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

The Korea Academia-Industrial cooperation Society (한국산학기술학회)
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Industry Analyses on the Research & Development Expenditures for Korean Chaebol Firms

국내 재벌 계열사들의 연구개발비에 대한 재무적 산업효과 분석

  • Kim, Hanjoon (Division of Business Administration, Hoseo University)
  • 김한준 (호서대학교 사회과학대학 경영학부)
  • Received : 2019.03.21
  • Accepted : 2019.06.07
  • Published : 2019.06.30
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Abstract

The study empirically investigates financial factors that may influence on corporate R&D intensity during the post-era of the global financial turmoil (from 2010 to 2015) to mitigate possible spillover effect associated with the crisis. Concerning the empirical research settings of the study, chaebol firms listed in the KOSPI stock market are used as sample data with adopting various econometric estimation methods to enhance validity of the results. In the first hypothesis test, it is found that there exist inter-industry financial differences in terms of the ratio of R&D expenditure across all the sample years, but the statistical differences may arise from only a few domestic industries beloning to the high-growth sector. Moreover, it is also interesting to identify that, for the high-tech sector, 3 explanatory variables such as R&D intensity in a prior year, firm size and change in cash holdings are proved to be financial factors to discriminate between chaebol firms and their counterparts of non-chaebol firms, whereas a proportion of tangible assets over total assets as well as the former two variables are shown to be significant factors on the R&D intensity for the low-tech sector.

본 연구 논문의 주제는 국제금융위기와 관련한 전이효과를 고려하여 설정된 표본기간 (즉, 국제금융위기 이후 6년간) 동안, 국내 자본시장에서의 재벌소속 계열사들의 연구개발비 비중에 대한 재무적 결정요인들 분석에 관한 분석이다. 이와 관련하여, 연구의 실증분석 시행을 위하여 국내 유가증권시장에 상장된 재벌그룹 소속 계열사들을 표본자료로 선정하였으며, 상대적으로 다양한 계량경제 모형들을 활용하여 연구결과의 신뢰도 제고를 추진하였다. 첫 번째 가설 검정 결과와 관련, 국내 재벌기업들로 구성된 표본기업들의 연구개발비 비중에 산업간 효과가 통계적으로 유의하게 검정되었으며, 이와 관련된 심화 연구에서 동 유의성은 국내 산업들 중, 소수의 고성장 산업들에게만 존재함이 판명되었다. 두 번째 가설 검정에서는 표본산업들을 고기술 군(그룹)과 저기술 군(그룹)으로 양분화하여, 전자의 경우 모형에 사용된 전체 설명변수들 중 전년도의 연구개발비 비중, 기업규모 그리고 현금유동성의 변화 등의 설명변수들이 재벌기업들과 비재벌기업들 간의 재무적 측면에서 차이점을 나타내는 결정요인으로서 판명되었다. 반면에 저기술 군에 대한 분석 결과, 상기 2가지 변수 (즉, 전년도 기준 연구개발비 비중과 기업규모) 이외에도 총자산 대비 유형자산의 비율이 양 비교 기업군들 간에 재무적 차별성을 나타내는 유의 변수들로서 판명되었다.

Keywords

Table 1. Sampling criteria for chaebol firms

SHGSCZ_2019_v20n6_379_t0001.png 이미지

Table 2. List of Proxy Variables Employed

SHGSCZ_2019_v20n6_379_t0002.png 이미지

Table 3. Descriptive statistics for chaebol firms

SHGSCZ_2019_v20n6_379_t0003.png 이미지

Table 4. Descriptive statistics for non-chaebol firms

SHGSCZ_2019_v20n6_379_t0004.png 이미지

Table 5. ANCOVA of R&D Intensity for each tested year

SHGSCZ_2019_v20n6_379_t0005.png 이미지

Table 6. Results of multiple comparisons for industry differences for Korean chaebol firms

SHGSCZ_2019_v20n6_379_t0006.png 이미지

Table 7. Results of multiple comparisons for industry Differences for Korean non-chaebol firms

SHGSCZ_2019_v20n6_379_t0007.png 이미지

Table 8. Results on discriminating dactors of R&D intensity between chaebols and non-chaebols in high-tech sector

SHGSCZ_2019_v20n6_379_t0008.png 이미지

Table 9. Results on discriminating factors of R&D intensity between chaebols and non-chaebols in low-tech sector

SHGSCZ_2019_v20n6_379_t0009.png 이미지

References

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