This study analyzes which factors induce corporate growth and what is the role of financial development in corporate growth. In particular, policy implications are explored in shaping growth strategies for high-tech companies. Results from the research suggest how to develop the financial system into the one conducive to corporate growth and which direction to take in reorganizing related institutions to create high-tech industries. 

First, financial development is a very important factor in bringing about corporate growth. The analysis using financial development index after controlling other corporate finance variables of companies reveals that development of the stock market or banks has been crucial in prompting corporate growth. Second, the hypothesis that financial development accelerate the growth of companies can be identically proven both for high-tech industries or traditional industries. The financial development has a bigger effect on the corporate growth in case of high-tech companies rather than in traditional industries. Third, high-tech companies owes its accelerated growth more to the development of the stock market than to that of banks. Fourth, microeconomic analysis also shows that difference in the financial system is not an important factor in causing different performances among companies. The financial development is crucial to  corporate growth.  Fifth, higher level of financial development cannot be achieved when law enforcement is not efficient, especially due to considerable time took during numerous required procedures and excessive bureaucratic red tape. Lastly, creditor protection is important for the growth of banks while investor protection is significant for the stock market development.

These results from analysis provide some indication regarding how to design systems in a right direction. To begin with, Korea should push ahead with the further financial development to promote corporate growth. Not only banks in charge of efficiently allocating funds but also the stock market have to make an simultaneous growth. The financial development enables funds to be allocated to more efficient companies. Second, the stock market development is an essential prerequisite for the growth of high-tech companies. To nurture venture businesses which are high-risk, high-return in nature and to promote industries that will propel Korea's economic growth, venture projects should be selected to invest in and sustained growth in the stock market should be sought as a source of capital. Third, the capital market development requires improving its infrastructure along with enhancing institutional mechanisms such as more efficient law enforcement. Ways to upgrade the infrastructure in terms of software include reforming the legal system to ensure efficiency in law enforcement, and protecting investors and creditors. They are important for evolving into the capital market-oriented structure. Finally, financial infrastructure is crucial for investor protection by encouraging companies to increase the use of direct financial market for financing and thus easing the problem of asymmetric information. Then, the government is urged to make an ongoing effort for preparing policies which raise the efficiency of the credit rating market and keep it fair and objective. Measures to promote competition are in need of establishment such as easing the entry requirement for credit rating agencies and preparing institutional mechanisms to evaluate their performance.