Comparative Analysis of Financial Performance about Technology-invested SMEs and General SMEs

This study is based on the technology appraisal for investment from 2016 to 2019, and after the appraisal of technology-invested SMEs (TI1~TI6) and general SMEs, the three-year financial performance (growth potential / profitability) was analyzed ex post from the perspective of operating an appraisal model. In terms of financial performance, growth potential was defined as the sales growth rate, and profitability was defined as the operating profit rate. Propensity score matching was used to select general SMEs similar to technology-invested SMEs, and a total of 3,264 SMEs were used in the analysis. As a result of the analysis, it was confirmed that the growth potential (sales growth rate) of technology-invested SMEs was significantly higher than that of general SMEs in all three points in time and the average sales growth rate after the appraisal year. However, in the case of profitability (operating profit rate), it was confirmed that the difference between technology-invested SMEs and general SMEs was not significant at all three points in time and average operating profit rate after the appraisal year. Therefore, the conclusion was drawn that the technology appraisal model for investment, designed with the goal of predicting the future growth potential of SMEs, is being operated appropriately from an ex post perspective.