Empirical Analyses on Financial Attributes of Research and Development Expenditure for KOSDAQ-listed SMEs
Empirical Analyses on Financial Attributes of Research and Development Expenditure for KOSDAQ-listed SMEs*1)
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초록
본 연구는 최근 경영 혹은 재무 분야에서 중요성과 시의성 있는 주제 중의 하나인, 국내 자본시장에서의 기업들의 연구개발비 비중에 대한 재무적 결정요인에 대한 분석이다. 국제금융위기 이후부터 최근(2018년 기준)까지 코스닥 주식시장에 상장된 중소기업들의 연구개발비 비중에 대한 요인들에 대한 실증분석이 시행되었다. 본문에서는 3가지 주요 가설들이 검정되었는바, 사용된 총 설명변수들 중에서, 전년도의 연구개발비 비중 그리고 첨단산업 여부와 전년도 연구개발비 비중 간의 교호작용이 일관성 있는 유의 변수들로 판명되었다. 또한, 표본기업들의 과거의 연구개발비 비중과 종속변수 간의 비선형관계도 도출되었고, 해당 연구개발비 투자와 이와 연관된 수익성 반영 기간은 평균 3년이 소요되는 것으로 판명되었다. 최근까지 관련 국가(들)로부터 정기적으로 수입되어 온, 국내 해당 산업들의 핵심 소재와 부품에 대한 관련국들의 수출 제한 조치와 관련하여, 한국 정부와 기업들은 대안으로서 전례 없이 막대한 투자 계획을 발표, 추진하고 있다. 선 순환적으로 본 연구 결과가 기업의 적정 연구개발비 비중을 분석하기 위하여 응용되어 기업 가치의 극대화에도 기여할 수 있기를 기대한다.
Abstract
The study aims to address one of the contemporarily essential issues in management or corporate finance. It empirically attempts to identify financial components to determine corporate R&D intensity. Three primary hypotheses are postulated and tested in the study. Among total proposed variables, variables such as R&D expenditure made in the prior year, and interaction effect between R&D expenditure and the classification of high-tech sector, overall showed significant effects to determine the current R&D intensity. Results provided evidence that there is a non-linear relationship between the R&D intensity of current and prior year and, on average, a 3-year duration between R&D investments and profitability for SMEs. Currently, there are ongoing shortages of core components or materials required by the relevant domestic industries, that may be associated with the restrictions imposed by other nation(s). Accordingly, identification of financial determinants of R&D intensity is anticipated to function as catalysts to increase firm value by attaining to its optimal level, given that vast amounts of R&D expenditures are unprecedentedly scheduled to be invested in the relevant industries in the Korean capital market.
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