투자용 기술평가 결과에 따른 기술투자 적합기업의 재무성과 분석

Based on the results of technology appraisal for investment from 2016 to 2018, the significance and expandability of the technology appraisal model for investment were confirmed. The technology appraisal model for investment was designed for the purpose of identifying high-growth SMEs in sales, so growth potential (average sales growth rate over the past 3 years after appraisal) was set as the primary dependent variable. In addition, from the perspective of investment decision-making, profitability (average operating profit rate for the past 3 years after appraisal) was set as an additional dependent variable. As a result of the analysis, it was confirmed that the technology investment grade (TI grade) calculated through technology appraisal for investment showed a significant difference between clusters in terms of growth potential. Considering that the TI grade is derived as a weighted sum optimized for identifying high-growth SMEs in sales, the appraisal items were defined as innovation characteristics, and then the impact on growth and profitability was confirmed through multivariate regression analysis. As a result of the analysis, technicality was identified as an innovation characteristic that had a significant positive effect on growth potential, and management capability and business feasibility on profitability. Therefore, it was concluded that the current technology appraisal model for investment is not only a meaningful model in relation to the growth potential, but also expandable to a profitability model through adjustment of weights and appraisal standards.