The main contents of this study are organized as follows. First, we look at a literature review on research achievements that approach the principle of cluster formation from a network perspective. Second, the necessity of regional-specific smart specialization policies and new directions of regional industrial policies will be explored through derivation of achievements and implications for the implementation of Korean industrial cluster policies. Third, a survey on the characteristics of corporate transactions is conducted to confirm whether corporate transactions are a factor that forms an industrial cluster. The corporate transaction survey aims to investigate whether there is a preferrential attachment process in corporate transactions and whether the stability of corporate transactions contributes to the formation of local industry networks. Fourth, we present an industry Atlas model that extracts industrial networks from big data of inter-company transactions, and apply this model to measure the hierarchical structure and innovation capabilities of regional industrial networks in 14 metropolitan cities. Finally, a smart specialization strategy and regional industry policy tasks to reinforce regional economic innovation capabilities are presented using the results of regional industry hierarchy and innovation capabilities.
To summarize the results of the survey on the characteristics of business transactions, first, the selection of business partners is not made randomly when deciding on a transaction between companies, but it appears as a result of the preferrential attachment process, which is a result of optimization of business activities. And, if transaction costs are similar, the factors considered as the second best are continuous quality improvement, continuity of production, and proximity to customers as important transaction determinants. These survey results suggest that business relationships are an important factor in forming regional industrial clusters. Second, corporate transactions are continuous and stable. Once a transaction is made, corporate transactions tend to continue unless a specific reason for change occurs. In other words, it suggests that corporate transactions are continuous and that transaction stability exists. This suggests that the corporate transaction network is the foundation for forming and maintaining the regional industrial structure. Third, active business transactions act as a factor that induces regional innovation growth. According to the results of the survey, it is essential that companies make consistent efforts to improve their quality in order for them to survive in the transaction network. This means that corporate innovation efforts to maintain corporate transactions trigger regional innovation growth.