of general least squares models in most prior studies.