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영어

This study aims to examine whether venture capital plays its original role by investigating the impact of the investment of venture capitals on technology commercialization performance of small and medium enterprises (SMEs). We especially focus on SMEs who perform national R&D projects because we expect SMEs often use national R&D projects as a means of attracting relatively long-term resources for technology commercialization. The findings show that venture capital investments have a positive effect on the size of national R&D projects, although venture capital investments do not have a direct effect on economic and technical performance. Regarding the size of national R&D projects, there is a positive relationship between the size of national R&D projects and the number of patents, which is the output of technical performance. Overall, the results suggests that venture capital investments help SMEs succeed technology commercialization indirectly, considering that venture capital investments have a positive impact on the size of national R&D projects, and the size of national R&D projects have a direct effect on the technology commercialization in turn.