기업의 R＆D 투자 결정요인 분석 - 준모수적 추정법을 적용하여 -

Analysing the Determinants of Company R＆D Investment Using a Semi-parametric Estimation Method

The purpose of this paper is to analyze the determinants of company R＆D investment with zero observations by using the data of R＆D Scoreboard published by Ministry of Science and Technology(2002). Conventional parametric approach to dealing with zero investments is not robust to heteroscedastic and/or non-normal error structure. Thus, this study applies symmetrically trimmed least squares(STLS) estimation as a semi-parametric approach to dealing with zero R&D investments. The result of specification test indicates the semi-parametric approach outperforms the parametric approach significantly. Moreover, the results of the study provide various implications as summarized below. The R&D investment of IT company is larger than that of non-IT company. The R&D investment has a positive relation to foreigners' investment ratio. The higher degree of financial self-reliance is, the larger the R&D investment is. Firm size variables such as sales amount and the number of workers are positively related to R&D investment. The sales elasticity of R&D investment is larger than one. However, the workers elasticity of R&D investment is smaller than one.