코로나19가 R&D 투자성과에 미친 영향: 한국 제조업을 중심으로

초록

This study examines the impact of R&D investment on financial performance (measured by ROA) before and after the COVID-19 pandemic. Compared to small enterprises, large enterprises have abundant financial and human resources, enabling them to better cope with crisis situations. In other words, the same exogenous shock may have different effects depending on the size of the company. Therefore, this study focuses on whether the moderating effect of COVID-19 on the impact of R&D investment on corporate performance varies with company size. The companies analyzed are manufacturing firms listed on the KOSPI, with data collected from 2015 to 2023 using KisValue. The analysis confirmed differences between large and small companies. For large corporations, regardless of the pandemic, higher R&D intensity correlates with greater ROA. COVID-19 negatively affected the ROA of large corporations but did not alter the relationship between R&D investment and financial performance. For small companies, it was found that COVID-19 moderates the relationship between R&D intensity and ROA. Before the pandemic, the effect of R&D intensity on financial performance was unclear; however, after the pandemic, higher R&D intensity was associated with lower ROA. This signifies that detailed strategic investment decisions and various policy supports are required because small enterprises' R&D investments, which affect their ability to respond to external shocks and crises, can be inefficient.

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