상장 중소기업의 외국인 지분이 연구개발투자와 파산위험에 미치는 영향

Existing studies investigate the relationship between financing conditions and the management behavior of small and medium-sized enterprises, with a focus on bank loans and policy financing. However, this study takes a different approach by analyzing the impact of direct financing through private equity investment. The influence of foreigners in the Korean stock market has been consistently increasing, and they are recognized as a leading force in the market. From this perspective, this study analyzes the impact of foreign ownership on research and development (R&D) investment in listed small and medium-sized enterprises. Empirically, the study finds a positive effect of foreign ownership on R&D investment. This can be interpreted as an effect not only due to the supply of funds by foreigners but also to their monitoring and strategic advisory role. This relationship is observed more strongly in firms with low stakes of the largest shareholder and related parties or with high growth potential. Lastly, the expansion of foreign ownership appears to reduce the risk of bankruptcy, confirming that they also contribute to risk management. The results of this study suggest that foreign investment can contribute to expanding R&D activities and maintaining the sustainability of small and medium-sized enterprises. This provides justification for policymaking to enhance foreigners' access to Korean capital markets.