• Title, Summary, Keyword: R&D Investment

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정부 R&D 투자와 민간 R&D 투자의 인과관계 분석

  • Yu, Seung-Hun
    • Journal of Technology Innovation
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    • v.11 no.2
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    • pp.175-193
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    • 2003
  • The purpose of this study is to examine relationship between public R&D investment and private R&D investment in Korea, and to obtain policy implications of the results. To this end, the author attempts to provide more careful consideration of the causality issues by applying rigorous techniques of Granger causality. Tests for unit roots, co-integration, and Granger causality based on an error-correction model are presented. The existence of bi-directional causality between public R&D investment and private R&D investment is detected. This finding has various implications for policy analysts and forecasters. Increasing private R&D investment requires enormous public R&D investment, though there are many other factors contributing to private R&D investment, and public R&D investment is but one part of it. Thus, this study generates confidence in decisions to invest in public R&D. Moreover, this study lends support to the argument that increase in private R&D investment, ceteris paribus, gives rise to public R&D investment. Increase in private R&D investment results in greater national income to be spent on R&D investment and stimulates further public R&D investment.

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Empirical Research on Cyclical Patterns of R&D Investment (R&D 투자의 경기순환적 특성에 관한 연구)

  • Lee, U-Seong
    • Journal of Technology Innovation
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    • v.16 no.2
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    • pp.147-165
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    • 2008
  • The researches on cyclical patterns of R&D investment has a long history in developed economies since the Schumpeterian hypothesis that long-term productivity-enhancing innovative activities increase during recession. But in Korea the cyclical patterns of R&D investment is one of the unexplored academic areas. Unlike theoretical explanation of R&D's cyclical pattern, empirical results has shown that R&D investment is procyclical to business cycles in developed countries. This paper investigates whether Korean R&D investment show procyclical or countercyclical pattern to business cycles. The empirical results show that Korean R&D investment in private area is procyclical to business cycles with statistical significance, which confirms the credit-constraint theory's prediction, while public area's is not sensitive to them. Public R&D investment has long-term investment characteristics and can be utilized to stabilize procyclically-fluctuating private R&D investment.

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Analysing the Determinants of Company R&D Investment Using a Semi-parametric Estimation Method (기업의 R&D 투자 결정요인 분석 - 준모수적 추정법을 적용하여 -)

  • 유승훈
    • Journal of Korea Technology Innovation Society
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    • v.6 no.3
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    • pp.279-297
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    • 2003
  • The purpose of this paper is to analyze the determinants of company R&D investment with zero observations by using the data of R&D Scoreboard published by Ministry of Science and Technology(2002). Conventional parametric approach to dealing with zero investments is not robust to heteroscedastic and/or non-normal error structure. Thus, this study applies symmetrically trimmed least squares(STLS) estimation as a semi-parametric approach to dealing with zero R&D investments. The result of specification test indicates the semi-parametric approach outperforms the parametric approach significantly. Moreover, the results of the study provide various implications as summarized below. The R&D investment of IT company is larger than that of non-IT company. The R&D investment has a positive relation to foreigners' investment ratio. The higher degree of financial self-reliance is, the larger the R&D investment is. Firm size variables such as sales amount and the number of workers are positively related to R&D investment. The sales elasticity of R&D investment is larger than one. However, the workers elasticity of R&D investment is smaller than one.

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Optimal Investment Strategy for Research and Development Considering Dynamic Complexity (동태적 복잡성을 고려한 최적의 연구개발 투자 전략)

  • Son, Jiyoon;Kim, Hyun Jung;Kim, Soo Wook
    • Journal of the Korean Operations Research and Management Science Society
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    • v.40 no.4
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    • pp.19-33
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    • 2015
  • Recently, interest in research and development (R&D) investment decisions have increased among Korean domestic enterprises. However, existing R&D investment studies only focused on government R&D investment policies while only a few studies investigated firm level R&D investment. Prior literatures also overlooked the feedback loop between R&D investment and firm performance. Therefore, this paper identifies a system dynamics model for R&D investment decision making in domestic electronics firms. The conceptual model is derived from R&D investment-related theories found in bodies of literature on company performance, enterprise activity, and market maturity. This study investigates the dynamic feedback between R&D activities and sales using the system dynamics model. In other words, the system dynamics model is used to explain the change in the closed feedback circulation structure in R&D investment activities including technology development, production process, and marketing that subsequently result in sales increase and re-investment into R&D from the generated revenues. There are two major results. First, a similar ratio of investment on technology development and production process derives the higher company sales. Second, regardless of market maturity, marketing investment ratio positively affects sales and R&D budget growth. This study provides a system dynamics model to find the optimal ratio for R&D investment and suggests managerial strategic implications on electronic firm R&D investment decision making under market maturity condition.

A Impact of Governmental Fiscal Assistance on R&D Investment of Business Enterprise and University: Focusing on the Asymmetric Relationship (정부의 재정지원이 기업과 대학의 연구개발투자(R&D)에 미치는 영향: 비대칭성을 중심으로)

  • Kim, Jong-Hee
    • Journal of Technology Innovation
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    • v.21 no.2
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    • pp.137-167
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    • 2013
  • This article estimates the scale of impact of expanding governmental fiscal expenditure for R&D investment on the private business enterprise's investment for R&D, and the relationship between business enterprise and university for expanding investment of R&D. According to my results, first, an expanding fiscal expenditure from government for R&D investment leads to increase R&D investment from business enterprise. However, an expanding expenditure from university rather leads to decrease R&D investment from business enterprise. Secondly, the crowding-out effect of expanding R&D investment from University on business enterprise's is very strong, and it is affected by structural changes such as the country's economic power, fiscal stance and cyclical volatility. Third, the more governmental expenditure on university expansive is, the stronger asymmetric relationship between business enterprise and university is, and investment sources of university from business enterprise is the main factor of this relationship. Finally, it is not easy to solve out this asymmetric relationship even through the governmental subsidy.

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The Roles and Characteristics of R&D Investment in the IT Firms: IT Hardware Firms vs. IT Software Firms

  • Lee, Myunggun;Park, Jongpil;Park, Woojin
    • Asia pacific journal of information systems
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    • v.25 no.1
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    • pp.61-81
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    • 2015
  • Investment in research and development (R&D) is critical in the information technology (IT) firms, where newer and better technology is a quintessential goal that directly affects innovation and competitive advantage. This study investigates how R&D investment influences firm performance and value, and how the effect of R&D investment differs between IT hardware and software firms. We also analyze the relationship between firm age and R&D investment in order to identify learning effects on continuous R&D investment. The empirical investigation in this study, based on longitudinal archival data from 2001 to 2010, found a significant effect of R&D investment on firm performance in IT firms. Further, this study demonstrates causal relationship between firm age, and verifies that learning effects are present in R&D investment. Moreover, the results are found to differ between IT hardware and IT software firms.

The Effect of technology import and R&D investment on the value of the firm (기술도입과 연구개발비 투자가 기업가치에 미치는 영향에 관한 연구)

  • Jeong, Jin-Ho;Kim, Hyeon;Gwon, Jeong-Eun
    • Journal of Technology Innovation
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    • v.16 no.1
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    • pp.191-213
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    • 2008
  • This study investigates the effect of technology import and R&D investment on the value of the firm in Korea. The result shows that the technology import announcement effect of firms with a low R&D investment is higher than that of firms with a high R&D investment. The evidence suggests that technology import can substitute the existing R&D capability of the firm. In addition, the result shows that there is an optimal level of technology import and R&D investment to maximize the value of the firm. In particular, firms with a low R&D investment and a large amount of technology import experience the highest announcement effect. The study concludes that an adequate allocation of fim's capital between R&D investment and technology import is needed for firm's optimal technology strategy.

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Leverage Strategy to National R&D Investment in Korea: A System Dynamics Approach (국가 연구재발 투자시스템의 레버리지 전략: 시스템 다이내믹스 접근)

  • 박헌준;오세홍;김상준
    • Proceedings of the Korean System Dynamics Society
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    • pp.19-52
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    • 2004
  • This study aims to grasp invisible yet dynamic systemic structure that influences the general procedure of national R&D investment system in Korea using "system dynamic methods and to suggest policy lever. Various conflicting situations, 'R&D investment paradoxes' in myopia investment and principal-agent problems etc, arise when the government decides R&D investment area and makes indispensable choice. Difficulty in the decision can be amplified due to misalignments among decision on adequate amount of R&D investment ("strategic loop"), R&D system ("structural loop") and acceptance and realization by R&D laboratories and theirs researcher ("efficacy loop"). Results of modeling and simulation of korea national R&D investment system with consideration of three causal loops show the switching pattern dynamically, in which form of technologies shifts from one to another stage like paradigm shift, when the R&D investment reaches a certain stork. R&D investment increases are directly not liked to R&D productivities because of delays and side effects during transition periods between different stages of technology development. Thus, It is necessary to develope strategies in order to enhance efficiency of technological development process by perceiving the switching pattern.

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Analyzing Investment Effects of Fisheries R&D Projects : A Case of NFRDI's R&D Projects (수산업 R&D 사업의 투자효과 분석 : 국립수산과학원 수산시험연구사업을 중심으로)

  • Park, Kyoung-Il;Kim, Do-Hoon
    • The Journal of Fisheries Business Administration
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    • v.44 no.2
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    • pp.101-109
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    • 2013
  • This study is aimed to analyze investment effects of fisheries R&D projects of the National Fisheries Research and Development Institute(NFRDI). In the analysis, Granger causal relations between R&D investment and fisheries production are tested. In addition, time-lag effects of fisheries R&D investment are estimated with an impulse response analysis and investment effects of R&D projects are estimated by changes of social surplus. Results indicate that there exists an Granger-causality between R&D investment and fisheries production and fisheries production responds to the fisheries R&D shock about three years after the initial shock. The magnitudes of the impacts increase until a peak is reached 5~7 years and the impacts decline to zero after 25 years. As investment effects, it is shown that the internal rate of returns of fisheries R&D investment is 55.2%.

Performance Evaluation of National R&D Investment in Information Technology Areas

  • Kim, Heung-Kyu
    • Journal of the Korea Society of Computer and Information
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    • v.22 no.2
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    • pp.119-125
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    • 2017
  • In this paper, we propose an approach to evaluating the performance of the national R&D investment in IT(Information Technology) areas in terms of paper, patent and commercialization, and seeking ways to improve the efficiency of the national R&D investment. This is because the government has focused the national R&D investment on IT areas for some time. For that purpose, we gather data on investments, papers, patents, and commercializations for the government sponsored R&D projects in IT areas through National Science & Technology Information Service. From which, we summarize the investment and performance in terms of papers, patents, and commercializations for each IT area, evaluate efficiency per R&D investment for each IT area, and compare the efficiencies among IT areas. Finally, we drive implications for efficiency enhancement and strategic R&D budget allocation for each IT area.