When evaluating effectiveness of a program, there is a tendency to simply compare the performances of the treated before and after the program or to compare the differences in the performances of the treated and the untreated before-after the program. However, these ways of evaluating effectiveness have problems because they can’t account for environmental changes affecting the treated and/or effects coming from the differences between the treated and the untreated. Therefore, in this paper, panel data analysis (fixed effects model) is suggested as a means to overcome these problems and is utilized to evaluate the effectiveness of fusion technology program conducted by Ministry of Trade, Industry and Energy, Korea. As a result, it turns out that the program has definitely positive impacts on the beneficiary in terms of sales, R&D expenditure, and employment.

1. 서 론
 2. 이론적 배경
 3. 분석절차
  3.1 사업소개
  3.2 분석개요
  3.3 효과추정
 4. 분석 결과
  4.1 수혜연도별 사업효과
  4.2 시간경과별 사업효과
 5. 결 론
 Acknowledgement
 References

• 김흥규(단국대학교 경영학부) | Heung-Kyu Kim Corresponding Author
• 강원진(기술과가치 MoT본부) | Won-Jin Kang
• 배진희(한국산업기술진흥원 산업기술정책센터) | Jin-Hee Bae