This paper uses Korea's internal data on R&D programs to analyze how the receiving of R&D impacts the amount of subsequent external financing for technological innovation received by R&D firms. We address sample selection and endogeneity issues that arise when estimating the impact of R&D policy by utilizing a matching method using unique features of Korea's R&D grant programs. Our empirical results show that firms that receive R&D grants further receive 22%-32% less external financing compared to those who do not receive R&D grants, though there are some differences in the statistical significance of the results based on the specification of the regression model. This is consistent with the view that R&D grants reduce firms’ liquidity constraints, or that government support effectively crowds out funding from the financial market.

本文使用韩国的内部研发项目数据来分析研发的接收如何影响研发公司获得的后续技术创新外部融资的数量。我们通过利用韩国研发资助计划的独特特征的匹配方法，解决了在估计研发政策影响时出现的样本选择和内生性问题。我们的实证结果表明，与未获得研发资助的公司相比，获得研发资助的公司进一步减少了 22%-32% 的外部融资，尽管基于回归模型规范的结果的统计显着性存在一些差异. 这与研发拨款减少公司流动性约束的观点是一致的，