연구개발특구 연구소기업 성과에 영향을 미치는 요인 분석: 광역특구와 강소특구의 비교

초록

As a core policy instrument for commercializing public technologies, “Research-based Spin-off Companies (RBSCs)” have expanded rapidly following the introduction of INNOPOLIS (2005) and INNOTOWN (2019). Despite this growth, empirical evidence remains limited regarding how structural differences between the two zones influence the initial performance of RBSCs. This study fills this gap by comparing INNOPOLIS and INNOTOWN and examining the effects of their institutional characteristics on early outcomes. Using complete census data of 578 spin-offs founded between 2018 and 2023, multiple regression analyses examine growth in sales, operating profit, assets, and R&D expenditure during the first two years after establishment. Independent variables are the type of special zone, founding institution type, establishment type, initial capital, and founding equity ratio. The results show that zone type does not significantly influence sales or R&D expenditure, whereas INNOTOWN firms exhibit superior asset growth compared to those in INNOPOLIS. Firms commercializing technologies from government-funded research institutes and start-ups show partial positive effects on growth in sales, assets, and R&D expenditure, whereas initial capital and equity ratio have no significant relationship with early performance. Despite its focus on short-term outcomes, this study provides nationwide empirical evidence and policy implications for enhancing the performance of RBSCs.

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