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국가 R&D 사업 경제적 타당성평가 방법론 개선 방안(Methodological improvement for the economic assessment of public R&D programs)

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  • 국가 R&D 사업 경제적 타당성평가 방법론 개선 방안(Methodological improvement for the economic assessment of public R&D programs)
  • Hwang, Seogwon황석원; 이우성; 박종혜
  • 과학기술정책연구원


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Title 국가 R&D 사업 경제적 타당성평가 방법론 개선 방안(Methodological improvement for the economic assessment of public R&D programs)
Similar Titles
Material Type Reports
Author(English)

Hwang, Seogwon

Author(Korean)

황석원; 이우성; 박종혜

Publisher

서울:과학기술정책연구원

Date 2010-12
Series Title; No 정책연구 / 10-03
ISBN 978-89-6112-107-1
Pages 179
Subject Country South Korea(Asia and Pacific)
Language Korean
File Type Link
Subject Industry and Technology < Science/Technology
Holding 과학기술정책연구원

Abstract

This study aims to improve the evaluation methodology regarding of economic
validity of the national R&D project. In this study, the additional economic factors
such as technical or market uncertainty, spillover, social rate of return, and R&D
contribution for more precise analysis were applied. Based on the improved methodology,
this study preliminarily measures whether the targeted R&D project has capability
to raise efficiency on investment, and this study guarantee the efficient management
of R&D finance without leftovers. This study formulated sub-divided DB,
and self-developed methodology similar to EVA(Economic Value added) to measure
the efficiency of R&D investment. Through the value-added derived from the methodology,
this study estimated R&D contribution by enterprise or industry and showed
analyzed results compared to the existed method for the same type of the study.
Followed by the empirical analysis, private rate of return as a result of R&D investment
was 385%, and R&D investment rate of return for large enterprise was 390%,
small and medium enterprises were 591%. Low private rate of return estimates on
private enterprise confirmed that they has vulnerable social spillover effect.
Low-technology industry and service industry group turned out they were hard to estimate
R&D investment effect owing to their own industry characteristics. Also, some
sub-group industries such as electrical and electronic industry, mechanical industry,
and automobile industry showed more than 100% private rate of return, thereby having
as high private rate of return on R&D investment as social rate. Furthermore, the simplified Black-Scholes model which is one of the option pricing models was
used on two-stages in order to analyze the potential value of the R&D project based
on the former study results. Through the Black-Scholes model, the simulation case
analysis consisting of 8 types of scenarios carried out to estimate the potential value.
This study formulated much more improved model in the methodological aspect, and
supplemented methodology-related limitation on the existed R&D validity
pre-evaluation. This study designed the unbiased economy evaluation by considering
private benefits and externality benefits on the process of the total R&D benefit
estimation. This study is finally expected to fuel the R&D productivity.