Legality of R&D Subsidies and Its Policy Framework under the World Trading System

Wonkyu Shin,Wonhee Lee 과학기술정책연구원 2013 STI Policy Review Vol.4 No.1

Technology research and development (R&D) expenditures have increased as most countries recognize that technological innovation is a significant factor for continued economic growth. R&D subsidies by governmental entities were permitted in accordance with the Subsidy and Countervailing Measure (SCM) Agreement under the World Trade Organization (WTO) system. However, according to Article 31 of the SCM Agreement the provision for R&D subsidies have been terminated as of January 2000 and legal disputes over R&D subsidies are likely to increase. The aircraft industry has been the only industry where R&D subsidies have become an issue under the WTO. This paper examines international trade disputes within the aircraft industry in regards to measures by Canada and bilateral disputes between the U.S. and the European Communities (EC). In these cases, various R&D subsidies on civil aircraft are found to be inconsistent with WTO rules. This study summarizes the WTO decisions on various R&D subsidies disputed in the aircraft cases and examines the type of R&D subsidies found to be inconsistent (or consistent) with the WTO to provide guidelines for current and future R&D subsidy policies in high-tech industries. The Canada-Aircraft case indicates that R&D subsidies directly targeted towards near market R&D projects with a high export potential will likely be in violation of current WTO rules. Furthermore, findings from the EC-Aircraft and the U.S.-Aircraft cases suggest that the forms (or the methods) of R&D subsidy distribution were not a sufficient condition for the WTO ruling; instead, what ultimately mattered was whether and specifically to whom the benefits of the R&D subsidies are conferred by the government entities.

일반 논문 : 정부 R&D 자금지원과 중소기업의 성과

김민창 ( Min Chang Kim ),성낙일 ( Nak Il Sung ) 한국중소기업학회 2012 中小企業硏究 Vol.34 No.1

본 연구는 정부의 R&D 자금지원이 중소기업의 기술개발성과와 경영성과에 미친 영향을 규명하는 데에 목적이 있다. 본 연구는 정부의 R&D 자금지원이 기술개발성과에 직접적인 효과를 미치며, 이 효과를 매개로 경영성과에 간접적으로 영향을 미친다고 가정한다. 아울러 기술개발성과와 경영성과가 서로 결합되어 결정되는 내생변수라는 점을 고려한다. 이와 같은 모형설정을 토대로 본 연구는 「2007년 중소기업기술통계조사」 자료 중 제조업 부문 2,881개 업체에 대한 원시자료를 사용해 기술개발성과 회귀방정식과 경영성과 회귀방정식을 추정한다. 추정방법으로는 일반화적률추정법(Generalized Method of Moments)을 활용한다. 본 연구의 추정결과에 따르면, 정부의 R&D 자금지원은 중소기업의 지적재산권 건수를 증가시켰지만 중소기업의 R&D 성공건수와 사업화 성공건수에는 유의미한 영향을 미치지 못했다. 아울러 R&D 성공건수, 사업화 성공건수, 지식재산권 건수 등 중소기업의 기술개발 성과지표가 경영성과에 긍정적인 영향을 주었음도 확인했다. 이는 그간 정부의 R&D 자금지원이 지적재산권 증가를 가져와 중소기업의 경영성과를 향상시키는 긍정적 역할을 수행했음을 의미한다. 한편, 정부의 R&D 자금지원의 효과가 지적재산권과 같은 외형적인 성과 위주로 나타난 점은 향후 개선되어야할 정책과제로 판단된다. Government R&D subsidies (hereafter referred to as government subsidies) have continued to increase over time. In particular, the amount of government subsidies to small and medium enterprises (SMEs) has increased from 651 billion Korean won in 2003 to 1.5 trillion Korean won in 2009. The total amount of government subsidies given to SMEs for the period between 2003 and 2009 was approximately 6.9 trillion Korean won, which was much more than that given to large companies for the same period. This huge amount of government subsidies to SMEs may be justified when the government subsidies led to better R&D and business performance of SMEs. On the basis of this observation, this study attempts to assess the effects of government subsidies on the performance of SMEs. The study supposes that government subsidies have a direct effect on the R&D activities of SMEs, which in turn affects their business performance. In particular, the study tests the following two hypotheses : H1 : Government subsidies tend to improve the R&D performance of SMEs. H2 : Better R&D performance of SMEs leads to better business performance. In the study, R&D performance is measured by three variables; the number of successful R&D activities, the number of successfully commercialized technologies, and the number of intellectual property rights, including patents, utility models and design, which are either applied for or registered. The study used three proxy variables for business performance; sales per employee, operating income per employee, and profit margin ratio which is the ratio of operating income to total sales. The first two variables for business performance measured labor productivity, while the last one measured firm profitability. The study collected cross-sectional data of 2,881 SMEs in the manufacturing sector from "Survey on the State of Technology for SMEs 2007" which was conducted by the Korea Federation of Small and Medium Business. The time span encompassed by the study is the period from January 2005 to December 2006. The data utilized in the study is unique in that it provided a great deal of information on the R&D activities of SMEs, including the number of researchers, the amount of R&D expenditures, types of R&D organization, the presence of incentive scheme for R&D performance etc. Additionally, the data provided detailed information on firm and industry characteristics. <Table 4> shows the relationship between government subsidies and the R&D performance of SMEs. In <Table 4>, the average number of successful R&D activities for the SMEs which did not receive government subsidies over the sample period (Group A) was 5.09, which was greater than that for the SMEs which received government subsidies over the sample period (Group B). Difference in the average number of successful R&D activities between two groups, however, is not statistically confirmed at a 10% significance level. Second, the average number of successfully commercialized technologies for the SMES of Group A was 3.09, while that for the SMEs of Group B was 2.29. The t-test statistic indicates no difference in the average number of successfully commercialized technologies between two groups. Finally, the average number of intellectual property rights for the SMEs of Group A and Group B was 1.99 and 3.57, respectively. Additionally, difference in the average number of intellectual property rights between two groups is statistically significant at a 1% significance level. In summary, this descriptive analysis indicates that government subsidies had positive effects on the R&D performance of SMEs only in terms of the number of intellectual property rights. To test the two hypotheses, the study specifies two regression equations; one for R&D and the other for business performance. Three R&D (business) performance variables were dependent variables in the first (second) regression equation. The key policy variable in the first equation was a dummy variable for government subsidies. This dummy variable was equal to unity for the SMEs which received government subsidies; otherwise, equal to zero. In the second equation, special attention was paid to the parameter estimates of three R&D performance variables. Considering the business performance of SMEs may have an influence on their R&D activities and performance, both R&D and business performance variables are regarded as jointly determined endogenous variables in the empirical model. In this case, the application of the ordinary least squares estimation method produced biased parameter estimates. The study applied the generalized method of moments (GMM) estimation method to a system of the two regression equations. It is well known that the GMM estimation method provides consistent and efficient parameter estimates. <Table 9> provided estimation results for the R&D performance model. In <Table 9>, a majority of independent variables had a statistically insignificant parameter estimate and also the value for adjusted coefficient of determination (adjusted R2) was very low. In particular, the reported parameter estimates of three business performance variables were always statistically insignificant. These findings indicate that the R&D performance of SMEs is determined mainly by unobserved random factors. One of the noticeable results in <Table 9> is that the parameter estimates of government subsidies (SUB) are positively signed in all models, and are statistically significant only when the number of intellectual property rights was used as a dependent variable. That is, government subsidies tended to increase the number of intellectual property rights, but failed to have an effect on the number of successful R&D activities and successfully commercialized technologies. Additionally, the parameter estimates of the number of researchers (NRES) are positively signed and statistically significant, indicating that more researchers produced better R&D performance. <Table 10> presents the estimation results for the business performance model. In <Table 10>, as expected, the parameter estimates of the three R&D performance variables were always positively signed. In particular, they were statistically significant when sales per employee (SPE) and operating income per employee (OIPE) were used as a dependent variable. This finding shows that better R&D performance resulted in higher labor productivity. The results, however, did not confirm the positive effect of R&D performance on profit margin ratio (PMR). Similar to the previous result, many independent variables had a statistically insignificant parameter estimate. In summary, the empirical results did not reject the two hypotheses. Government subsidies contributed to better business performance through their impact on the R&D performance, especially their impact on the number of intellectual property rights. The empirical results provided some public policy implications. First of all, the results suggested the possibility that SMEs attempted to achieve only their short-term goals such as the increased number of intellectual property rights after receiving government subsidies. Clearly, the number of intellectual property rights itself cannot be regarded as the ultimate goal for SMEs` R&D activities. Thus, this behavior by SMEs may pose a serious threat to government R&D subsidy policies. Second, the results indicate that business performance of SMEs did not affect their R&D performance, implying that SMEs with good financial performance may not be involved in active R&D activities. This lack of R&D activity may prevent sustainable growth of SMEs.

정부 연구개발(R&D) 지원의 지속가능성에 관한 연구

홍희정,이병산 한국회계학회 2024 회계학연구 Vol.49 No.2

본 연구는 공공재적 특성을 지닌 정부 연구개발(R&D) 지원의 지속가능성을 확인하고자 하였다. 조세지출(재정지원)이라는 형태로 특정한 기업에 지원되는 정부 연구개발보조금은 공적자금이라는 성격을 지니고 있다. 이러한 정부 연구개발보조금은 기업에게는 암묵적으로 사회에 환원해야 할 부채로 인식되어 ESG와 기업의 사회적 책임(CSR)을 통해 지속가능성을 높이게 되는 것이다. 이를 검증하고자 2012년부터2021년까지 유가증권시장에 상장된 비금융권 기업을 대상으로 정부 연구개발보조금을 지원받은 기업의 지속가능성에 미치는 영향을 다각도로 분석하였다. 연구결과를 살펴보면 다음과 같다. 첫째, 정부 연구개발보조금을 지원받은 기업은 기업의 지속가능성을 높이는 것으로 나타났다. 이는 조세수입을 재원으로 지출되는 정부 연구개발보조금을 지원받은 기업은 사적 이익추구에만 국한하지 않고, 공공으로부터 받은조세혜택을 사회에 환원하고자 지속가능경영을 실천하고 있다는 것을 의미한다. 둘째, 정부 연구개발보조금을 지원받은 기업의 경우 기업의성과(매출액증가율, 기업가치)가 증가할수록 그렇지 않은 기업에 비해 기업의 지속가능성에 모두 양(+)의 관련성을 보여주었다. 이는 정부의시의적절한 재원 분배를 통해 연구개발보조금의 효율이 높아질 때 즉, 연구개발보조금의 혜택을 받은 기업의 재무적 여건이 향상될 경우 기업은 지속가능성을 더욱 높이며 사회⋅환경에 긍정적인 파급효과를 미친다는 것을 시사한다. 셋째, 연구개발단계의 분류기준에 따라 분석한결과, 정부의 연구개발보조금을 지원받은 기업 중 개발연구 단계에 속한 기업의 경우 기업의 ESG 및 CSR활동을 모두 증가시킴으로써 지속가능성을 높이는 것으로 나타났다. 이는 개발연구 단계 기업의 경우 이미 연구개발이 성과로 실현되었거나 개선된 성과가 구체화된 상태이므로불확실성이 일정 부분 해소되어 기업의 지속가능성이 증가하고 사회적으로 순기능의 역할을 하게 되는 것이다. 추가적으로 정부 연구개발보조금이 장기적으로 지속가능성에 미치는 영향을 살펴보고자 시차를 달리하여 분석을 실시하였다. 분석결과, 전기(t-1)에 정부 연구개발보조금을 지원받은 기업뿐만 아니라 전전기(t-2)에 보조금을 지원받은 기업까지도 당기(t)에 기업의 지속가능성을 높이는 것으로 나타났다. 이는 정부연구개발보조금을 지원받은 당해 연도뿐만 아니라 지원받은 2년 이후까지도 기업은 사회적 책임을 다함으로써 지속가능성에 긍정적인 영향을 미치고 있음을 보여주는 결과이다. 이하 본 연구의 공헌점은 다음과 같다. 기존의 선행연구가 정부의 연구개발(R&D) 지원이 기업의 자체연구개발투자에 미치는 영향에 집중하였다면 본 연구는 정부의 연구개발(R&D) 지원이 기업의 ESG 및 CSR활동을 통해 지속가능성에 미치는긍정적인 파급효과를 확인하였다는 점에서 연구적 차별점과 정책적 시사점을 제공한다. This paper investigates the sustainability o f govern ment research and develop ment(R&D) subsidies. The main results are as follows. First, fir ms that receive govern ment R&D subsidies increase sustainability. This means that firms that receive govern ment R&D subsidies based on taxes go beyond si mply pursuing private pro fit and practice sustainable manage ment through Environ mental, Social and Governance and corporate social responsibility, and have a positive i mpact on society. Second, in the case of firms that received government R&D subsidies, the higher the sales growth rate or firm value, the more positively related to corporate sustainability co mpared to firms that did not receive govern ment R&D subsidies. This means that when a fir m that receives govern ment R&D subsidies increases its performance and growth potential, its financial and econo mic co mpetitiveness is satis fied, sustainability increases, and it has a positive ripple effect on society and the environment. Third, as a result o f analysis by type o f R&D, a mong fir ms that received govern ment R&D subsidies, only fir ms in the experi mental develop ment increase sustainability. This means that in the case o f firms in the experimental development, some of the R&D has already been achieved, or the i mproved results have materialized, resolving so me o f the uncertainty, increasing sustainability, and playing a positive role in society. While existing studies have focused on the i mpact o f govern ment R&D subsidies on corporate R&D invest ment, this study provides a contribution in that it con firms the positive effect of govern ment R&D subsidies on sustainability through Environ mental, Social and Governance and corporate social responsibility.

International R&D Rivalry with Spillovers and Policy Cooperation in R&D Subsidies and Taxes

Pei-Cheng Liao 한국국제경제학회 2007 International Economic Journal Vol.21 No.3

We have investigated noncooperative and jointly optimal R&D policies in the framework of Spencer and Brander (1983) in the presence of R&D spillovers. When R&D activities are strategic substitutes and the R&D game exhibits a positive externality, the result of Spencer and Brander (1983) reverses: the noncooperative policy is a tax while the jointly optimal policy is a subsidy. Moreover, when R&D activities are strategic complements, the usual result of the prisoners dilemma in the strategic subsidy game does not hold, implying that a welfare intervention is preferable over laissez-faire. When spillovers are sufficiently large, the joint welfare increases with subsidies being higher than those under noncooperation.JEL classification: F13; L13

중국 정부의 보조금이 하이테크 기업의 R&D 투자에 미치는 영향 : 내·외부 투자자 지분율의 조절효과를 중심으로

류우함,이은화,민지홍,유재욱 한국생산성학회 2020 生産性論集 Vol.34 No.4

Diversifying consumer needs based on rapid change in technology, reducing product life cycle and easing trade barriers have strengthened the importance of R&D investment for the competitiveness of Chinese companies. The importance of R&D investment in high-tech industries was recognized not only at the firm level but also at the national level. However, an innovation requires a lot of money and time. Thus, unlike state-owned firms which are invested by state-owned institutions or by ministries, state-owned and private firms have not been active in R&D investments. The Chinese government has implemented various support policies, including tax exemptions, loans and subsidies, to intensify companies' R&D activities for innovation-driven growth. In particular, the government implements many subsidies policies for high-tech companies. In addition, Chinese companies have been transformed into modern firms with separate ownership and management since the government adopted a policy to privatize state-owned enterprises. China's stock market has grown rapidly. Ownership structures of many Chinese companies have been changed. The equity ratio of various internal and external investors has become an important factor affecting the strategic decision-making of firms. However, there are not many researches that analyze the impact of equity ratios of various internal- and external-investors of privatized Chinese companies on the corporate strategic decision-making process. Thus, this study is designed to analyze the effect of government subsidies on R&D concentration (R&D cost/sales) of high-tech companies of China, and the moderating effect of internal and external investors' equity ratios on this relationship. According to the findings, R&D concentration of Chinese high-tech companies increases when the ratio of government subsidies to total assets is low, while it decreases when the ratio of government subsidies to total assets is high. The findings were also shown that the CEO's equity ratio strengthens the positive relationship between government subsidies and R&D concentration when the ratio of government subsidies is not high, while strengthening the negative relationship between government subsidies and R&D concentration if the ratio of government subsidies increases above a certain level. In addition, they reveal that the institutional investor's equity share mitigates the slope of inverse U-shaped relationship between government subsidies and R&D concentration. However, the foreign investor's equity ratio has no statistically significant impact. The findings provide the theoretical implications that research on agent problems that may arise in relations between the government and the companies should be done from various perspectives that have been presented in the agency theory to increase the effectiveness of government subsidies for innovation of companies. In addition, they provide the implication for policy makers for the need to set and manage appropriate levels for subsidies in advance to enhance the innovation capabilities of high-tech companies. Finally, for practitioners the findings imply that the CEO's opportunistic behavior on government subsidies needs to be managed using internal control systems based on the equity rates of the CEO and institutional investors.

정부 연구개발 보조금의 기업자체 R&D투자에 대한 효과 분석

최석준(Choi Seokjoon),김상신(Kim SangShin) 한국기술혁신학회 2007 기술혁신학회지 Vol.10 No.2

이 논문은 2000년 이후 R&D분야의 정부 연구개발 직접보조금이 기업의 연구개발 투자를 진작 또는 대체 시키는지 여부 및 기업유형별 정부의 보조금 효과가 달라지는가에 대해 Difference-in-Differences (DID) 모형을 이용하여 실증적으로 분석하였다. 그 결과 정부의 연구개발 보조수혜는 기업 연구개발 투자를 평균적으로 13.9% 증가시키는 보완적 효과가 있는 것으로 나타났으며, 보조금의 액수가 1% 증가할 때 기업의 자체개발 연구비는 평균적으로 0.031% 증가하는 것으로 나타났다. 기업유형별로는 대기업의 경우 보다 강력한 보완효과가 나타났으나 벤처기업이나 중소기업의 경우는 정부보조금지원이 연구개발비 확대를 초래했다는 실증적 증거를 발견하지 못하였다. This study attempts to empirically investigate the effects of government R&D subsidies on private firm's R&D investment in Korean industry. The R&D subsidy effect is defined as the average percentage change in firm's R&D expenditures between what was actually observed among firms that received a subsidy and what these firms would have spent had the subsidy not been received. To measure the effect we use Difference-in-Differences (DID) model which sign as to whether the relationship between government subsidies and private R&D investments is on stimulating or displacing private R&D expenditures. The differences between this study and previous studies are that we tries to measure the effect of Government R&D across various sized firm groups such as large, small & medium, and venture firms and we add one lag of the subsidy indicator in order to capture the effect of the subsidies on private R&D during 2 consecutive period. Empirically, a firm with government R&D subsidy increases its own R&D investment by 13.9%. Also on average, 1% of government R&D subsidy leads to 0.031% of private R&D increase. The main results of this study are as follows : First, Government R&D subsidies stimulate private firm's R&D expenditures. Second, Government R&D subsidies greatly increase (statistically significant) company financed R&D expenditures only for large firms but had no effect on the R&D expenditures of small & medium sized firms and venture firms.

중국의 농업 R&D 투자 및 농업환경보조금이 농업생산과 소득에 미치는 구조적 파급효과

김림,이기성 경희대학교(국제캠퍼스) 국제지역연구원 2020 아태연구 Vol.27 No.1

Research and Development (R&D) investment in the agriculture has contributed not only to agriculture but also to economic growth across the country. In particular, it became the basis for national economic growth by providing labor to other industries through increased productivity of the agricultural sector. The importance of R&D in the agricultural sector is also being emphasized in preparation for the fourth industrial revolution, which has been highlighted recently. Agricultural R&D is directly related to the fourth industrial revolution in agriculture that utilizes big data, robots, artificial intelligence, and clouds. On the other hand, subsidies are considered the most widely used policy means. These subsidies affect domestic resource allocation, income distribution structure, and expenditure productivity regardless of specific policy areas, and also affect international competitiveness between trade and economic entities. The purpose of this paper is to examine the dynamic analysis of variables by establishing a quantitative model in terms of agricultural environment subsidies that represent the government’s role and agricultural gross agricultural product in light of the importance of R&D investment in Chinese agriculture. In conclusion, the agricultural R&D investment and agricultural environmental subsidies not only have a long-term positive effect on agricultural income, but also increase the agricultural income positively affect the level of agricultural mechanization. In other words, today’s agriculture is transforming into a science and technology-oriented agriculture, unlike the past resource-oriented agriculture, and agricultural technology will act as a catalyst that can replace the scarce resources that are obstacles to agricultural growth with abundant resources. 본 연구의 목적은 중국의 농업 R&D 투자와 농업환경보조금이 농업 총생산과 농업 1인당 소득에 미치는 동태적 파급효과를 분석하는 데 있다. 본 연구의 분석결과를 요약하면 다음과 같다. 첫째, 중국의 농업 R&D 투자 충격에 대한 각 변수들의 반응은 정(+)의 관계로 나타났으며, 분산분해결과 농업 R&D 투자는 농업 1인당 소득보다는 농업 총생산에 상대적으로 더 크게 영향을 미치는 것으로 나타났다. 둘째, 중국의 농업환경보조금 충격에 대한 각 변수들의 반응은 정(+)의 관계로 나타났다. 그리고 분산분해결과 농업환경보조금 또한 농업 총생산과 농업 1인당 소득에 영향을 미치고 있는데 상대적으로 농업 1인당 소득에 더 크게 영향을 미치는 것으로 나타났다. 셋째, 중국의 농업 R&D 투자와 농업환경보조금이 농업 총생산과 농업 1인당 소득에 미치는 파급효과를 3변수 모형으로 구분하여 분석한 결과 농업 R&D 투자와 농업환경보조금의 충격은 농업발전에 긍정적으로 영향을 미치는 것으로 나타났다. 한편, 농업 R&D 투자는 농업 총생산에 더 큰 영향을 미치고 있으며, 농업환경보조금은 농업 1인당 소득에 더 큰 영향을 미치는 것으로 나타났다.

세미나 1 : 우리나라 정부 및 국방 R&D 사업의 WTO 보조금 적용여부에 관한 연구

박진성 ( Jin Sung Park ),박상길 ( Sang Gil Park ) 국제지역학회 2007 국제지역학회 춘계학술대회 Vol.2007 No.-

본 연구는 WTO체제하 정부 및 국방 R&D 사업의 WTO보조금 적용여부를 분석하는 것을 목적으로 하였다. 이를 위해 보조금 관련 WTO 규정과 논의 동향을 살펴 보고 보조금관련 통상마찰 현황을 분석하였다. 그리고 우리나라 정부 및 국방 R&D 사업 내용을 분석하고 그 지원사업의 WTO 규정에 따른 보조금 적용여부를 분석하였다. 본 연구의 결과가 한국경제에 주는 정책적 시사점은 다음과 같다. 첫째, 기본적으로 우리나라 정부 R&D 지원 및 국방 R&D 사업 수행시 정부출연금 형태외에 다른 형태의 지원조치를 강구하는 것이 필요하다. 둘째, 보조금으로 인정된다 하더라도 WTO보조금 협정상 특정성 없는 허용 보조금으로 인정받기 위해서는 특정성 요건의 적용이 배제되도록 정부 및 국방 R&D 사업을 운영하는 것이 요구된다. 셋째, WTO 보조금협정을 정확하게 해석하고 이해하는 것이 중요하다. 넷째, DDA 협상에서 적극적으로 대처하는 것이 중요하다. The purpose of this study is to analyze if government R&D and defense R&D projects of Korea are conflicted WTO agreement on subsidies. For this purpose, this study analyzed WTO agreement on subsidies and trade friction related WTO subsidies. Also, this study researched government R&D and Defense R&D projects of Korea. Based on the results of this study the researcher make suggestions as follows concerning Korean economic policies. First, Korean government should consider other support measures besides government donation in the government R&D and Defense R&D projects of Korea. Second, Korean government should operate government R&D and Defense R&D projects so that "specificity" condition may not apply. Third, we should exactly understand and interpret WTO agreement on subsidies to prevent WTO subsidies application of government R&D and Defense R&D project. Finally, it is important to insist on our opinions at Doha Development Agenda negotiation

제조 벤처기업의 혁신에서 R&D 보조금의 투입 및 행동 부가성(Additionality) 효과: 대기업 매출비중의 조절효과를 중심으로

김건식 한국중소기업학회 2019 기업가정신과 벤처연구 Vol.22 No.1

This study analyzed the additionality effect of government R&D subsidy on manufacturing venture firms and the moderating effect of the dependence on large firms on the relationship between R&D subsidy and inputs and behavioural additionality. The analysis using the survey data of venture firms from 2011 to 2016 confirmed that venture firms received government R&D subsidies significantly increased the ratio of R&D expenses to sales on average compared to those that did not receive R&D subsidy. In addition, venture firms that received government R&D subsidies significantly increased the ratio of R&D staffs with advanced degrees and the scope of partnerships with external organizations compared to those that did not receive government R&D subsidies. In other words, R&D subsidies have significant input and behavioural additionality effects so that R&D investment, R&D staffs with advanced degrees, and the range of partnerships with external organizations of venture firms increases more than those when they do not receive R&D subsidies. On the other hand, this study confirmed that the sales dependence ratio of venture firms on large firms negatively moderated the relationship between R&D subsidy and input and behavioural additionality. The results suggest that the government R&D subsidy for venture firms with an excessive level of dependence on large firms may become invalid because the positive effects of R&D subsidy on the venture performance are reduced as the level of dependence on large enterprises become higher. 본 연구는 제조 벤처기업에서 정부 R&D 보조금의 투입 및 행동 부가성 효과, 그리고 R&D 보조금과 투입 및 행동 부가성의 관계에서 대기업 매출의존도의 조절효과를 분석하였다. 2011년~2016년까지의 벤처기업 정밀실태조사 원자료를 이용하여 분석한 결과, R&D 보조금을 수급한 기업은 수급하지 않은 기업에 비해 매출액 대비 R&D 비용의 비율이 평균적으로 증가함을 검증하였다. 또한 정부 R&D 보조금을 수급한 기업은 벤처기업의 석사 이상 R&D 인력의 비율과 외부 조직과 협력/제휴의 범위가 수급하지 않은 기업에 비해 상당히 증가함을 확인하였다. 즉, 정부의 R&D 보조금을 수급한 기업은 수급하지 않았을 경우보다 R&D 투자를 늘리고, 고급 R&D 인력 비율을 높이며, 외부 조직과 협력관계가 증가하므로 R&D 보조금의 투입 및 행동 부가성 효과를 실증하였다. 한편, 본 연구는 대기업 매출의존도가 높을수록 R&D 보조금과 부가성 간의 긍정적인 관계를 상쇄시키고 있음을 확인하였다. 이 결과는 대기업의 매출의존도, 또는 전속성이 일정 수준 이상인 벤처기업에 대한 정부의 R&D 보조금 지원은 해당 기업의 투입 및 행동 부가성에 미치는 긍정적인 효과가 오히려 줄어들므로 정부지원의 타당성이 무력화될 수 있음을 시사한다.

The Choice of Trade Policy in an International Differentiated Duopoly with Process R&D Investment under Uncertainty

Il-Seok Yang(Il-Seok Yang) The International Academy of Global Business and T 2022 The International Academy of Global Business and T Vol.18 No.5

Purpose - The purpose of this paper is to investigate equilibrium pairs of modes of government intervention in an international differentiated duopoly with process R&D investment under uncertainty. Governments in each of the two countries choose direct R&D investment and quantity controls, or R&D subsidies to shift profits towards domestic firms. Design/Methodology/Approach - For the analysis, we extend the model of Haaland and Kind (2008) to that with uncertainty and consider direct R&D investment and quantity controls besides R&D subsidies. Firms in each of the two countries produce differentiated products and governments in each compete via direct R&D investment and quantity controls, or R&D subsidies in a third-country market. In environments with low, high, and intermediate uncertainty, equilibrium pairs of modes of government intervention are examined. Findings - It is shown that (i) in an environment with low uncertainty, direct R&D investment and quantity controls by each government is a unique equilibrium if the goods are substitutes and not too close, and R&D subsidies by each government is a unique equilibrium if the goods are complements and not too close; (ii) in an environment with high uncertainty, R&D subsidies by each government is a unique equilibrium regardless of the nature of the goods, except in the cases of too close substitutes and complements; and (iii) in an environment with intermediate uncertainty, R&D subsidies by each government is a unique equilibrium if the goods are complements and not too close. Moreover, in an environment with intermediate uncertainty, there are two symmetric equilibria if the goods are substitutes and not too close and there are two asymmetric equilibria if the goods are substitutes and very close. Research Implications - By analyzing the effects of direct R&D investment and quantity controls, and R&D subsidies in international markets under uncertainty, we can expect which government intervention appears in equilibrium.