한국 벤처기업의 연구개발 활동과 기업성과에 관한 연구: 산업구조특성의 조절효과를 중심으로

Purpose: This study proposes to analyze the relationship between venture firms’ R&D investment and performance,furthermore to verify the moderating effect of industrial concentration in a row. Research design, data, and methodology: In order to test the hypotheses, this study was conducted with the paneldata of 300 venture firms listed on the Korean KOSDAG market for the period from 2014 to 2020. Results: The main results of this study are summarized as follows. First, we confirm that R&D investment as anindependent variable had a significantly positive(+) effect on technological performance measured by patent, andindustrial concentration had a significantly positive(+) moderating effect on the relationship between R&D investmentand technological performance. Second, positive correlation was found between R&D investment and return on equity(ROE), market value(Tobin’s Q). In addition, industrial concentration had a significantly positive(+) moderating effecton the relationship between R&D investment and ROE, whereas it had a significantly negative(-) moderating effect onthe relationship between R&D investment and Tobin’s Q. Finally, although technological performance as anindependent variable had no significant effect on ROE, meanwhile industrial concentration had a significantlypositive(+) moderating effect on the relationship between technological performance and ROE. Implications: Higher R&D investment helps venture firms increase their technological performance, ROE, and Tobin’sQ. However, in non-competitive market, while R&D investment effect on technological performance and ROE isgreater, R&D investment has a weaker effect on Tobin’s Q. Besides, although technological innovation has no directcorrelation with ROE, non-competitive market helps venture firms improve ROE with technological innovation. Last butnot least, firms can take advantage of their technological innovation to enhance Tobin’s Q, especially innon-competitive market. The findings reveal a more comprehensive picture about the Korean venture firms’ R&Dinvestment efficiency and the effect of market structure on R&D investment efficiency, providing insightful implicationsfor firms and government.