중소기업 연구개발직 성과보상제도의 효과: 경영효율성과 자금조달을 중심으로

To establish a foundation for sustainable growth, small and medium-sized enterprises (SMEs) require active investment in research and development (R&D). Grounded in agency theory, pay-for-performance schemes are considered effective mechanisms for enhancing management performance by aligning the incentives of shareholders and agents. This study empirically examines the impact of pay-for-performance schemes for R&D staff on management performance in SMEs. Using regression analysis and propensity score matching, the results indicate that SMEs implementing such schemes for R&D staff exhibit higher operating profit margins. This effect is particularly pronounced in SMEs that adopt cash-based pay-for-performance systems. Furthermore, the positive impact on operating profit margins is especially evident in SMEs with higher sales volumes or a greater proportion of doctorate-level personnel. These findings suggest that implementing pay-for-performance schemes for R&D staff can enhance managerial efficiency by providing substantial economic incentives. This study contributes to the literature by focusing on incentive structures for R&D personnel—an area less explored compared to the extensive research on executive compensation. As various policy measures are being introduced to strengthen the self-sufficiency of SMEs, the findings suggest that pay-for-performance schemes for R&D staff may serve as a viable alternative.