Journal of the Korea Convergence Society (한국융합학회논문지)

Korea Convergence Society (한국융합학회)
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The Effects of the Previous Corporation Internal Reservation on the Current R&D Investment -Using EDU as a moderating variable & Verification through GBM model

법인의 전기 사내유보가 당기 연구개발 투자에 미치는 영향 - 교육훈련비의 조절변수 효과 및 GBM 모델을 통한 검증

  • Yoo, Joon-Soo (Department of Accounting, Graduate School, Kangwon National University) ;
  • Jeong, Jae-Yeon (Department of Accounting, Graduate School, Kangwon National University)
  • 유준수 (강원대학교 일반대학원 회계학과) ;
  • 정재연 (강원대학교 일반대학원 회계학과)
  • Received : 2017.11.13
  • Accepted : 2018.01.20
  • Published : 2018.01.28
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Abstract

The purpose of this paper is to analyze the effect of corporation internal reservation on R&D investment. It is to find how much effect the reflux tax has achieved through empirical analysis. In addition, education training expense was taken as a moderating variable to find the effectiveness of government policy. Furthermore, the study looked through the effect once again by using GMB model. According to the result counted by regression analysis, it could be concluded that the effect of both moderation and intervention had a significant effect and the variable of interest cost and welfare & benefit cost in model 1, 2 and 3 had a meaningful impact at the level of 99%. On the other hand, the previous corporate internal reservation failed to show any significant result in all types of models. Even in GBM model of convergence level applied to additional analysis, similar results came out.

본 논문은 법인의 전기 사내유보가 당기 연구개발 투자에 미치는 영향을 분석함으로써 미환류 소득세제가 어느 정도 효과를 거두고 있는지 실증분석 하고자 하였으며 추가로 교육훈련비를 조절변수로 사용하여 정부정책의 유효성도 알아보고자 하였다. 또한 GBM 모델을 이용하여 그 효과를 한 번 더 살펴보았다. 연구 결과 교육훈련비의 조절효과와 매개효과 모두 유의미한 효과가 있는 것으로 판단할 수 있었고 모형1, 모형2, 모형3에서 모두 이자비용과 복리후생비 변수가 99% 수준에서 유의미함을 확인할 수 있었던 반면 전기유보율은 모든 모형에서 유의미하지 않은 결과를 보여주었다. 이를 통해 정부의 미환류 소득세제 도입 취지인 사내 유보금 과세를 추진하면 기업은 그 재원으로 물적 및 인적 투자를 늘릴 것이라는 가정은 아직 그 효과가 미미한 것으로 사료된다. 추가분석으로 실시한 융합 차원에서의 GBM 모형에서도 비슷한 결과가 도출되었다. 앞으로의 과제는 미환류 소득세제의 시행기간인 3년간(2015~2017)의 시계열 분석을 통하여 정부정책의 효과를 살펴볼 필요가 있다.

Keywords

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