본문 바로가기
KERD
논문KCI 등재

신흥국에서 기업의 R&D 투자 활동과 정부 보조금이 기업성과에 미치는 영향

The Impact of Enterprise Technology Innovation and Government Subsidy on Enterprise Performance

최성진|진한빈|부옹
한국전략경영학회 (Korean Strategic Management Society)|2021.08|전략경영연구 (Journal of Strategic Management)|제24권 제2호|pp. 1-21|DOI 10.17786/jsm.2021.24.2.001

0

조회

0

다운로드

3

인용

0

참고문헌

키워드

중국기업성과정부 보조금Corporate PerformanceTechnological Innovation민영기업R&D 투자Government SubsidyPrivate Listed Company
주제분류경영학

초록

본 연구는 중국 내 민영 상장기업의 R&D 투자와 정부 보조금이 기업 성과에 어떠한 영향을 미치는지에 대해서 분석하였다. 기업과 정부 간 관계를 측정하기 위하여 기존 연구들은 최고경영진의 전관 활용 여부, 정부에 대한 로비 여부, 기업 내 최고경영진 중 정부인사가 있는지의 여부에 중점을 두었다. 본 연구에서는 새롭게 발굴된 자료를 활용하여 기업이 정부로부터 지원받은 보조금의 크기를 정부와의 연결 정도로 측정하였다. 2015년부터 2018년까지 총 4,700개의 데이터를 통해, 본 연구는 먼저 기업의 R&D 투자 활동과 정부로부터 지원받은 보조금의 크기는 각각 기업의 재무적 성과를 직접적으로 개선시킨다는 것을 발견하였다. 한편, R&D 투자 활동과 재무적 성과 간 관계에서 정부 보조금은 부(-)의 조절효과를 가진다는 것을 발견하였다. 이는 기업이 R&D 투자 활동 과정에서 정부로부터 보조금을 수취할 경우 정부와 기업 간의 정보 비대칭성으로 인한 도덕적 해이(Moral hazard) 및 대리인 문제(Agent Problem)가 발생하고, 결과적으로 기업의 성과에 부정적 영향을 미친다는 것을 시사한다. 기존 연구가 시장 혁신(Market Innovation)과 비시장 역량(Nonmarket capability)이라는 요소들을 주로 분리하여 살펴본 것에서 나아가, 본 연구에서는 이 두 요소의 부(-)의 시너지 효과를 발견하였다는 점에서 이론적인 기여점이 있다. 한편 개발도상국가에서 R&D 투자 활동을 위해 정부로부터 보조금 획득을 고려하는 기업들에게도 실무적인 함의를 가질 것으로 기대한다.

Abstract

This study examined technological innovation and government subsidies of private listed companies in China affect corporate performance. In order to measure the relationship between the company and the government, existing studies have focused on whether the top management is fully utilized, whether it is lobbying the government, and whether there are government personnel among the top management in the company. In this study, using newly discovered data, the size of subsidies supported by the government was measured by the degree of connection with the government. Through a total of 4,700 data from 2015 to 2018, this study first found that the degree of technological innovation of a company and the size of subsidies supported by the government directly improved the financial performance of each company. Meanwhile, in the relationship between technological innovation and financial performance, it was found that government subsidies had a negative (-) moderating effect. This means that if a company receives a subsidy from the government in the process of technological innovation, moral hazard and agent problem occur due to information asymmetry between the government and the company, and as a result, the performance of the company is negatively affected. In addition to the fact that the existing research mainly looked at factors such as market innovation and nonmarket capability, this study has a theoretical contribution point in that it has found the negative synergy effect of these two factors. Also, it is expected to have practical implications for companies considering obtaining subsidies from the government for technological innovation activities in developing countries.

참고문헌 (96)

  1. 강석민, "국내중소기업의 R&D 노력이 혁신에 미치는 영향 - 정부정책지원의 조절효과를 중심으로 -", 경영과 정보연구, 32(1), pp.1~18 (2013), 대한경영정보학회[DOI]
  2. 김현섭, "기업 소유구조가 연구개발(R&D)투자에 미치는 영향", 전략경영연구, 14(2), pp.93~112 (2011), 한국전략경영학회[DOI]
  3. 박지현, "엇갈린 선택: 기관투자자의 유형과 연구개발 (R&D) 투자", 전략경영연구, 15(3), pp.19~42 (2012), 한국전략경영학회[DOI]
  4. 서정일, "최고 경영자(CEO), 최고 경영진(TMT), 기업 소유구조간의 상호작용이 R&D 투자에 미치는 영향", 전략경영연구, 13(1), pp.29~49 (2010), 한국전략경영학회[DOI]
  5. 서창적, "정부의 연구개발지원제도가 중소기업 기술경영수준에 미치는 조절효과에 관한 연구", 한국생산관리학회지, 18(3), pp.23~52 (2007), 한국생산관리학회[DOI]
  6. 신진교, "중소기업의 R&D와 혁신 : 정부장책지원의 조절효과", 국제 경영연구, 15(1), pp.119~132 (2008)
  7. 유훈, "정책수단에 관한 고찰", 행정 논총, 30(2), pp.135~161 (1992)
  8. 윤병섭, "사내벤처캐피탈이 투자기업의 기술혁신에 미치는 영향", 국제회계연구, (41), pp.243~264 (2012), 한국국제회계학회[DOI]
  9. 최성진, "정치연관이 기업성과에 미치는 영향에 관한 실증 연구: 중국의 상장 중소기업을 중심으로", 전략경영연구, 14(3), pp.45~65 (2011), 한국전략경영학회[DOI]
  10. 최성진, "The Relationship Between Ownership Structure and Inter-Organizational Strategies: An Empirical Analysis", 국제경영연구, 22(3), pp.65~88 (2011), 한국국제경영학회
  11. 최성진, "Political Connection and CEO Turnover Patterns of Chinese Listed Companies", 한중사회과학연구, 10(3), pp.327~349 (2012), 한중사회과학학회[DOI]
  12. 최성진, "개발도상국 기업의 부패 경험과 소유구조가 기업 성과에 미치는 영향", 전략경영연구, 20(3), pp.1~13 (2017), 한국전략경영학회[DOI]
  13. Alam, A., "R&D investment, firm performance and moderating role of system and safeguard : Evidence from emerging markets", Journal of Business Research, 106, pp.94~105 (2020)
  14. Andrevski, G., "Racial diversity and firm performance : The mediating role of competitive intensity", Journal of Management, 40(3), pp.820~844 (2014)
  15. Arrow, K. J., "The Rate and Direction of Inventive Activity", pp.609~625 (1962)
  16. Arslan-Ayaydin, Ö., "How is moral hazard related to financing R&D and innovations?", Available at SSRN 2377788, ~ (2014)
  17. Bailey, W., "Exchange Rate Fluctuations, Political Risk, and Stock Returns : Some Evidence from an Emerging Market", Journal of Financial and Quantitative Analysis, 30(4), pp.541~561 (1995)
  18. Baker, T., "Creating something from nothing : Resource construction through entrepreneurial bricolage", Administrative Science Quarterly, 50(3), pp.329~ (2005)
  19. Balkin, D. B., "Is CEO pay in high-technology firms related to innovation?", Academy Of Management Journal, 43(6), pp.1118~1129 (2000)
  20. Ballot, G., "The fateful triangle : Complementarities in performance between product, process and organizational innovation in France and the UK", Research Policy, 44(1), pp.217~232 (2012)
  21. Baron, D. P., "The Nonmarket Strategy System", Sloan management Review, 37(1), pp.73~86 (1995)
  22. Baron, D. P., "Integrated Strategy in International Trade Disputes : The Kodak-Fuji Film Case", Journal of Economics and Management Strategy, 6, pp.291~346 (1997)
  23. Bergh, D. D., "New frontiers of the reputation—Performance relationship : Insights from multiple theories", Journal of Management, 36(3), pp.620~632 (2010)
  24. Bergstrom, F., "Capital subsidies and the performance of firms", Small Business Economics, 14(3), pp.183~193 (2000)
  25. Bernini, C., "How are Growth and productivity in Private Firms Affected by Public Subsidy? Evidence from a Regional Policy", Regional Science & Urban Economics, 41(3), pp.253~265 (2011)
  26. Berry, J. M., "Sub governments, issue networks, and political conflict" (1989), West View Press
  27. Bertrand, M., "Politically connected CEOs and corporate outcomes: Evidence from France", ~ (2004)
  28. Brown, J. R., "Cash holdings and R&D smoothing", Journal of Corporate Finance, 17(3), pp.694~709 (2011)
  29. Busom, I., "An empirical evaluation of effects of R&D subsidies", Economics Innovation and New Technology, 9(2), pp.111~148 (2000)
  30. Chen, W. R., "Situational and institutional determinants of firms' R&D search intensity", Strategic Management Journal, 28(4), pp.369~381 (2007)
  31. David, P. A., "Is public R&D a complement or substitute for private R&D? A review of the econometric evidence", Research Policy, 29(4-5), pp.497~529 (2000)
  32. Duan, X., "Positioning decisions within strategic groups: The influences of strategic distance, diversification and media visibility" (2014), Management Decision
  33. Ehie, I. C., "The effect of R&D investment on firm value : An examination of US manufacturing and service industries", International Journal of production Economics, 128(1), pp.127~135 (2010)
  34. Frynas, J. G., "First mover advantages in international business and firm-specific political resources", Strategic Management Journal, 27(4), pp.321~334 (2006)
  35. Garcia-Quevedo, J., "Do public subsidies complement business R&D? A meta-analysis of the econometric evidence", Kyklos, 57(1), pp.87~102 (2004)
  36. Gelabert, L., "Does the effect of public support for R&D depend on the degree of appropriability?", The Journal of Industrial Economics, 57(4), pp.736~767 (2009)
  37. George, G., "Slack resources and the performance of privately held firms", Academy of Management Journal, 48(4), pp.661~676 (2005)
  38. Gonzalez, X., "Do public subsidies stimulate private R&D spending?", Research Policy, 37(3), pp.371~389 (2008)
  39. Guo, B., "Firm Size, R&D and Performance: an Empirical Analysis on Software Industry in China", Science research Management, ~ (2006)
  40. Guoqing, L., "Research on the Performance of Subsidizing Innovation for Chinese Strategic Emerging Industry", Economic Research Journal, 7, pp.44~55 (2014)
  41. Haiyan, F., "Firm's Market Performance Analysis under Different　Government R&D Subsidy Policies", Industrial Engineering Journal, 15(2), pp.33~ (2012)
  42. Hillman, A. J., "Corporate Political Strategy Formulation : A Model of Approach, Participation, and Strategy Decisions", Academy of Management Review, 24, pp.825~843 (1999)
  43. Hillman, A. J., "Corporate political activity : A review and research agenda", Journal of Management, 30(6), pp.837~857 (2004)
  44. Hoskisson, R. E., "Managerial incentives and investment in R&D in large multiproduct firms", Organization Science, 4(2), pp.325~341 (1993)
  45. Hou, Q., "Corporate innovation and political connections in Chinese listed firms", Pacific-Basin Finance Journal, 46, pp.158~176 (2017)
  46. Instefjord, N., "A contingent claims analysis of optimal investment subsidy", Journal of Economic Dynamics and Control, 73, pp.354~372 (2016)
  47. Jenkins, M. W., "Human development report" (2006), United Nations Development Programme
  48. Jensen, M. C., "Agency costs of free cash flow, corporate finance, and takeovers", The American Economic Review, 76(2), pp.323~329 (1986)
  49. Jiang, H., "Benefits of downward earnings management and political connection : Evidence from government subsidy and market pricing", The International Journal of Accounting, 53(4), pp.255~273 (2018)
  50. Assessing the social and macroeconomic impacts of the high-skill labour market integration: The European qualifications framework, "Kancs, D. A.", EERI, ~, pp.Research Paper Series, No. 19 (2016), 2016
  51. Kanter, R. M., "Innovation : The classic traps", Harvard Business Review, 84(11), pp.72~83 (2006)
  52. Kennedy, P., "A Guide to Econometrics" (1998), Blackwell
  53. Kim, H., "Ownership structure and the relationship between financial slack and R&D investments : Evidence from Korean firms", Organization Science, 19(3), pp.404~418 (2008)
  54. Kong, D. M., "Market competition, ownership and government subsidy", Economic Research Journal, 2, pp.55~67 (2013)
  55. Kotabe, M., "Examining the Complementary Effect of Political Networking Capability with Absorptive Capacity on the innovative Performance of Emerging-Market Firms", Journal of Management, 43, pp.1131~1156 (2017)
  56. Krammer, S. M., "Do political connections matter for firm innovation? Evidence from emerging markets in Central Asia and Eastern Europe", Technological Forecasting and Social Change, 151, pp.119669~ (2020)
  57. Krivogorsky, V., "Ownership, board structure, and performance in continental Europe", The International Journal of Accounting, 41(2), pp.176~197 (2006)
  58. Lach, S., "Do R&D Subsidies Stimulate or Displace Private R&D? Evidence from Israel", Journal of Industrial Economics, 50(4), pp.369~390 (2000)
  59. Li, S., "Political con nection, ownership structure, and corporate philanthropy in China : A strategic-political perspective", Journal of Business Ethics, 129(2), pp.399~411 (2015)
  60. Li, Y., "A sociological theory of corporate finance Chinese Management Studies", ~ (2015)
  61. Lin, B., "Do government subsidies promote efficiency in technological innovation of China’s photovoltaic enterprises?", Journal of Cleaner Production, 254, pp.120108~ (2020)
  62. Lu, G. Q., "Research on the Performance of Government Innovation Subsidies in China's Strategic Emerging Industries", Economic Research Journal, 7, pp.44~55 (2017)
  63. Marquis, C., "Corporate social responsibility reporting in China : Symbol or substance?", Organization Science, 25(1), pp.127~148 (2014)
  64. O'brien, J. P., "The capital structure implications of pursuing a strategy of innovation", Strategic Management Journal, 24(5), pp.415~431 (2003)
  65. Pammolli, F., "Innovation and corporate growth in the evolution of the drug industry", International Journal of Industrial Organization, 19(7), pp.1161~1187 (2001)
  66. Park, S. H., "Guanxi and organizational dynamics : Organizational networking in Chinese firms", Strategic Management Journal, 22(5), pp.455~477 (2001)
  67. Peng and Ni, W., "The impact of government subsidies on new energy enterprise performance : the regulation function of corporate governance", Journal of Central University of Finance & Economics, 7, pp.35~38 (2015)
  68. Peng, H., "How government subsidies promote the growth of entrepreneurial companies in clean energy industry : An empirical study in China", Journal of Cleaner Production, 188, pp.508~520 (2018)
  69. Peng, M. W., "Managerial ties and firm performance in a transition economy : The nature of a micro-macro link", Academy of Management Journal, 43(3), pp.486~501 (2000)
  70. Peng, M. W., "CEO duality and firm performance during China's institutional transitions", Management and Organization Review, 3(2), pp.205~225 (2007)
  71. Qi, D., "Shareholding structure and corporate performance of partially privatized firms : Evidence from listed Chinese companies", Pacific-Basin Finance Journal, 8(5), pp.587~610 (2000)
  72. Qiang, H. E., "Board Operation, R&D Expenditure and Corporate Performance-Baded on the Empirical Analysis on the Chinese Listed Manufacturing Firms", Journal of Shanxi Finance and Economics University, 05 (2012)
  73. Rubin, D., "For objective causal inference, design trumps analysis", The Annals of Applied Statistics, 2(3), pp.808~840 (2008)
  74. Schumpeter, J. A., "The theory of economic development - An inquiry into profits, capital, credit, interest, and the business cycle" (1934), Harvard University Press
  75. Shaffer, B., "Firm-level responses to government regulation : Theoretical and research approaches", Journal of Management, 21(3), pp.495~514 (1995)
  76. Shou, C., "Effects of R&D Investment and Technology Innovation Capability Life Cycle on Firm Performance", Science & Technology Progress and Policy (2015)
  77. Siegel, J., "Contingent political capital and international alliances : Evidence from South Korea", Administrative Science Quarterly, 52(4), pp.621~666 (2007)
  78. Sit, V. F., "Restructuring and spatial change of China’s auto industry under institutional reform and globalization", Annals of the Association of American Geographers, 90(4), pp.653~673 (2000)
  79. Surroca, J., "Corporate responsibility and financial performance : The role of intangible resources", Strategic Management Journal, 31(5), pp.463~490 (2010)
  80. Svensson, R., "Publicly-Funded R&D Programs and Survival of Patents", Applied Economics, 45(10), pp.1343~1358 (2013)
  81. Tao, Q., "Political connections and government subsidies : Evidence from financially distressed firms in China", Emerging Markets Finance and Trade, 53(8), pp.1854~1868 (2017)
  82. Tong, A., "Nature of Property Rights, Managerial Power and Incentive Effects of Pay Gap : Intermediary Role of Government Subsidy", Journal of Management Science, 2, pp.10~ (2017)
  83. Tong, H., "Political Connections Impairs Enterprise Innovation : An Empirical Study Based on Chinese Private Listed Enterprises", International Journal of Economics and Finance, 11(7), pp.1~1 (2019)
  84. 왕설가, "The Impact of Cultural Distance on MNEs’ Performance: Focusing on “China-Specific” Capabilities of TMT", 국제경영연구, 29(2), pp.39~72 (2018), 한국국제경영학회[DOI]
  85. Wooldridge, J. M., "Econometric analysis of cross section and panel data" (2010), MIT press
  86. Xu, N., "Analyst herding and stock price crash risk : Evidence from China", Journal of International Financial Management & Accounting, 28(3), pp.308~348 (2017)
  87. Xu, N., "Political connections, financing friction, and corporate investment : Evidence from Chinese listed family firms", European Financial Management, 19(4), pp.675~702 (2013)
  88. Xu, X., "Ownership structure and corporate governance in Chinese stock companies", China Economic Review, 10(1), pp.75~98 (1999)
  89. Yang, D., "Proactive environmental strategy, innovation capability, and stakeholder integration capability : A mediation analysis", Business Strategy and the Environment, 28(8), pp.1534~1547 (2019)
  90. 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", Financial Forum, 24, pp.31~ (2015)
  91. Yifei, G., "The Impact of Analysts on External Financing Structure of listed companies", Finance & Economics, 11, pp.11~ (2017)
  92. Yoshimatsu, H., "The role of government in jump starting industrialization in East Asia", Issues and Studies, 36(4), pp.166~199 (2000)
  93. Yunkui, X., "The Importance of R&D and the Improvement of Its Disclosure", Accounting Research (2001)
  94. Zhang, H., "Political connections, government subsidies and firm financial performance : Evidence from renewable energy manufacturing in China", Renewable Energy, 63, pp.330~336 (2014)
  95. Zhao, Y., "Government Subsidies : Grant the Company or Executives?", Modern Finance and Economics(Journal of Tianjin University of Finance and Economics), 10, pp.2~ (2014)
  96. Zheng, W., "Buffering and Enabling : The Impact of Interlocking Political Ties on Firm Survival and Sales growth", Strategic Management Journal, 36(11), pp.1615~1636 (2015)

관련 논문AI추천

중국 기업의 연구개발투자 결정요인에 관한 연구 : 정부보조금의 역할을 중심으로현정환, SHEN JIA한국전문경영인학회 · 전문경영인연구2018 · 제21권 제2호정부보조금이 연구개발투자에 미치는 영향: 중국 신삼판 기업을 중심으로*강신애, 장학동한국국제경영학회 · 국제경영연구2023 · 제34권 제3호중국 정부의 보조금과 하이테크기업 성과의 관계: 연구개발투자의 매개효과와 합법성의 조절효과를 중심으로류우함, 유재욱한국기업경영학회 · 기업경영연구2021 · 제28권 제3호연구개발투자와 정부지원이 기업의 경영성과에 미치는 영향에 관한 실증연구 -중국 중소 제조업을 중심으로-왕림림, 장석주지역개발연구소 · 지역개발연구 (The Studies in Regional Development)2019 · 제51권 제1호연구개발 보조금 정책의 구축효과에 대한 연구: 한국과 중국의 비교분석김상겸, 진붕우미래산업연구소 · 산업연구2023 · 제47권 제1호중국 전자 부문 상장기업의 사회적 책임(CSR)이 기술혁신에 미치는 영향: 중국 정부 R&D 보조금과 기업 소유권의 조절 효과Charles Arthur Robb, CHEN HONG한국벤처창업학회 · 벤처창업연구2025 · 제20권 제4호

이 간행물의 다른 논문 (5건)

Competitor Identification and Value Creation of Strategic Alliance: A Cognitive Approach김광호pp. 23-45공동내집단 정체성 재범주화 개입을 통한 NIH(Not-Invented-Here) 신드롬 해소 전략서리빈pp. 47-74ESG 또는 기업의 사회적 책임, 그리고 기업 재무성과: 실증연구 고찰과 향후 발전 방향박지현, 김양민pp. 75-114군사기술 네트워크가 민군겸용 기술개발에 미치는 영향김언수, 장용진, 김봉선pp. 115-143국내 사회적기업가정신 연구 동향 분석과 과제이상윤, 이선희, 신효진pp. 145-172
원문 보기