정부보조금이 연구개발투자에 미치는 영향: 중국 신삼판 기업을 중심으로*
The Effect of Government Subsidy on R&D Investment: Focused on Chinese New Third Board Firms
2
조회
0
다운로드
0
인용
0
참고문헌
키워드
초록
본 논문은 정부보조금의 기업 연구개발투자에 대한 영향을 중국 신삼판 시장을 대상으로 분석하였다. 연구방법으로는 연구개발투자의 지속성을 고려하여 자기상관과 이분산성을 통제한 Newey-West 방법을 사용하였다. 연구기간은 2014년에서 2022년까지로 중국 신삼판 시장에 상장된 12월 결산 비금융업체 중 연구개발집약도가 중위값 이상인 5개 산업을 대상으로 분석하였다. 분석결과 첫째, 정부보조금은 연구개발집약도에 유의한 양(+)의 영향을 미쳤으며, 이러한 관계는 최대주주지분율의 대소, 국유기업 여부나 정치적 연계 유무에 관계없이 유의한 양(+)의 관계가 나타나 정부보조금이 초기 창업기업의 재무제약을 약화시키고 기술혁신활동에 정(+)의 영향을 미침을 확인하였다. 둘째, 정부보조금은 연구개발투자효율성에 유의한 음(-)의 영향을 미쳤으며, 최대주주지분율의 대소, 국유기업 유무나 정치적 연계 유무에 관계없이 유의한 음(-)의 관계가 나타났다. 연구개발 지출과 효율성이 연계되어 있어 중소벤처기업들의 거래소인 신삼판에서 정부보조금을 통해 연구개발 지출을 일정수준까지 증가시키는데 이용할 수 있다. 그러나 정부보조금을 받기 위해 기업은 정부의 요구에 맞는 첨단기술투자를 할 유인 등 기업의 연구개발투자에 따른 효율성이 크게 감소된다. 따라서 이러한 연구결과는 정부보조금이 연구개발투자 지출과 연구개발 자원의 유효 활용 정도인 연구개발투자효율성에 대한 영향이 다르므로 기업이 정부보조금을 통한 연구개발투자 지출 증가 뿐 아니라 효율성을 동시에 증가시킬 수 있는 방향으로 정부보조금이 지원되어야 함을 시사한다.
Abstract
This paper analyzed the impact of government subsidies on corporate R&D investment in the Chinese New Third Board market. The Newey-West method was used to control for autocorrelation and heteroscedasticity, considering the sustainability of R&D investment. The research period was from 2014 to 2022, and the analysis was conducted on five industries with R&D intensity above the median among non-financial companies with December settlement listed on the Chinese New Third Board. The analysis results showed that government subsidies had a significant positive impact on R&D intensity, regardless of the size of the largest shareholder’s stake, state ownership, or political connections. It was confirmed that government subsidies weaken financial constraints for start-up companies and have a positive impact on technological innovation activities. However, government subsidies had a significant negative impact on R&D investment efficiency, and this significant negative relationship was found regardless of the size of the largest shareholder’s stake, state ownership, or political connections. As R&D expenditure and efficiency are interrelated, government subsidies can be used to increase R&D expenditure to a certain level for small and medium-sized venture companies in the New Third Board market. However, to receive government subsidies, companies’ R&D investment efficiency decreases significantly due to incentives for advanced technology investment that meets government requirements. Therefore, these research results indicate that government subsidies should be supported in a direction that can increase not only R&D investment expenditure but also efficiency, as government subsidies have different effects on R&D investment efficiency, which is the degree of effective utilization of R&D investment expenditure and resources by companies.
참고문헌 (50)
- 권오섭, "경영자 능력이 정부보조금과 이익유연화의 관련성에 미치는 영향", 경영교육연구, 36(3), pp.107~133 (2021), 한국경영교육학회[DOI]
- 남윤성, "가족경영자가 연구개발투자에 미치는 영향 - 사외이사 초과선임의 조절효과를 중심으로 -", 인적자원관리연구, 27(5), pp.161~174 (2020), 한국인적자원관리학회[DOI]
- 류우함, "중국 정부의 보조금과 하이테크기업 성과의 관계: 연구개발투자의 매개효과와 합법성의 조절효과를 중심으로", 기업경영연구, 28(3), pp.35~57 (2021), 한국기업경영학회
- 박영수, "최고경영자의 정치적 연계가 보상에 미치는 영향: 인적 자본 이론과 대리인 이론을 중심으로", 국제경영리뷰, 26(3), pp.1~18 (2022), 한국국제경영관리학회
- 서환주, "산업별데이터를 활용한 중소기업과 대기업의 연구개발투자효율성비교", 중소기업연구, 23(4), pp.337~361 (2001), 한국중소기업학회
- 설원식, "외부 주요주주와 기업의 연구개발투자: 국내 및 외국인 기관투자자를 중심으로", 국제경영연구, 34(2), pp.81~103 (2023), 한국국제경영학회
- SHEN JIA, "중국 기업의 연구개발투자 결정요인에 관한 연구 : 정부보조금의 역할을 중심으로", 전문경영인연구, 21(2), pp.383~401 (2018), 한국전문경영인학회
- 신혁승, "잠재기업의 현지시장 진출에서의 시장실패 유형 분석: 기존기업이 다국적 기업인 경우를 포함하여", 국제경영리뷰, 24(3), pp.41~58 (2020), 한국국제경영관리학회[DOI]
- 조남권, "DEA를 통한 중소·중견기업의 R&D 효율성 분석", 지식재산연구, 13(2), pp.207~236 (2018), 한국지식재산연구원[DOI]
- 조영곤, "경영자 지분이 연구개발투자에 미치는 영향: 중국 국유기업과 민영기업 비교를 중심으로", 한국콘텐츠학회 논문지, 17(5), pp.8~17 (2017), 한국콘텐츠학회[DOI]
- 조윤기, "중국 하이테크산업의 R&D투자 효율성 및 생산성 분석", 유라시아연구, 16(3), pp.81~100 (2019), 아시아.유럽미래학회[DOI]
- 홍희정, "투자자금의 유형이 R&D지출에 미치는 영향", 회계저널, 32(1), pp.187~217 (2023), 한국회계학회
- Ang, J. S., "Political Connection and Firm Value", Asian Development Review, 30(2), pp.131~166 (2013)
- Banker, R. D., "Some Models for Estimating Technical and Scale Inefficiencies in Data Envelopment Analysis", Management Science, 30(9), pp.1078~1092 (1984)
- Politicians, Firms and the Political Business Cycle: Evidence from France, "Bertrand, M.", University of Chicago, 1~40 (2007)
- Cin, B. C., "The Impact of Public R&D Subsidy on Small Firm Productivity: Evidence from Korean SMEs", Small Business Economics, 48(2), pp.345~360 (2017)
- Feng, G., "An Empirical Study on Relationship between Corporate Governance and Technical Innovation of Chinese Listed Companies", China Industrial Economics, 7, pp.91~101 (2008)
- Fisman, R., "Estimating the Value of Political Connections", American Economic Review, 91(4), pp.1095~1102 (2001)
- Fu, L., "The Signaling Effect of Government Subsidiaries in the Corporate Innovation Process: Evidence from Strategic Emerging Industries’ Listed Companies", Systems Engineering, 11, pp.50~57 (2014)
- Guo, Y., "Signal Transmission Mechanism of Government Innovation Subsidy and Enterprise Innovation", China Industrial Economics, 9, pp.98~116 (2018)
- Guo, X., "Dynamic Analysis of the Signal Effect of Government R&D Subsidies in Strategic Emerging Industries", Economic Perspectives, 9, pp.88~93 (2011)
- Hill, M. D., "Corporate Cash Holdings and Political Connections", Review of Quantitative Finance and Accounting, 42, pp.123~142 (2014)
- Huang, W., "Heterogeneous Threshold Effect of Government Subsidies on R&D Investment: Based on Guangdong Data Validation", Science and Technology Management Research, 7, pp.36~44 (2022)
- Jiang, N., "An Empirical Study of the Impact of Government’s Subsidies on Enterprises’ R&D Investment in China’s High-tech Industry", Science of Science and Management of S.&.T, 7, pp.28~33 (2010)
- Jiang, T., "Research on R&D Investment, Equity Structure and Company Growth: An Empirical Study Based on Listed Companies on the New Third Board", Financial Theory & Practice, 4, pp.102~109 (2019)
- Reinkowski, J., "Does Firm Size Make a Difference? Analysing the Effectiveness of R&D Subsidies in East Germany", Germany Economic Review, 13(2), pp.174~195 (2010)
- Kaiser, U., "Private R&D and Public R&D Subsidies: Microeconometric Evidence for Denmark", Nationaløkonomisk Tidsskrift, 144(1), pp.1~17 (2006)
- Klette, T. J., "Do Subsidies to Commercial R&D Reduce Market Failures? Microeconometric Evaluation Studies", Research Policy, 29(4-5), pp.471~495 (2000)
- Lach, S., "Do R&D Subsidies Stimulate or Displace Private R&D? Evidence from Israel", The Journal of Industrial Economics, 50(4), pp.369~390 (2002)
- Lan T., "Research on Government Subsidies, R&D Investment, and Financing Efficiency of Technological Innovation Enterprises", The Chinese Certified Public Accountant, 5, pp.70~74 (2020)
- Lee, E. Y., "The Effect of Risk-Sharing Government Subsidy on Corporate R&D Investment: Empirical Evidence from Korea", Technological Forecasting and Social Change, 77(6), pp.881~890 (2010)
- Li, B., "The Impact of the COVID-19 on the Efficiency of Enterprises’ R&D Investment", Jianghan Academic, 41(5), pp.39~48 (2022)
- Li, Q., "A Literature Review on the Relationship between Political Connections and Firm Innovation", Modern Business Trade Industry, 37(2), pp.63~65 (2016)
- Lu, J., "Government Subsidies and Enterprises’ R&D Investment Crowding-out, Substitution or Encouragement", Forum on Science and Technology in China, 8, pp.21~28 (2011)
- Pan, H., "Government Intervention Political Connections and the Mergersof Local Government-Controlled Enterprises", Economic Research Journal, 4(1), pp.41~52 (2008)
- Ren, H., "Relationship between Ownership Structure and R&D Inputs: Evidence from Listed Manufacturing Companies in China", China Soft Science, 5, pp.126~135 (2010)
- Scott, J., "R&D, Patents, and Productivity", pp.233~248 (1984), University of Chicago Press
- Wu, and Song, P., "Research on the Relevance between China’s Government R&D Subsidy and Enterprise Innovation Performance and R&D Capability of Enterprises", Soft Science, 5, pp.65~70 (2019)
- Sun, Z, "Competitive or Pervasive? Government Incentive Policy and the Restraining Effect of Enterprise’s Innovation Tendency", Accounting Research, 7, pp.99~112 (2021)
- Tian, C., "A Summary of the Impact of Government Subsidies on Enterprise Technological Innovation Research", Friends of Accounting, 23, pp.94~97 (2017)
- Yuan, Y., "A Summary of the Influence of Government Subsidies on Enterprise Innovation Output", Management & Technology of SME, 12, pp.133~135 (2023)
- Wang F., "Rational Considerations for Local Governments Providing Financial Subsidies to Local Competitive Enterprises", Review of Economic Research, 33, pp.18~23 (2006)
- Wang, S., "A Study of the Impact of Government’s Subsidies on R&D investments in High-tech Enterprises", Investment and Entrepreneurship, 32(21), pp.44~46 (2021)
- Wang, Z., "A Summary of the Influence of Government Subsidies on Enterprise Innovation", Modern Management Science, 1, pp.109~111 (2018)
- Xie, W., "Government R&D Funding, Enterprise R&D Expenditure and Independent Innovation: Empirical Evidence from Chinese Listed Companies", Journal of Financial Research, 6, pp.86~99 (2009)
- Xiong, H., "The Effect of Government Subsidies on the R&D Investment of Enterprises Which Are in Different Life-Cycles Stages", Science of Science and Management of S.&.T, 9, pp.3~15 (2016)
- Yang, Y., "A Study on the Impact of Financial Subsidies on Enterprise R&D Investment and Company Performance: Based on Empirical Evidence from Listed Companies of Growth Enterprises Market", Collected Essays on Finance and Economics, 1, pp.24~31 (2015)
- Zhang, B., "Government Subsidies, Equity Concentration, and R&D Investment", Communication of Finance and Accounting, 8, pp.46~50 (2021)
- Zhu, B., "An Empirical Analysis of the Impact of Public Subsidies on Private Enterprise’s R&D Investment", Chinese Journal of Sociology, 4, pp.165~186 (2014)
- Zhao, H., "Does Management’s Predictive Ability Promote Corporate R&D Investment? Empirical Evidence Based on A-share Listed Companies", Securities Market Herald, 4, pp.13~21 (2014)
