Journal of the Korea Academia-Industrial cooperation Society (한국산학기술학회논문지)

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Empirical Analyses on the Financial Profile of Korean Chaebols in Corporate Research & Development Intensity

국내 자본시장에서의 재벌 계열사들의 연구개발비 비중에 대한 재무적 실증분석

  • Kim, Hanjoon (Division of Business Administration, Hoseo University)
  • 김한준 (호서대학교 사회과학대학 경영학부)
  • Received : 2019.01.09
  • Accepted : 2019.04.05
  • Published : 2019.04.30
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Abstract

This study examines one of the conventional and controversial issues in modern finance. Specifically, this study identifies financial determinants of corporate R&D intensity for firms belonging to Korean Chaebols. Empirical estimation procedures are applied to derive more robust results of each hypothesis test. Static panel data, Tobit regression and stepwise regression models are employed to obtain significant financial factors of R&D expenditures, while logit, probit and complementary log-log regression models are used to detect financial differences between Chaebol firms and their counterparts not classified as Chaebols. Study results found the level of R&D intensity in the prior fiscal year, market-value based leverage ratio and firm size empirically showed their significance to account for corporate R&D intensity in the first hypothesis test, whereas the majority of explanatory variables had important power on a relative basis. Assuming that the current circumstances in the domestic capital market may necessitate gradual changes of Korean Chaebols in terms of their socio-economic function, the results of this study are expected to contribute to identifying financial antecedents that can be beneficial to attain optimal level of corporate R&D expenditures for Chaebol firms on a virtuous cycle.

본 연구는 현대 재무관리 이론 상 전형적인 주제로서 현재까지도 지속적인 논의의 대상이 되는 국내 재벌그룹 소속 계열사들의 연구개발비 비중에 대한 재무적 결정요인들에 대한 분석이다. 실증 연구를 통한 분석 결과의 강건성 제고를 위하여 본 연구에서는 다양한 실증적 모형들이 응용되었다. 절대적 추정방법으로서 정적인 패널자료 모형, 토빗 모형 그리고 단계적 회귀 모형 등이 활용되었고, 상대적인 추정방법으로서 로짓, 프로빗 그리고 보완적 로그-로그 모형 등이 재벌소속 계열사와 그에 대한 상대 표본인 비재벌소속 계열사들의 재무적 결정요인의 차별성 규명을 위하여 응용되었다. 실증 분석 결과와 관련, 전년도의 연구개발비 비중, 시장가치 기준의 부채비율 그리고 기업규모 등이 첫 번째 가설에서 표본기업들의 연구개발비 비중에 대하여 통계적으로 유의한 재무적 결정요인으로서 판명되었으며, 후자의 상대적 추정모형 분석에서는 총 11개의 설명변수들 중, 대다수의 변수들이 통계적으로 유의한 것으로 검정되었다. 최근 국내 자본시장에서 요구하는 재벌기업들의 사회-경제적 기능면에서의 점진적 변화 가능성을 전제하여, 본 연구 결과는 재벌소속 계열사들의 적정 연구개발비 수준을 결정하기 위한 선행요인들의 재무적 분석에 기여할 수 있다고 판단된다.

Keywords

Table 1. Data Selection Criteria for Chaebol Firms

SHGSCZ_2019_v20n4_232_t0001.png 이미지

Table 2. List of variable employed in the models

SHGSCZ_2019_v20n4_232_t0002.png 이미지

Table 3. Descriptive Statistics for the Sample Data

SHGSCZ_2019_v20n4_232_t0003.png 이미지

Table 4. Results of financial determinants to determine corporate R&D spending for Chaebol firms

SHGSCZ_2019_v20n4_232_t0004.png 이미지

Table 5. Results of limited dependent variable models to identify financial factors discriminating between Chaebol and the non-Chaebol firms on the R&D outlay

SHGSCZ_2019_v20n4_232_t0005.png 이미지

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