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      혁신형 중소기업의 사모주식발행이 R&D 투자에 미치는 영향 = Regular Researches : The Effect of Private Equity Financing on R&D Investment of Innovative Small and Medium Sized Enterprises

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      https://www.riss.kr/link?id=A99725705

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      다국어 초록 (Multilingual Abstract)

      In this paper, we analyse empirically the effect of private equity financing on R&D investment of innovative small and medium sized enterprises (SMEs) listed on Kosdaq Market of Korea Exchange. Korea Small and Medium Business Administration (SMBA) designates venture business, innobiz firms, and management innovative firms as innovative SMEs for policy purpose. The main results of this study can be summarized as follows. Private equity financing has a positive and significant effect on R&D investment, and cash asset change and working capital change have negative and significant effects on R&D investment. This implies that SMEs use part of private equity financing for current R&D investment, and hold remaining part of private equity financing as ‘precautionary’ cash asset and working capital until promising R&D investment opportunities will be found, and ultimately use large part of private equity financing for future R&D investment. However, private equity financing has a positive and significant effect on R&D investment of innovative SMEs, while it is insignificant for non-innovative ones. Moreover, private equity financing has a positive and significant effect on both asset-counted R&D investment and cost-counted R&D investment of innovative SMEs, while it is insignificant for non-innovative ones. Asset-counted R&D investment is counted as the intangible assets in the balance sheet, while cost-counted R&D investment is counted as the current expenses in the income statement. The intangible assets created by asset-counted R&D investment may act as an innovative driver that can have a greater multiplier effect on the firm value than the tangible assets. In conclusion, this paper shows evidence that SMEs use private equity financing to fund R&D investment in the existence of the asymmetric information. Moreover, innovative SMEs use more private equity financing to fund R&D investment than non-innovative ones. These findings suggest a new policy implication into how private equity financing can be particularly valuable to promote R&D investment of innovative SMEs such as venture business, innobiz firms, and management innovative firms.
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      In this paper, we analyse empirically the effect of private equity financing on R&D investment of innovative small and medium sized enterprises (SMEs) listed on Kosdaq Market of Korea Exchange. Korea Small and Medium Business Administration (SMBA) des...

      In this paper, we analyse empirically the effect of private equity financing on R&D investment of innovative small and medium sized enterprises (SMEs) listed on Kosdaq Market of Korea Exchange. Korea Small and Medium Business Administration (SMBA) designates venture business, innobiz firms, and management innovative firms as innovative SMEs for policy purpose. The main results of this study can be summarized as follows. Private equity financing has a positive and significant effect on R&D investment, and cash asset change and working capital change have negative and significant effects on R&D investment. This implies that SMEs use part of private equity financing for current R&D investment, and hold remaining part of private equity financing as ‘precautionary’ cash asset and working capital until promising R&D investment opportunities will be found, and ultimately use large part of private equity financing for future R&D investment. However, private equity financing has a positive and significant effect on R&D investment of innovative SMEs, while it is insignificant for non-innovative ones. Moreover, private equity financing has a positive and significant effect on both asset-counted R&D investment and cost-counted R&D investment of innovative SMEs, while it is insignificant for non-innovative ones. Asset-counted R&D investment is counted as the intangible assets in the balance sheet, while cost-counted R&D investment is counted as the current expenses in the income statement. The intangible assets created by asset-counted R&D investment may act as an innovative driver that can have a greater multiplier effect on the firm value than the tangible assets. In conclusion, this paper shows evidence that SMEs use private equity financing to fund R&D investment in the existence of the asymmetric information. Moreover, innovative SMEs use more private equity financing to fund R&D investment than non-innovative ones. These findings suggest a new policy implication into how private equity financing can be particularly valuable to promote R&D investment of innovative SMEs such as venture business, innobiz firms, and management innovative firms.

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      참고문헌 (Reference)

      1 강효석, "사모주식발행의 장기성과 : 발행기업과 인수기업 주주의 부에 미친 영향을 중심으로" 한국재무학회 17 (17): 203-241, 2004

      2 강준구, "국내기업 자본조달정책의 효율성에 관한 실증연구 : 기업집단의 사모주식발행과 기업가치" 한국재무학회 16 (16): 69-113, 2003

      3 Fazzari, S. M., "Working capital and fixed investment : New evidence on financing constraints" 24 (24): 328-342, 1993

      4 Brown, J., "Why has the investment-cash flow sensitivity declined so sharply? Rising R&D and equity market developments" 33 (33): 971-984, 2009

      5 Floros, I., "Why do so many firms issue private equity repeatedly? On the information content of multiple PIPE offerings" Iowa State University 2011

      6 Ferreira, M. A., "Why do firms hold cash? Evidence from EMU countries" 10 (10): 295-319, 2004

      7 Hall, B., "The financing of R&D and innovation"

      8 Kim, C. S, "The determinants of corporate liquidity : Theory and evidence" 33 (33): 305-334, 1998

      9 Chen, H., "The choice of equity selling mechanisms : PIPEs versus SEOs" 13 (13): 538-563, 2010

      10 Breusch, T. S., "The Lagrange multiplier test and its applications to model specification in econometrics" 47 (47): 239-253, 1980

      1 강효석, "사모주식발행의 장기성과 : 발행기업과 인수기업 주주의 부에 미친 영향을 중심으로" 한국재무학회 17 (17): 203-241, 2004

      2 강준구, "국내기업 자본조달정책의 효율성에 관한 실증연구 : 기업집단의 사모주식발행과 기업가치" 한국재무학회 16 (16): 69-113, 2003

      3 Fazzari, S. M., "Working capital and fixed investment : New evidence on financing constraints" 24 (24): 328-342, 1993

      4 Brown, J., "Why has the investment-cash flow sensitivity declined so sharply? Rising R&D and equity market developments" 33 (33): 971-984, 2009

      5 Floros, I., "Why do so many firms issue private equity repeatedly? On the information content of multiple PIPE offerings" Iowa State University 2011

      6 Ferreira, M. A., "Why do firms hold cash? Evidence from EMU countries" 10 (10): 295-319, 2004

      7 Hall, B., "The financing of R&D and innovation"

      8 Kim, C. S, "The determinants of corporate liquidity : Theory and evidence" 33 (33): 305-334, 1998

      9 Chen, H., "The choice of equity selling mechanisms : PIPEs versus SEOs" 13 (13): 538-563, 2010

      10 Breusch, T. S., "The Lagrange multiplier test and its applications to model specification in econometrics" 47 (47): 239-253, 1980

      11 Himmelberg, C., "R&D and internal finance : A panel study of small firms in high-tech industries" 76 (76): 38-51, 1994

      12 Chamberlain, G., "Panel Data, In Handbook of Econometrics 2" Chamberlain, G. and 1984

      13 Martos-Vila, M., "PIPEs : A theory of private versus public placements in Public Firms" University of California 2011

      14 Anderson, C., "Investor objective and contractural design : Evidence from the PIPE deals" State University of New York at Albany 2010

      15 Dittmar, A., "International corporate governance and corporate cash holdings" 38 (38): 111-133, 2003

      16 Brophy, D., "Hedge funds as investors of last resort?" 22 (22): 541-574, 2009

      17 Kayhan, A., "Firms' histories and their capital structure" 83 (83): 1-32, 2007

      18 Calomiris, C. W., "Firm heterogeneity, internal finance, and credit rationing" 100 (100): 90-104, 1990

      19 Chaplinsky, S., "Financing under extreme uncertainty : Evidence from private investments in public equities" 23 (23): 2789-2820, 2010

      20 Brown, J, "Financing innovation and growth : Cash flow, external equity and the 1990s R&D boom" 64 (64): 151-185, 2009

      21 Bengtsson, O., "Financial contracts in PIPE offerings : The role of expert placement agents" University of Illinois 2010

      22 Billett, M., "Do investor identity and contract terms interact? Evidence from the wealth effects of private placements" Indiana University 2011

      23 Stiglitz, J. E., "Credit rationing in markets with imperfect information" 71 (71): 393-410, 1981

      24 Ozkan, A., "Corporate cash holdings : An empirical investigation of UK companies" 28 (28): 2103-2134, 2004

      25 Brown, J., "Cash holdings and R&D smoothing" 17 (17): 694-709, 2011

      26 Ellis, K., "Are PIPEs a bet on growth options?" Australian National University 2008

      27 Brown, J., "Access to private equity and real firm activity : Evidence from PIPEs" 18 (18): 151-165, 2012

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