우리나라 상장기업의 R&D 투자와 자금조달
R&D Investment and Financing of the Listed Firms in Korea Stock Market
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본 연구는 우리나라 상장기업들의 자금조달 방법이 R&D 투자지출에 미치는 효과를 분석하기 위해서 이론적 모형을 제시하고, 또한 제시된 모형을 횡단면 자료와 시계열 자료를 결합하는 패널자료를 사용하여 실증적으로 분석하였다. 분석결과, 첫째, 기업의 R&D 투자 모형에서 임의효과를 무시하고 단순히 OLS에 의해 추정될 경우 편의가 발생할 수 있으며, 전통적인 패널 기법에 의해 자금조달 방식이 R&D 투자에 미치는 영향을 분석할 경우 왜곡된 결론을 유도할 수 있다. 둘째, 우리나라 상장기업이 대부분 R&D 투자를 외부자금조달 보다는 내부자금조달에 의존하고 있다. 셋째, 전통적인 패널기법에 의한 추정결과와 Tobit에 의한 추정결과가 다소 차이가 있다. 전체적으로 전자의 추정계수 값이 후자의 추정계수 값보다 작게 나타나고 있다. 이는 전통적인 패널 추정기법이 종속변수의 절단성과 분포를 무시하면서 발생하는 편의에 의한 것으로 볼 수 있다. 넷째, Tobin의 Q와 광고비 투자비율에 대한 추정계수는 모두 통계적으로 유의하게 나타나고 있다. 다섯째, 표준화한 자료를 이용한 내부자금조달 변수와 Tobin의 Q의 추정계수를 비교해 보면 후자의 추정계수가 크게 나타나 R&D 투자 비중에 내부자금조달보다는 기업가치가 상대적으로 더 크게 영향을 미칠 수 있다. 여섯째, 제조업가 변수, 소속부가변수, 산업가변수와 시간가변수는 대부분이 통계적으로 유의하지 않게 나타나 제조업이나 소속부 또한 산업별로 R&D 투자 패턴이 공통으로 유의하지 않으며 시간에 따라 R&D 투자가 크게 달라지지 않고 있다. 또한 대기업가변수를 나타내는 가변수는 모두 1% 수준에서 유의하게 나타나 기업규모에 따라 R&D 투자 활동이 달라질 수 있다. 여덟째, 중소기업이 특히 R&D 투자에 내부자금조달에 의존하고 있으며, 대기업 보다는 중소기업에서 R&D 투자 패턴이 산업별로 달리 나타나고 있다.
Abstract
In this study we analysed the effect of financing methods of the listed firms in Korea Stock Market on R&D investment through the theoretical model, which was analysed empirically with panel data that combines cross-sectional data with time-series data. The samples and the research period that this study covers are 665 firms during the period of January, 2001 to December, 2010. Among our samples are 201 large enterprises and 464 small and medium enterprises. The results of the empirical analysis are as follows;First, RE-GLS, Breusch and Pagan’s LM statistical values indicating the estimated result of mull hypothesis in which the random effect of unobserved firms cannot be derived, shows that deflective results can be caused if the unobserved effect or endogeneity problem of internal financing variables are disregarded: There is a possibility of a deflective result if random effect is not under consideration and is estimated just by OLS in the R&D investment model of the firms. Second, Net working capital ratio, one of the proxy variables of internal financing, was significant while non-current liabilities ratio and growth of capital stock which were the proxy variables of external financing were not significant. These mean most of KOSPI or KOSDAQ corporations depend on internal financing rather than external financing for their R&D investment. Third, There’s a difference between the estimated result of traditional panel technique and that of Tobit. In general, the estimated coefficient value of the former appears to be lower than the latter. That’s because the traditional method which disregards truncation and distribution of dependent variables generates deflective results. Fourth, Both Tobin’s Q and the estimated coefficient of advertising expenditure are statistically significant. It means that the higher the corporate value and advertising expenditure are, the heavier the proportion of R&D investment is. Fifth, When comparing the internal financing variables from standardized data with estimated coefficient of Tobin’s Q, the latter appears to be higher than the former. Therefore, corporate value affects R&D investment more than internal financing. Sixth, most of the dummy variables of manufacturing, market classes, industries, and time are not significant statistically, so R&D investment patterns of manufacturing and market classes are commonly not significant and the investment changes very little with time. Seventh, dummy variables of large enterprises are all significant by 1%. This implies that R&D investment activities can be changed according to the size of the firms. Eighth, It is concluded that the estimated coefficient of internal financing variables which are targeted at large enterprises is not significant. But the estimated coefficient intended for small and medium enterprises is significant, showing positive sign, regardless of the methods of estimation. This outcome suggests that R&D investment of small and medium enterprises depends on internal financing. Ninth, as for the estimated results of both types of enterprise, the characteristics which are classified by industry and time are more significant for small and medium enterprises than large ones. Characteristic of industry is significant in all of the estimated results of RE-Tobit model while that of time is significant in 2 Step Tobit model. This shows that R&D investment patterns of small and medium enterprises appear on each industry more variously than those of large enterprises.
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