Earticle

초록

영어

In this study, we analyzed the efficiency of technology special listed companies in KOSDAQ. In order to identify the cause of efficiency change, we divided efficiency into R&D activity, financial activity and total activity. The results can be summarized as follows. First, before the IPO, efficiency seems to maintain a similar level of overall efficiency change, since the efficiency is slightly reduced or maintained and then increased after the IPO. In particular, in the case of Window-DEA efficiency changes, technical efficiency before IPO is maintained at a similar level and seems to be gradually improving after IPO. This means that the efficiency improvement is not fast and a considerable period is required. In addition, the change in productivity index of Malmquist showed an increase in the productivity index before IPO, and the productivity decreased temporarily after IPO. The efficiency change also shows that the efficiency improvement before IPO shows that the efficiency decreases temporarily after IPO. It seems to be focusing on improving the efficiency after IPO. In addition, technological change, not internal processes and improvement of management efficiency, showed technological change before IPO but not technological change at T+3 after IPO. The results suggest that productivity changes due to technological innovation, research and development are effective for at least four years rather than in the short term. Second, the efficiency of R&D has decreased after IPO compared to before IPO, even though financing or securing of excellent manpower has been facilitated through IPO. The average number of employees and R & D expenses increased, but the number of patent applications decreased. Most of these causes are due to pure technical inefficiency, so it is necessary to improve internal inefficiencies such as processes and systems. Third, the efficiency of the R&D results and the financial efficiency, including R&D and financial activities, shows that the efficiency before IPO　and after IPO is similar. However, pure technical efficiency and scale efficiency showed contradictory results before and after IPO, indicating that improvement of pure technical efficiency such as internal process and management efficiency improvement is needed rather than scale efficiency. Similar results were obtained in the comparison of efficiency before IPO and after IPO considering additional growth, profitability, and future value. The purpose of the technology special listing is to allow technology qualified deficit companies to enter the KOSDAQ by evaluating the technological power of these companies because it can not be listed as a general listing requirement. In light of these facts, the efficiency of R&D after IPO has decreased compared to the pre-IPO, but the expectation for future value is still maintained. The efficiency change shows relatively high efficiency before IPO, but the efficiency increases with time difference after the efficiency decreases after IPO. Especially, it is confirmed that technological change occurs at a considerable time difference. In addition, there is a significant decrease in the efficiency of research before and after IPO. In order for the technology listed companies to continue to lead to continued financial performance, these parts should be supplemented and improved.

목차

Ⅰ. 서론
 Ⅱ. 이론적 배경
 Ⅲ. 연구 방법
 Ⅳ. 분석 결과
 Ⅴ. 결론
 참고문헌
 Abstract

키워드

저자

• 김용덕 [ Yong-Deok Kim | IBK경제연구소 연구위원 ] 제1저자
• 조재민 [ Jaemin Cho | 울산대학교 경영학부 조교수 ] 교신저자

참고문헌

발행기관

간행물

표지보기 관심저널 등록

• 간행물명

  생산성연구: 국제융합학술지 [Productivity Research: An International Interdisciplinary Journal]

• 간기

  격월간

• pISSN

  1225-3553

• 수록기간

  1987~2025

• 등재여부

  KCI 등재

• 십진분류

  KDC 325 DDC 330