u æ ] y QQ_ 기술혁신활동이기업의혁신성장에미치는영향 홍운선, 김희재 초록 rn~z r~ ~ z ~ }n p r~ zn r ~ z~ n~nz dn x rƒdn~ y { ~ y dnm z r z y~ z ~~ y} } ozz ~ } z ~ oz lz rr 6,06 ~ oz '% dn z x rƒdn z ~ '% z p ~ dn} dž œdn {z d}p dn} z d}p dn} z~ n~o Š~z p r ~ p ~ ~~ ~ dn r } z~ znz z } z zn Š~ ~z ozz ~ } Ÿ Žyz d}p Ž n~z n~zz }~ z } Œ n~zz z Ÿ~ nz Š~ ~} z p fp oz~ z z} ~d Ÿ { }~ m xx r ~ rš z~ znz d} r~ m~ zz~ p ~ pz } nyy dd~ p ~ y p r p zn œ dn d}p dn ozz rn~zd z zr r~ z} ZVKRQJ#NRVELUHNU r~ ozz rn~zd z zr z NLPKM#NRVELUHNU
u æ ] y Ⅰ. 서론 6FKXPSHWHU z~ znz ~y z } r ~} p r} y ~ p} z y { z~ mp p r~ z~ znz z } } Ž z} z ~ } } xz ~} r zzn ~y p r~ r} m ~ $XQJHU ~ ~ } z ~~ Š { dn~ Š~z ~ ~z ~{ ~ y r~ z~ znz ~ z z n ~~ rƒz zl z ~ m n} y ~ ~ lr~z d rƒdn z ~yn n m ~~ ~y { p ~ z rƒdn ~ Š~ z ~~ z~ ~{ dn~ Š~z z ~ p r~ znz z z n } ~ rƒ z ~y }z d ~ ~} ~ zzn Š z dn ~ { z~ n~ nz p r~ p ~ n} ƒ ~ z{ Š p ~ z œ ~ n mp~ z n l p Ÿ ~ n l } p z y r } } l p ~ ~} ~} ~~~ ~~n~ ~ n~ ~ Ÿn d } dn~ r ~ } n p y ~~ n y~ y } x ~z rƒdnz ~yn p~ z dž œdn} z dž z~ n} z z z~ r ~ z~ n~nz m~ z } dn z ~ p z zz z ~ } z~ Žy ozz z y &HILV 2UVHQLJR z~ r Žy ƒl~z z Š} p zz ~ +D\.DPVKDG &DUGHQ } r~ zn~z ~y ~ dd~ rz~ ~ zn~z ~y }~ ~ ~ ~} ~
æêž ø êßù Å û ~ } z ~ oz lz rr 6,06 ~ '% z ~ dn ~ m~ dž œdnzn y d}p Ž TXDQWLOH UHJUHVVLRQ PHWKRG} Š z ~ p r ~ z n~z ~y m} z z } zz m ~ d z f p ~ ~~ ~ ~ z~ n} } ~ nz ~y ~zn r ~ n p r ~ znz z z ~ n z} Š ~zn rƒdnz ~ Œ { dn dnm ~ n} n ~zn rƒdn r } ~zn Š rl} Ⅱ. 이론적배경및선행연구의고찰 1. 기술혁신의의의와중요성 6FKXPSHWHU p r~ r~ ~ mmp~ m } r Ÿ~ nfr mm œ ~~ m } ~ z ~ r n rz ~ n~ x { z d z~ n~~ zn p r~ n} z r ršž }} z ~p rz~y r~ o } ~~z ~ zz ~z p r} z~ n~z ~ z } } n ~ f p rz } z ~ } ~ ~ (YDQJHOLVWD 9H]]DQL r zn z z Ÿ r} p n Ÿ~ n n Œ z oz lz rr 6,06} y oz~ ~ ~ } } ~ }~~ '% ~ & )UHHPDQ} r} m n Ÿ ~f mz} p ~~ fƒr z ~ ~ z ~ ž 0LFKDHO 3RWHU } n zn z~ r } z ~yn r ~~ } z rz z ~~ ~n } l } Š
u æ ] y z } r} Ÿ} mm ~ ~} z mmn }n ~~} Œ zz } ~ z 2. 기술혁신과기업의경영성과와의관계 d ~y o z~ dd} p r~ z~ zn ƒ n~ p~nz ~ z } ~ } Ž z Ÿ} 0DQVILHOG{ 6FKHUHUD E 0RZHU\ } rƒdn} z~ p r ~ Žy} ƒr z~~} ƒr } z} g n~r ~y ~} } ~ƒ z z yn z z z y *HURVNL 0DFKLQ *HURVNL 7RNHU } r~žyƒ~}ƒz }~ ~}} ~ƒ z ~ 5RSHU zr r Ÿ~ Žy ƒz z z r z z yn ~ dyz z z )UHHO} rz~ g n ~} ~ ~ } 'HO 'HO 0RQWH 3DSDJQL zr z Žy ƒl~z ~ ~}} ~ƒ z dd~ z r ~ z~ n~z ~ n z} rƒdn~ ~ } xz z y &HILV 2UVHQLJR~ z~ r Žy ƒl~z z Š} p zz ~ z /LDR 5LFH z~ r } zn n ŠŽ } } Žd } x } Ž z ~ z ~{ ~ p r~ z~ znz z z n ~ z p~ ~{ m ~ z rz ~ 3. 본연구의차별성 p r~ z~ znz z z rƒdnzn n m z ~y } y ~ z y r~ z~ znz
æêž ø êßù Å û ~ yn ~n r ~ z z ~ m p ~ ~ y ~ } lrm l { dn~ Š~zn ~ ~ } dn~ rnz Š~ y ~ dd~ p~ zznr ~p z p { o zd~ rr 6,06z ~ ~ Žy z p r ~ z~ znz z } dn z z{ Š ~ } ~ p ~ dn zr n z ~yn Š~ y œ d n} p ~ }n Ÿn} p ~} n~oz Š~ m } z z dn} } n œ dn ~{z } d z dn ~ } p ~ ~ zn d}p Ž } rƒdn} p r~ znz z } m}z z }z}y m~ f p~~ ~ ~ Ⅲ. 기초통계와분석방법 1. 활용된기초통계 yn y { ~ z ozz zn } ~ oz lz rr 6,06 '% z z~ Žy zf z z z mz r Ÿ z dn} a~ z} dnm} d}p Ž ~~z n &RDG 5DR Š ~ zn d}p Ž mn n} m ~ z ~ p z d z dnzn { z dna zn Žy z z Žy f zf f ~ ~ Ÿr z} dnzn { z
u æ ] y Ÿ! dnz Ÿ dn Ÿ Ÿ dn z~ Žy zf a z z z mz r ~ oz lz rr oz lz rr z Ž z ~ ~ ~m z~ z f ~m ƒ } x p ~ z~ Žy} zn } p } o z ~ z~ Žy o znz oz '% o} ƒ ~ Ž ~ rn~ x ~ ƒ p~ rƒdnzn zn z}ž r ƒ}~ ž~ m z p ~ } m z z } } oz ~ a~ z z ~ ~m} d ozz n a~ a~ a~} nd z Ÿ! z Ÿ ~ ~m } d Žy z f ~ ~~ { ~ z m ~ oz lz rr ~ } z ~n z ~ } ƒ { } ƒ ~ n~} Š~ f q ~ p ~ ~ z~ m z pz p } o z} Žy ~ z oz m~ oz Š~ ~} z ~ n} x z } z ~ d }
æêž ø êßù Å û Ÿ! z Ÿ ~ ~m Õ } d Ž y oz z o z oz z o z z f oz z o z z Ÿr x} m z z { z d~ z p fp z~ Žy zf~ } Š~ ~} Š~ z m~ oz~ Žy fp~ } p ~ p~ } zz~ Žy zf~ p~ zz~ } mm mm rz~ lr} } ~ƒ dd~
u æ ] y Ÿ! z o z Ÿ ~ ~m Õ } m z Ÿ Žy z f Žy p z f Žy f p z f Žy o z z f p Žy
æêž ø êßù Å û f p p zo z f p z f Žy z f Žy z f Žy z f Žy z f ~d~ ~ z} ~ xx z { z ~ x} 2. 분석방법 : 정규성검정결과를토대로 rz~{ ~ dž œ dn} } ndž~n~ n } } n
u æ ] y r.roprjrury6pluqry WHVW} l ~ } p ~ mf{ dž~ mf~ Š~ z n} o ~ oÿ~ m } 6KDSLUR:LON WHVW ŸpŽd z Žy zf{ ƒ}z n } }~ n ~ y p dž x } Ÿ!.ROPRJRURY6PLUQRY WHVW } ƒ} d.6 }~ Žy zf Žy zf Ÿ!.ROPRJRURY6PLUQRY WHVW z } oz zo z ƒ} ƒ} d.6 }~ Žy zf Žy zf Žy zf Žy zf oz ~ zz ~ ~m mn } 0DUGLD Š n dnp dž
æêž ø êßù Å û dž~ Žy~ ~ SRVLWLYHO\ VNHZHG} z } dž~ y} ~ zm Žy } z } ~ ~ z z zf~ { d ~ QHJDWLYHO\ VNHZHG} { } dž ~ ~ Ÿ! z y { z d dm { Žy zf oz Žy zf z oz Žy zf Žy zf } ORJ } ~ p p l {{ ~ } { z } Žy} zf oz ~ zz ~ ~m n {{ ~ d} p Ž} zzn IL[HG HIIHFW œ dn d}p dn} z dn f ~ p zf~ ~ r} n pz n m
u æ ] y Ÿ! n~n dnz r Þhß ì á â Î Þhß ì â Ï Þhß ì à Î â РºÞsß ì à Î â Ñ Þß ì â Ò Þß ì â Ó Þiß â Ô Þß â ì Þshß ì á â Î Þhß ì â Ï Þshß ì à Î â РºÞß ì à Î â Ñ Þß ì â Ò Þß ì â Ó Þiß â Ô Þß â ì n~n } } ƒ} Žy ƒ}} op WL z z~ r } } p zf ƒ}} r Ÿ ~ } Ÿ ~ zf Ÿ l z Ž z ~ zfz n ~ } Ž z n~nz } Žy ~ ~ ƒ} Žy ƒ }} { m} r z mz z Ž z znz z } ~} 3. 분석대상 : 분석대상의선정배경을중심으로 y ~n~n } } œ~ } } z~ ~ rp~ { { r~ z{ rn ~ z n zx ~ ~y { z~ Š~ zd ~ {d ~ } ~ Š~ z z} m} ~ ~ LQKRXVH z} zzo~n m } Ž ~ r} z~ ~ oz~ z }d ~ p~~ Žy r} { ~ ~ oz~ d{ {d 5 ' y ~ dd}~r~pzz ~ ~ dd} p pz~ p~ r ~ dzo n} ~ ršz ~ } z} zznz op ƒ} z p~ r zr ƒ}} ~ r~ Žn x ~~ r ~ ~~ /HUQHU *ULOOLFKHV } rš z dn zzn r ~ p zf ƒ} ~ zf~ zf~ z } Ž z 8& ~ &KHVEU RXJK p z } l zn
æêž ø êßù Å û p~ n~ r d ~ ~ Š mz ~ d n ~ f~ ~z r ~ dy o m ~} dy~ } ~ m Œz~z ~ ~ mz~ p~ ŠŽ~ z pšž z~ p pdÿmmp zyy ŠŽ r ~ pšž} fy} n~ ~ lr~ } z m} z ž xx} z } ƒ z p r~ ŠŽz } ~ ~}} x p ~ ~z f n } } x 'LJLWDO 3XEOLVKLQJ *URXS} zf Ž l }~ p z 'LJLWDO 6FLHQFH z n~ m} ~ p} Ÿ z z ~z ~ ~ } ~ z d ~ ~~ z~ ~ ~z} } } rn~} } n ~ Œ pšždyz~ ~ pfp l~~ z f~ r} p ~~ Š{ z ~ Ÿ! zn ~ oz zz} p f ~ z z} x} } f } Š ~ m zn oz~ rn ~ zz~ ~ } n ~} } ~ } n z z~ r~ n~z z } } r} r n ~ ro ~ rƒ ~r z ž~ f rr } r} ~ ~~ ~ z rn~~ } rz n p ~ p~ ~ ~ } x z zzn z mzz z d n mn } - 6H[WRQ} Š r} ~} z z ~ ~ d z ~d r r n ~ n o zd d~ Š
u æ ] y Ⅳ. 실증분석결과 1. 패널추정결과 n~nz zfƒ}~ z~ Ž ƒz }~ ~ } Žy ƒz m } i~ zf zr ƒ} Žyƒ}z ~}~ z } Œ} ~ zf d ~ }~ } zf ~ z~ n~nz o x l r} rl Ÿ! œ Ž z n~n SDQHOƒ} SDQHOi SDQHO Žy Žy Žy p W S S S z m oz~ zfƒ} i~ zf ~z n }~ ~ } } ~ zf ~ d ~ } z a~ ~ Žyƒ} zn ~ } ~ a ~~ Žy ~ } ~ d ~}~ } z z~ zfƒ}~ z~ n~nz }~ }
æêž ø êßù Å û oz n~n z oz nd z dn Ÿ! œ Ž z SDQHOƒ} SDQHOi SDQHO Žy Žy Žy p W ~ a p ~ W ~ a p ~ W ~ a p ~ W z p z W S S S 3DYLWW} y ~mz} mz} d z zz n ~ ~yÿ z.6,& ~mz.6,&a} m} dn dn ~mzzn }~ ~ } ~ ~yÿ z.6,& zn } zn ~ zf ~ d ~ mzzn r~ m~ } x p~
u æ ] y n~n Ÿ! œ Ž mz SDQHOƒ} SDQHOi SDQHO Žy Žy Žy p ~ W ~yÿ z p W ~o S S S z oz} p fp r ~ Žyƒ} ƒ}z }~ ~ z } } z z} fp zn~ Žy ƒ}z ~ z } } yn Ÿ! zn ~ z z~ fpzn~ r ~ x } } z~ fp z}~ ~ Œ p ~ x m~ ~ z~ rn~} z~ p ~ oz~ mr~ } r ŠŽ } Ÿ! œ Ž zoz p n~n SDQHOƒ} SDQHOi SDQHO Žy Žy Žy p W oz p W z p z W
æêž ø êßù Å û p W f p oz p W z z p W S S S 2. 분위수추정결과 d}p Ž zfƒ}~ d}zn }~ } Žy ƒ n~ } zn ~ }p o r ƒ m r ~ n~ zz }~ z mdd ~ p ~ Ÿ! d}p Ž m} d}p n~n } m} Žy Žy Žy Žy Žy p W S S S z d}p Ž oz~ Žyƒ} ƒ} }zam}zz ~ }~ }
u æ ] y Žy } zzn ~ ~ }p ~ d r ƒ } a~ ~ ƒ n~~ }p p ~ ~x } Žy ƒ } z zn ~ ~ }p ~ d r ƒ } a~ a ~ ~ oz { }l œ } ~ ~ zz~ ƒ} } zzn ~ n~o x p ~ o z n~ m} n~z~ Žy ƒz n }~ z } Ÿ! d}p Ž zoz d}p n~n } m} Žy Žy Žy Žy Žy oz p W a~ p W a ~ p W a ~ z z p W p W S S S z oz nd z dn z oz~ p fp d}zn r ~ z~ Žy ƒz }~ ~ } } zn }pz ~ zn p ~ o z} r ƒ r} ~ ~ zz~ p z z n n~ } { p zn Žy ƒz z z fp zz n n~ m} { }~ } z } } p zn ~ p o r ƒ ~
æêž ø êßù Å û Ÿ! d}p Ž zoz n~n d}p } m} Žy Žy Žy Žy Žy p W p oz p W z z p W p W fp oz p W z z p W S S S Ⅴ. 결론및정책적시사점 p r ~ z~ n~z z n r } ~ ~} r dn} ~lr~ } oz lz rr z Ž z dn z zn ~ ~~ ~ ~ r ~ z~ Žy ƒz dn z rƒdn y } r } znz z } ozz ~ zš ~ ~ Ÿ Š~ ~y ozzn ƒ Žy ƒ z f } x p~ p ~~ rš } p d ~ } } ~ r
u æ ] y ~ n } lr ƒ r~ ~ } ~ z~ z ~ ~ } } p x}} ~ Ÿ~ ~ { p ~ x m~ n z oz~ r ƒ p fp zn Žy ƒz }~ } } zz~ p ~ fp ~ Žy ƒz m} } z zn Š~ ~}} x p~ dn zn ~ zz~ p ~ p r} n fpz dd ~ ~ ~ ~ zz~ fp} mm mm ~ r~ z~ } ~ } }~ p ~ p~}~š~ } rl n d}p dn r ~ n~zz ~ n~z~ nz z } } ~ oz zz zn fr } ~ ~ n n~z~ p ~} z~ zn ŠŽ ~ n~z~ p ~ ª z ~ yy lr} ~ n~ z~ n~~ m} ~ } ~ d r } n~p} } n m} n oz r z~ ~ Œ pdyz~ ~ r~ o p ~ n~~ p z~ } ~} ~ ~ ~} } }~ p ~ p~ p ~ } } } ~ rz~ } z Ž} dn~ z~ z z n~z n~z z n p z rz~ Ž ~ Ž~ z p ~~ ~ dzdd~ r } p z ~Ž ~ zzn p ~ ~p ƒ} rš z} p } ~ ~ ~ ~} ~ ~ Ÿ r dn ~ ~ z ddz n} } n } z zzn ~ r~ n z ~ n~ nz n Ž~ ~
æêž ø êßù Å û ~ Šp zn ~ ~ Ž~ n r Ÿ~ l r p ~ ª Ÿ~ Ž ~ ~ Ÿ z r x ~ r~ n Ÿ~ Ž r p yy tâ n r~ dz rl 67(3,,QVLJKW pšz o zd d~ l p r~ œ~ z ~ p r mz pšz $XQJHU 5 7\SHV RI WHFKQRORJ\ 7HFKQRORJLFDO )RUHFDVWLQJ 6RFLDO &KDQJH SS &DUGHQ 6 ' :KDW JOREDO H[HFXWLYHV WKLQN DERXW JURZWK DQG ULVN 0FNLQVH\ 4XDUWHUO\ SS &HILV ( / 2UVHQLJR 7KH SHUVLVWHQFH RI LQQRYDWLYH DFWLYLWLHV D FURVVFRXQWULHV DQG FURVVVHFWRUV FRPSDUDWLYH DQDO\VLV 5HVHDUFK 3ROLF\ SS &RDG $ 5 5DR,QQRYDWLRQ DQG ILUP JURZWK LQ KLJKWHFK VHFWRUV $ TXDQWLOH UHJUHVVLRQ DSSURDFK $ TXDQWLOH UHJUHVVLRQ DSSURDFK 5HVHDUFK 3ROLF\ SS 'HO 0RQWH $ ( 3DSDJQL 5 ' DQG WKH JURZWK RI ILUPV HPSLULFDO DQDO\VLV RI D SDQHO RI,WDOLDQ ILUPV 5HVHDUFK 3ROLF\ SS (YDQJHOLVWD 5 $ 9H]]DQL 7KH HFRQRPLF LPSDFW RI WHFKQRORJLFDO DQG RUJDQL]DWLRQDO LQQRYDWLRQV $ ILUPOHYHO DQDO\VLV 5HVHDUFK 3ROLF\ SS )UHHO 0 6 'R VPDOO LQQRYDWLQJ ILUPV RXWSHUIRUP QRQLQQRYDWRUV" 6PDOO %XVLQHVV (FRQRPLFV SS )UHHPDQ &D +LVWRU\ FRHYROXWLRQ DQG HFRQRPLF JURZWK,,$6$ :RUNLQJ 3DSHU,,$6$ /X[HPEXUJ SS
u æ ] y BBBBBBE 7KH QDWLRQDO V\VWHP RI LQQRYDWLRQ LQ KLVWRULFDO SHUVSHFWLYH &DPEULGJH -RXUQDO RI (FRQRPLFV SS *HURVNL 3 $ 6 0DFKLQ 'R LQQRYDWLQJ ILUPV RXWSHUIRUP QRQLQQRYDWRUV" %XVLQHVV 6WUDWHJLF 5HYLHZ6XPPHU SS *HURVNL 3 $ 6 7RNHU 7KH WXUQRYHU RI PDUNHW OHDGHUV LQ 8. PDQXIDFWXULQJ LQGXVWU\ a,qwhuqdwlrqdo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a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
æêž ø êßù Å û 6H[WRQ - $ PHDVXUH RI WKH FUHDWLYLW\ RI D QDWLRQ LV KRZ ZHOO LW ZRUNV ZLWK WKRVH EH\RQG LWV ERUGHUV LQ 7KH /DQJXDJH RI WKH %UDLQ 6FLHQWLILF $PHULFDQ SS
u æ ] y The Impact of Technological Innovation Activities on Firm Growth +RQJ :RRQ 6XQ.LP +HH -DH Abstract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p~ rlr~ ~ ~