earticle

영어

Recently, middle-sized firm is gaining attention as the main player that can lead the new business ecosystem, and the government is also striving to nurture middle-sized companies through various policies for them. However, there is a mix of positive and negative views on the government's support for middle-sized companies. Based on this issue, this paper explores how government R&D support for middle-sized enterprises, a new economic player, will effect. Through this, we will draw out various suggestions and make the direction of government policy for middle-sized businesses in the future. For the analysis, we secured the entire 3,558 firms’ list that were recognized as middle-sized companies in 2016 and obtained the details of government R&D support based on data from 2012 to 2016 from the National Science & Technology Information Service(NTIS). After that we merged corporate financial data to establish unbalanced panel data. Methodologically, matching method and difference in difference(DID) are used simultaneously to resolve the selection bias problem arising from the assessment of public policies. These data and methodologies were applied to look at the increase in sales, asset growth, employment growth, and investment in R&D expenditure of companies that received government R&D support. The results of the analysis shows that the government R&D beneficiaries had the effect of increasing assets and increasing expenditure in R&D, but did not have a statistically significant effect until four years after support in sales growth and creating employment. In other words, government R&D support for middle-sized companies has an additionality effect in firm’s R&D expenditure, but no tangible effects have been seen in economic and social performance such as sales growth and job creation that government R&D support is ultimately aimed at. The fact that the government R&D support does not lead to sales growth and job creation of middle-sized companies shows that improvement of policy is needed. In the future, government support for middle-sized firms have to be targeting such as companies that are able to create new products or new markets. That is, the companies having sufficient capabilities to enter the global value chain must be main target of public support. This requires a system improvement to select companies that can grow into global or unicorn companies, and developing new evaluation indicators(i.e. exports growth, increaing in global market share) to measure business performance.