Earticle

초록

영어

This paper examines the efficiency and the efficiency change over time of the Korean venture capital companies through the global financial crisis period 2006~2010 by employing data envelopment analysis (DEA) and Malmquist Index (MI). The efficiency of DMU, which is decomposed into three components such as a technical efficiency, a pure technical efficiency, and a scale efficiency, is measured by using DEA CCR model and DEA BCC model. The efficiency change over time of DMU is measured as a pure technical efficiency change, a scale efficiency change, and a technical change by calculating Malmquist Index. Our research model includes a number of employees, amount of total equity, and amount of noncurrent asset as input variables and investment asset and EBIT as output variables. Thirty eight sample companies are selected from KIS-value and grouped into eight large and thirty small&medium firms based on a firm size. DEA-Solver Pro 7.1 version Software Package is utilized for calculating the efficiency and the efficiency change over time of DMU. The results of this study are as follows: 1) The decreased average technical efficiency through the global financial crisis period had not recovered until 2010 and this can be attributed mainly to the decrease in an average pure technical efficiency. 2) The technical efficiency of small&medium firms shows higher than that of large firms through 2006~2010. This seems largely owing to a pure technical efficiency gap between small&medium and large firms. 3) The average efficiency change over time of sample firms through 2006~2010 had increased by 11.58% annually. This means that the productivity of Korean venture capital firms had increased in spite of global financial crisis. 4) The pure technical efficiency change,the scale efficiency change, and the technical change had increased annually by 10.92%, 18.47%, and 6.65% respectively. Therefore, the productivity of Korean venture capital companies in 2010 had recovered from financial crisis. We find that the increase in the scale efficiency change contributed largely to the increase in the productivity. 5) The efficiency change over time of large firms reported higher than that of small&medium firms through financial crisis period except for 2008~2009. This can be attributed mainly to the fact that the pure technical efficiency change of large firms showed higher than that of small&medium firms. Overall, large firms seems to lead small&medium firms in the technical change.

한국어

본 연구는 DEA CCR모형, BCC모형 및 맴키스트지수를 이용하여 글로벌금융위기시기전후, 즉2006년부터 2010년도까지 우리나라 38개 외감 창업투자회사들을 대상으로 상대적 효율성 및 생산성변화를측정하였다. 기술효율성은 순수기술효율성, 규모효율성으로 분해하여, 생산성변화는 순수기술효율성변화, 규모효율성변화, 기술변화로 분해하여 측정하였다. 연구모형의 투입변수로는 종업원 수, 자본총계, 비유동자산을, 산출변수로는 투자자산과 영업수익을 선정하였다. 금융위기기간에 걸쳐 하락한 평균 기술효율성은 2010년 말까지 회복하지 못하고 있는 상황으로 이 기간 동안 순수기술효율성이 규모효율성에 비해 상대적으로크게 하락하였고 이것이 평균 기술효율성 하락에 크게 영향을 미쳤음을 보여준다. 한편 글로벌금융위기전후인 2006년부터 2010년까지 표본 창업투자회사들의 평균생산성변화는 1.1158로 매년 11.58%씩 증가하고 있는데, 이는 금융위기에도 불구하고 생산성수준이 상승하였음을 보여 준다. 이러한 생산성변화의 주요원인은규모효율성의 변화에 기인함을 확인할 수 있다.

목차

국문 요약
 I. 서론
 II. DEA 및 Malmquist 지수의 이론적 배경
  2.1 DEA의 이론적 배경
  2.2 Malmquist 생산성지수의 이론적 배경
 III. 연구모형과 자료
  3.1 DEA투입/산출변수
  3.2 분석모형
  3.3 표본의 선정과 분석 기간
  3.4 투입 · 산출변수의 기초통계량
 IV. 연구모형 결과
 V. 결론
 참고문헌
 Abstract

키워드

창업투자회사 맴키스트지수 생산성변화 순수기술효율성변화 규모효율성변화 기술변화 DEA DEA Venture Capital Company Malmquist Index Efficiency Change over Time Pure Technical Efficiency Change Scale Efficiency Change Technical Change

저자

• 주현태 [ Choo, Hyuntai | 인천대학교 경영대학 경영학부 교수 ] 제1저자
• 박형중 [ Park, Hyoung Joong | (주)SIPM 투자자문팀 ] 교신저자

참고문헌

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