고성장기업의 결정요인에 관한 연구: 기술평가지표를 중심으로

김성태,홍재범 기술경영경제학회 2015 Journal of Technology Innovation Vol.23 No.3

본 연구는 기술보증기금의 기술평가자료를 활용하여 고성장기업의 결정요인에 대하여 분석하였다. 본 연구가 기존 연구와 다른 점은 3가지이다. 첫째, 현재 고성장 기업이 아닌, 향후 고성장기업으로 성장할 기업의 결정요인을 분석하였다. 둘째, 고성장기업을 매출 과 고용 2가지 측면에서 각각 구분하여 분석하였다 즉, 매출증가와 고용창출에서 모두 고성 장을 달성한 경우, 고용창출 측면에서는 고성장을 기록했지만 매출증가 측면에서는 저성장인 경우, 그리고 매출증가만 고성장을 달성하고 고용창출은 저성장을 기록한 경우의 세 가지 유 형으로 구분하여 분석하였다. 셋째, 기술보증기금 기술평가모형(KTRS)의 기술평가지표를 설명변수로 적용하였다. 분석결과, 기술의 수명주기상 위치가 적절하고 기술의 완성도가 높을 경우에는 향후 매출 과 고용이 모두 고성장하고 있다. 기술인력관리가 잘 되는 기업은 고용측면에서는 고성장을 하지만 매출측면에서는 오히려 저성장하고 있다. 이러한 결과는 고용고성장기업이 주로 기 술인력관리가 중요한 하이테크산업에서 발생될지도 모른다는 추론을 가능케 한다. 이에 하 이테크산업 여부를 나타내는 더미변수를 추가하여 분석한 결과, 하이테크산업에 속한 기업은 고용고성장의 가능성이 높은 것으로 나타나 이러한 추론을 뒷받침하는 결과를 보였다. This study analyzed the determinants of high-growth firms using the technology appraisal data of the Korea Technology Finance Corporation. This study is differentiated from previous studies for three reasons. First, it analyzed the determinants of firms that will grow into high-growth firms in the future, not the characteristics of current high-growth firms. Second, it analyzed high-growth firms by dividing them in two aspects: sales and employment. In other words, they were divided into three types: the case in which a firm achieves high growth in both sales increase and creation of jobs, the case in which a firm achieves high growth in creation of jobs but low growth in sales increase, and the case in which a firm achieves high growth in only sales increase but low growth in creation of jobs. Third, this study applied the technology appraisal indicators of Kibo Technology Rating System(KTRS) by the Korea Technology Finance Corporation as the explanatory variable. As a result of analysis, it was found that a firm achieved high growth in both sales and employment if the position in the technology life cycle was appropriate and the technology readiness level was high. However, it turned out that the management system of technical manpower had conflicting effects on high growth of employment and sales. In other words, a firm that had well managed its technical manpower achieved high growth in terms of employment, but rather showed low growth in terms of sales. This result suggests the inference that firms showing high growth in employment may appear mainly in the high-tech industry where management of technical manpower is important. Accordingly, as a result of adding dummy variables that represent whether or not firms are in the high-tech industry, it was found that the result supported the inference, as firms in the high-tech industry were highly likely to achieve high growth in employment.

고성장기업의 혁신활동 및 혁신성과에 관한 연구 : 국내 제조기업을 대상으로

이병문(Byeongmun Lee),이혁(Hyeok Lee),오승환(Seunghwan Oh) 한국혁신학회 2022 한국혁신학회지 Vol.17 No.2

코로나 19 팬데믹으로 인해 글로벌 경제가 급격히 악화된 상황에서 빠른 경기 반등과 경제 성장, 일자리 창출 등이 중요한 이슈로 떠오르고 있다. 이러한 가운데 경제성장과 일자리 창출에 기여도가 큰 고성장기업에 대한 관심이 다시금 커지고 있다. 고성장기업은 매출액과 고용증가에 있어서 높은 성장을 보이는 기업들로, 기존의 연구들은 대부분 고성장기업이 고용창출 등의 국가 경제 발전에 미치는 영향들을 살펴보고 있다. 본 연구에서는 기업 성장 관점이 아닌 혁신 관점에서 고성장기업의 특성을 살펴보고자 한다. 즉, 국가 경제 발전의 주체 역할을 담당하고 있는 고성장기업들이 혁신 관점에서도 그 역할을 수행하고 있는가를 살펴보는 것이 본 연구의 주요 목적이다. 이를 위해 본 연구에서는 기업재무데이터를 바탕으로 구축한 고성장기업 DB와 국가승인 통계인 한국기업혁신조사(KIS)를 결합한 통합데이터를 구축하여 고성장기업의 혁신활동 및 혁신성과를 살펴보았다. 특히, 고성장기업이 갖는 기업 특성으로 인해 발생하는 선택편의 문제를 해결하고자 매칭방법론 중 하나인 성향점수매칭(PSM)을 활용하여 고성장기업과 유사한 특성을 갖는 쌍둥이 기업과 비교분석을 수행하였다. 분석 결과를 살펴보면, 첫 번째로 고성장기업은 유사한 기업 대비 더 많은 혁신성과(상품혁신성과, BP혁신성과)를 만들어 내고 있는 것으로 나타났다. 두 번째로는 협력 활동 수행과 R&D 유형 관련해서는 고성장기업과 유사한 기업 사이 통계적으로 유의한 차이가 나타나지 않았음을 알 수 있었다. 마지막 세 번째로 코로나-19에 관련하여 혁신활동 변화를 따져본 분석에서는 고성장기업들이 유사한 기업 대비 ‘새로운 혁신활동을 수행하는 비중’이 통계적으로 유의하게 높게 나타나고 있음을 확인할 수 있었다. 이러한 결과를 바탕으로 고성장기업에 대한 체계적인 모니터링 및 분석, 고성장기업 육성을 위한 정책 지원 및 제도적 기반 마련 등의 정책적 시사점을 제시하고자 한다. With the global economy rapidly deteriorating due to the COVID-19 pandemic in recent years, rapid economic rebound, economic growth, and job creation are emerging as important issues. Among them, interest in high-growth companies that contribute greatly to economic growth and job creation is growing again. High-growth companies refer to companies with very high growth potential in sales and employment growth, and most of the existing studies examined the effects of high-growth companies on national economic development. This study aims to examine the characteristics of high-growth companies from the perspective of innovation, not from the perspective of corporate growth. In other words, the main purpose of this study is to examine whether high-growth companies that play a important role in terms of national innovation capability. To this end, this study looked at innovation activities and performance of high-growth companies by constructing integrated data that combines high-growth company DB and the Korea Enterprise Innovation Survey (KIS), a national approval statistic. In particular, in order to solve the problem of selection bias problem caused by the characteristics of high-growth companies, comparative analysis was performed with twin companies with similar characteristics to high-growth companies using propensity score matching (PSM). Looking at the analysis results, first, it was found that high-growth companies are creating more innovation performance (product & BP innovation performance) than similar companies. Second, it can be seen that there was no statistically significant difference between high-growth companies and similar companies regarding R&D activities and cooperation. Lastly, the third analysis examining changes in innovation activities related to COVID-19 confirmed that high-growth companies showed a statistically significant percentage of performing new innovation activities compared to similar companies. Based on these results, we can find that it is necessary to systematically monitor innovation activities of high-growth companies, secondly, systematic support for fostering high-growth companies, and thirdly, prepare various institutional devices to increase the spillover effect of the innovation capabilities of high-growth companies.

고용없는 고성장 기업의 특성 및 결정요인

심형섭,김성태 한국자료분석학회 2019 Journal of the Korean Data Analysis Society Vol.21 No.4

This study analyzed the characteristics and determinants of jobless high-growth firms. According to the analysis, the average annual sales growth rate of jobless high-growth companies reached 36.45 percent over the three-year period, while the average annual employment growth rate was only –7.32 percent. In general, high-growth companies are known to have high job creation effects, but jobless high-growth companies are showing reduced employment. Logistic regression was performed to analyse the determinants of jobless high-growth companies. The analysis found that small business size, slow growth speed of net income, low level of ROA, low cash flow generation, and high dependence on borrowing were the determinants for jobless high-growth companies. Previous studies have reported the result of high growth of technology-innovative companies with high R&D expenditure rate. Accordingly, R&D intensity was added as an explanatory variable to analyze the case of jobless high-growth firms. The analysis shows that companies with high R&D intensity and high profitability at the same time are likely to be job creative high-growth companies. Finally, we looked at the effects of differences in innovation by industry on job creation. The analysis shows that companies belonging to the service industry are unlikely to become jobless high-growth companies. 본 연구는 외감이상 비금융기업을 대상으로 고용없는 고성장기업의 특성 및 그 결정요인에 대하여 분석하였다. 분석결과, 고용없는 고성장기업의 3년간 연평균 매출성장률은 36.45%에 달하는 반면, 연평균 고용성장률은 -7.32%에 불과하여 고용없는 고성장기업의 경우에는 오히려 고용감소효과를 보이는 것으로 나타났다. 고용없는 고성장기업 여부를 종속변수로 한 로지스틱 회귀분석을 실시한 결과, 기업규모가 작으면서, 순이익의 성장속도가 낮고, 수익성인 총자산영업이익률이 낮으며, 부채대비 현금흐름의 규모가 작을수록, 그리고 차입금의존도가 높을수록 미래에 고용없는 고성장기업이 될 가능성이 높은 것으로 나타났다. 기존의 선행연구들은 연구개발지출비율이 높은 기술혁신형 기업이 고성장한다는 결과를 보고하고 있다. 이에 따라 연구개발집중도를 설명변수로 추가하여 고용없는 고성장기업의 경우 어떠한지를 분석하였다. 분석결과, 연구개발집중도만으로는 고용없는 고성장기업과 고용있는 고성장기업을 명확하게 구분하기는 힘든 것으로 나타났다. 수익성을 추가하여 연구개발집중도가 높은 기업 중 수익성까지 확보한 기업을 선별해야만 고용있는 고성장기업일 가능성이 높은 것으로 나타났다. 마지막으로 서비스산업더미변수를 설명변수로 추가하여 기술혁신의 산업별 차이가 고용창출에 미치는 효과를 살펴보았다. 분석결과, 서비스산업에 속한 기업의 경우에는 고용없는 고성장기업이 될 가능성이 낮은 것으로 나타났다.

서비스업 고성장기업의 혁신 특성에 관한 연구: 혁신활동과 혁신성과를 중심으로

이원빈,오승환 기술경영경제학회 2023 Journal of Technology Innovation Vol.31 No.4

With the arrival of the post-COVID-19 period, countries around the world are making various efforts with the aim of rapid economic recovery. In this respect, interest in high-growth companies is also continuously increasing because studies of various high-growth companies have proven their high contribution to national economic development and job creation. As such, studies related to existing high-growth companies emphasize the role of high-growth companies in the national economic dimension, especially in job creation. However, not many studies mention the role of high-growth companies from an innovation perspective. It emphasizes the importance of high-growth companies in the national economy by examining the impact on the economy and the share of high-growth companies in total sales. Accordingly, this study established integrated data by combining corporate financial data and the Korea Enterprise Innovation Survey (KIS, service sector) in 2021 by the Science and Technology Policy Institute(STEPI), and analyzed the innovation activities and innovation performance of high-growth companies using propensity score matching methodology. Looking at the analysis results, it was found that high-growth companies are creating more innovation performances through more diverse innovation activities than general companies. In particular, the fact that high-growth companies play a positive role in product innovation or business innovation outcomes can be interpreted by expanding the importance of high-growth companies that have been emphasized from the perspective of the national economy to the perspective of innovative growth. However, no difference could be found in R&D types or cooperative R&D between high-groth firms and general firms, indicating that the innovation capabilities of high-growth companies need to spread to general companies through strengthening cooperative R&D. Based on the above analysis results, this study aims to present implications such as the need to foster and monitor high-growth companies to strengthen national innovation capabilities, and the expansion of the spillover effect of innovation through incentives for cooperative activities of high-growth companies. 코로나 이후 시기가 도래하며 세계 각국은 빠른 경제 회복을 목표로 다양한 노력을 강구하고 있다. 이러한 측면에서 고성장기업에 관한 관심 역시 지속해서 높아지고 있는데, 지금까지 이루어진 다양한 고성장기업의 연구를 통해 국가 경제발전이나 고용 창출에 있어 고성장기업의 높은 기여도가 입증되었기 때문이다. 이처럼 기존 고성장기업 관련 연구의 경우 국가 경제 차원, 특히 고용 창출에 있어서 고성장기업의 역할을 강조하고 있다. 하지만, 혁신 관점에서 고성장기업의 역할을 언급하고 있는 연구는 많지 않다. 이에 본 연구에서는 기업 재무 데이터와 과학기술정책연구원의 2021년 한국기업혁신조사(KIS)(서비스업 분야)를 병합한 통합데이터를 구축하고 서비스업 고성장기업의 혁신 활동과 혁신성과에 대해 분석해보았다. 방법론 측면에서는 고성장기업이 갖는 특성으로 인해 발생할 수 있는 선택편의 문제를 해결하기 위해 성향점수매칭방법론을 활용하였다. 분석 결과를 살펴보면 서비스업 고성장기업은 일반기업 대비 더 다양한 혁신 활동을 통해 더 많은 혁신성과물을 창출하고 있는 것으로 나타났다. 특히, 상품혁신이나 비즈니스 혁신성과물 창출에 있어서 고성장기업이 긍정적인 역할을 한다는 것은 기존 경제·사회적 관점에서 강조되어오던 고성장기업의 중요성을 혁신성장 관점으로 확대하여 해석할 수 있는 결과이다. 다만, 연구·개발 유형이나 협력 R&D에서는 일반기업과 차별점을 찾을 수 없었는데, 이는 협력 연구·개발 강화를 통해 고성장기업이 보유한 혁신역량이 일반기업자들에게 파급될 필요가 있음을 보여주는 결과이다. 이상의 분석 결과를 바탕으로 본 연구에서는 국가 혁신역량 강화를 위한 고성장기업 육성과 모니터링의 필요성, 고성장기업의 협력 활동 유인 통한 혁신의 파급효과 확대 등의 시사점을 제시하고자 한다.

코스닥 상장 기업의 혁신성과가 재무분석가 예측치에 미치는 영향

이기세,안미강 한국세무학회 2024 세무와 회계저널 Vol.25 No.1

As the economic situation begins to improve after COVID-19, interest in job creation and economic recovery is increasing. Accordingly, this study aims to verify how information users evaluate high-growth firms that show high growth in sales and employment. High-growth firms that create innovation performance can be highly desirable for investment due to their rapid growth rate and high performance reports. Additionally, investors become interested in highgrowth firms that show innovative performance. Investors demand information, and financial analysts announce forecasts for high-growth firms based on these investors’ demands. Therefore, verifying the relationship between high-growth firms and financial analyst forecasts can provide an opportunity to determine how users of external information reflect innovation performance in investment decisions. We also examined whether intangible assets affect financial analyst forecasts of high-growth firms. The sample firms are those listed on the KOSDAQ from 2011 to 2019, and the proxy for innovation performance was measured by whether or not they were selected as high-growth firms announced by the STEPI. As a result of analyzing the effect of the selection of high-growth firms and intangible assets on financial analysts forecasts, the forecast bias of financial analysts for high-growth firms was small and accuracy was high. It was confirmed that in high-growth firms, the intangible assets in high-growth firms, the greater the forecast bias and the lower the accuracy. These analysis results indicate that investors interested in high-growth firms should make decisions by considering the feasibility of research and development activities.

기업별 거시경제 민감도를 반영한 고성장기업 예측

김성태 한국금융공학회 2023 금융공학연구 Vol.22 No.2

This study explores the predictability of high-growth firms through a model that incorporates the sensitivity of firm-specific macro variables. High-growth firms were measured by CAGR, which is relative growth, and Birch measure, which combines relative and absolute growth. We used sales as a measure of growth, technology evaluation variables and financial ratios, which are internal factors, and macroeconomic variables, which are external factors, as explanatory variables for the high-growth company prediction model. In particular, a hazard model that can reflect the macroeconomic sensitivity of each company was introduced and utilized in the analysis. The results show that the most significant technology evaluation variable in all analyses is technology. The estimated coefficient of technological quality is statistically significant and positive, indicating that a firm’s efforts in technological innovation and accumulated capabilities improve the likelihood of high growth. The interaction term of technology with macroeconomic variables is also statistically significant. This suggests that technology plays a role as a mediator of firm-specific macroeconomic sensitivity. This study also analyzes the net job creation effect of firms by comparing high-growth and non-high-growth firms. The results show that high-growth firms based on relative growth (CAGR) employed an average of 11.74 people per firm over the three-year period, while high-growth firms based on mixed growth (Birch measure) employed an average of 15.03 people per firm over the same period, indicating that Birch measure is a superior methodology for analyzing job creation effects. These results, coupled with the relatively high ROC value of the Hazard model using the Birch measure, suggest that the high-growth forecasting model with firm-specific macroeconomic sensitivity introduced in this study may be more effective in analyzing high-growth firms associated with job creation effects. 본 연구는 기업별 거시변수 민감도를 반영한 모형을 통해 고성장기업의 예측 가능성을 탐색하였다. 고성장 기업은 상대적 성장인 CAGR과 상대적 성장과 절대적 성장을 결합한 Birch measure를 통해측정하였다. 성장성 측정변수로는 매출액을, 고성장기업 예측모형의 설명변수로는 기업의 내부요인인기술평가변수와 재무비율, 그리고 기업의 외부요인인 거시경제변수를 적용하였다. 특히 기업별 거시경제민감도를 반영할 수 있는 해저드모형을 도입하여 분석에 활용하였다. 분석 결과, 모든 분석에서 유의한기술평가변수는 기술성인 것으로 나타났다. 기술성의 추정계수는 통계적으로 유의한 양(+)으로 나타나기업의 기술혁신에 대한 노력과 축적된 역량이 기업의 고성장 가능성을 향상시키는 것으로 분석되었다. 기술성은 거시경제변수와의 교호항에서도 통계적으로 유의한 결과를 보였다. 이를 통해 기술성이 기업별거시경제 민감도가 반영되는 매개체 역할을 수행하는 것이 아닐까 추측된다. 또한 본 연구에서는 기업별 순고용창출효과를 고성장기업과 비고성장기업을 대상으로 비교분석하였다. 분석 결과, 상대적 성장인 CAGR 기준 고성장기업은 3년동안 기업별 평균 11.74명을 순고용한 반면, 혼합 성장인 Birch measure 기준의 고성장기업은 동일 기간에 기업별 평균 15.03명을 순고용한것으로 나타났다. 즉 Birch measure가 고용창출효과를 분석하기에 더 우월한 방법론인 것으로 나타났다. 이러한 결과를 Birch measure를 적용한 해저드모형의 상대적으로 높은 ROC 수치와 연계할 경우, 본 연구에서 도입한 기업별 거시경제 민감도를 반영한 고성장예측모형이 고용창출효과와 연계된고성장기업을 분석할 때 더욱 효과적일 것으로 추측된다.

고성장기업의 연구개발활동과 인적자본에 의한 생산성 향상에 관한 연구

안수근 ( Soogeun Ahn ),윤지환 ( Jeewhan Yoon ),김영준 ( Youngjun Kim ) 한국생산성학회 2020 生産性論集 Vol.34 No.1

According to the endogenous growth theory by Romcer(Romer, 1986, 1990), the stock of knowledge by research and development(R&D) and human capital has an increasing marginal productivity and growth rate can be increasing over time, in contrast to the models where capital exhibits diminishing marginal productivity. In line with this, this paper examined the effect of R&D investment and human capital on firm growth, focusing on the sustainable growth of small and medium-sized enterprises(SMEs) and large firms. In this study, we first found the human capital influenced positively on the sales growth of high-growth SMEs and high-growth large firms. In particular, we found the human capital of high-growth SMEs more influenced on firm growth than that of high-growth large firms. Second, we also found the human capital influenced on the sales growth of high-growth SMEs and high-growth large firms that exceed the average of R&D intensity more positively than their counterparts that do not. In particular, we found the human capital of high-growth large firms that exceed the average of R&D intensity more influenced on firm growth than that of high-growth SMEs that exceed the average of R&D intensity. The results of this study have a important implication. Firms could expect learning effect of human capital from the R&D activities and that could help the firms grow continuously in both high-growth SMEs and high-growth large firms. One of the limitations of this study is the time lag between R&D activities(innovation) and their commercial success. However, it is expected that R&D activities(innovation) will indeed pay off on average in the long-term(Coad & Rao, 2008). In line with this, many previous studies include one-year time lag between innovation activities(R&D) and firm growth(e.g., Coad & Rao, 2008; Coad et al., 2016; García-Manjón & Romero-Merino, 2012). In particular, Coad et al.(2016) performed additional test in order to examine the relationship between the R&D and firm growth with longer time lag, and found the results are generally similar to the results of one-year time lag. We also analyzed longitudinal data and multiple industry to overcome this limitation, as previously suggested and tested(e.g., Davidsson & Wiklund 2006; García-Manjón & Romero-Merino, 2012; Liu et al. 1999; Weinzimmer et al. 1998; Yang & Huang 2005).

국내 고성장 ICT 서비스기업의 효율성에 관한 연구

박이숙,고대영 한국경영학회 2024 經營學硏究 Vol.53 No.2

The purpose of this study is to measure the change in productivity of high-growth ICT service companies before and after being selected as a high-growth company, and to analyze the causes of productivity change. For the purpose of this study, the subject of analysis was high-growth ICT service companies on the Science & Technology Policy Institute(STEPI) high-growth company list, and productivity changes were measured using the DEA-Malmquist model. The analysis period was from 2 years before the high-growth company selection to 2 years after the high-growth company selection based on the year of each company's high-growth company selection. As a result of the analysis, it was found that the average annual productivity increased during the entire analysis period (t-2~t+2). However, looking at each period, the average annual productivity was found to decrease after(t~t+2) it was selected as a high-growth company. It was confirmed that the reason for the decrease in efficiency after selection as a high-growth company was due to companies that were selected as high-growth companies whose efficiency decreased after selection. It was expected that the results of this study can be used to establish policies related to ICT service companies, to support high-growth companies, and to derive selection criteria guidelines.

고성장 중소기업의 동태적 특성 및 결정요인에 대한 실증연구: 산업특성을 중심으로

홍재범,김성태 한국자료분석학회 2016 Journal of the Korean Data Analysis Society Vol.18 No.2

본 연구는 외감이상 중소기업을 성장유형에 따라 ‘(1)매출·고용고성장’, ‘(2)매출고성장’, ‘(3)고용고성장’, ‘(4)매출·고용저성장’으로 구분한 후, 각 성장유형별 특성 및 결정요인을 분석하였다. 특성 분석결과, ‘(2)매출고성장’에 속한 중소기업의 수익성, 안정성, 현금흐름, 효율성이 매우 낮은 것으로 나타났다. 그리고 이러한 특성은 ‘(4)매출·고용저성장’보다도 더 낮은 것으로 나타났는데, 수익성, 안정성, 현금흐름, 효율성의 12개 재무지표 중 75%인 9개 지표값이 ‘(4)매출·고용저성장’보다 더 통계적으로 유의하게 낮게 나타났다. 성장결정요인에 대한 패널분석결과, 연구개발지출, 성장성, 안정성은 중소기업의 매출성장과 고용성장에 모두 양(+)의 영향을 미치는 반면, 수익성, 현금흐름, 효율성은 고용성장에만 양(+)의 영향을 미치고 매출성장에는 음(-)의 영향을 미치는 것으로 분석되었다. 그리고 하이테크산업에 속할 경우 매출과 고용의 성장성이 더욱 높을 것으로 예상되었다. In this paper, we divide SMEs into ‘(1) sales·employment high-growth’, ‘(2) sales high-growth’, ‘(3) employment high-growth’, ‘(4) sales·employment low-growth’ according to the types of growth and investigate the characteristics and determinants of high-growth SMEs. Characteristic analysis result shows that profitability, stability, and cash flow of SMEs belonging to ‘(2) sales high-growth’ are very low and, what is worse, lower than those of SMEs belonging to ‘(4) sales·employment low-growth’. To be specific about it, 9 financial ratios of ‘(2) sales high-growth’, 75% of the total financial ratios, are statistically and significantly lower than those of ‘(4) sales·employment low-growth’. According to the results of panel data analysis for determinants of high-growth SMEs, R&D expenditure, growth, and stability have the positive influences on both sales growth and employment growth, meanwhile profitability, cash-flow, and efficiency affect positively on only employment growth, and negatively on only sales growth. Finally, we find out that sales growth and employment growth of SMEs included in high-tech industries are higher than those of SMEs in non high-tech industries.

High-growth Firms in Korea and Some OECD countries: Trend, Issues and Policy suggestions

한상연,손병호 한국혁신학회 2018 한국혁신학회지 Vol.13 No.3

High-growth firms have a large effect of contributing to the creation of jobs. So in many countries including Korea and most of OECD countries, policies are established and implemented to nurture such high-growth firms. In this study, we compare and analyze the status of high-growth firms in OECD countries. We investigate the status of high-growth firms and compare support policies in some OECD countries including Korea. The results show that most of OECD countries are supporting the growth from identification stage of high-growth firms to growth stage. On the other hand, in Korea, there is no policy to identify and actively nurture to become a high-growth firm, but all policies were mainly aimed at firms that have become an high-growth firms. Through this analysis, we propose a policy improvement for supporting high-growth firms based on learning experience of ‘high growth’ for the future.