우리나라 공작기계산업에서 연구개발투자가 경영성과에미치는 영향에 관한 연구

• Published in: 무역연구, 14(6) pp. 335 - 355
• Main Authors: 김익수, 박세운
• Format: Journal Article
• Language: Korean
• Published: 한국무역연구원 01.12.2018
• Subjects: 무역학
• ISSN: 1738-8112; 2384-1958
• DOI: 10.16980/jitc.14.6.201812.335

In this study, we analyze the effects of R & D investment on firms’ performance in Korean machine tool industry. Among the 120 companies registered in the Korea Machine Tool Industry Association, we use, as our samples, 92 companies on which we can get access to their financial information continuously from 2010 to 2017. As a measure of business performance, return on asset (ROA) or operating income on asset (OOA) is used. R & D intensity which we obtain by dividing R & D expenditure by total sales is used as an independent variable here. The control variables include firm size, firm age, internationalization level, sales growth rate, advertising intensity and debt ratio. The empirical analysis results revealed that the explanatory power of the dependent variable OOA turns out to be bigger than that of ROA. The coefficient of R & D intensity variable is 0.0001 and significant at 1% level in all models, indicating that R & D investment improves business performance. Yet, even if the value of the coefficient is so small, we can say that its influence is quite limited and weak. The sales growth rate has significant positive impact on OOA, and the internationalization level shows either significant negative coefficients or insignificant ones relative to business performance. KCI Citation Count: 2