기업수명주기별 연구개발투자가 경영성과에 미치는 영향에 관한 실증연구 -중국 중소상장기업(SME)을 중심으로-
An Empirical Study on the Effect of R&D Investment on Business Performance by Life Cycle -Focus on China’s Small and Medium-sized Enterprises(SME)-
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초록
본 연구는 중국기업의 기업수명주기를 성장기, 성숙기, 쇠퇴기 등 3단계로 구분하여 2011년부터 2017년까지 중국 중소상장기업(SME) 3,750개를 대상으로 공시데이터를 활용하여 기업수명주기별 연구개발투자강도(매출액 대비 연구개발비 총액)가 경영성과(총자산이익률)에 미치는 영향에 대해 실증 분석하였다. 분석결과, 연구개발투자강도(RDS)과 차기(t년도)의 기업 경영성과(ROA)에 부(-)의 영향을 미치는 것으로 분석되었고 기업수명주기에 따라 연구개발투자가 기업의 경영성과에 다르게 영향을 미치는 것으로 분석되었다. 본 연구의 실증결과는 기업의 연구개발투자와 관련한 전략적 의사결정을 할 때 산업특성 및 기업특성을 고려하여 연구개발투자와 관련한 지출 규모, 자원을 투입 시간 등을 결정하는데 있어서 도움을 줄 것으로 기대한다.
Abstract
The study divided the life cycle of Chinese companies into three stages from 2011 to 2017, 3,750 small and medium-sized enterprises(SME) used disclosure data to analyze the intensity of R&D investment by company life cycle. The analysis showed that the impact of wealth(ROA) on the performance of R&D investment(RDS) and the next(t) business performance, and research and development investments had a different impact on the company's performance depending on the life cycle of the company. The results of this study are expected to help determine the amount of expenditure related to R&D investment and the time of input of resources in consideration of industrial characteristics and corporate characteristics when making strategic decisions related to R&D investment of companies.
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