연구개발 투자지출과 시장성과 -자본시장 및 고용활동과의 관련성을 중심으로-

초록

This study investigates the economic consequences of R&D investment from following two perspectives： First, we examine whether capital market positively incorporate to incremental R&D investment of individual firms by using the ERC model which tests informational content of unexpected performance. Second, we examine the association between incremental R&D investment and changes in employment rate after controlling financial characteristics, industry sector and year effect which surrogate macro economic condition. Empirical analyses using firm－year observations from 2001 to 2010 provide several interesting features as follows：First, we find that capital market incrementally incorporate to firms’performance as R&D investment increases. Specifically, this effects are stronger in industry sector classified as the source of new growth and technology. Second, we also find that firms with incremental R&D investment raise the employment rate, which implies that the policy stance to promote R&D investment can be linked with the increase in employment growth of firms. Similarly with the results in capital market effect of R&D investment, we observe that firms included in industry of the source of new growth and technology more actively expand their employment to the increased R&D investment. Finally, increase in R&D investment of small &medium enterprises shows more significant evidences of incremental R&D investment in capital market and in employment rate than those of large firms. Taken together, our study contributes to the literature by providing empirical evidences the effectiveness of policy stance to promote R&D investment. we argue that findings in our study can provide meaningful policy implication by suggesting insights on the economic consequences of policy stance to promote R&D investment.

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