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

The Korea Academia-Industrial cooperation Society (한국산학기술학회)
권호 표지
DOI QR코드

DOI QR Code

Financial Analysis by Conditional Quantile Regression on Corporate Research & Development Intensity for KOSDAQ-listed Firms in the Korean Capital Market

국내 자본시장의 코스닥 상장기업들의 연구개발비 비중에 대한 분위회귀모형을 활용한 재무적 분석

  • Kim, Hanjoon (Division of Business Administration, Hoseo University)
  • 김한준 (호서대학교 경영대학 경영학부)
  • Received : 2020.02.03
  • Accepted : 2020.05.08
  • Published : 2020.05.31
Download PDF
⟨ Previous Next ⟩

Abstract

This research analyses the financial characteristics of corporate R&D intensity in the Korean capital market. It is important to pay greater attention to this subject, given the current situation of the shortage of core components domestically in Korea. Three hypotheses are postulated to investigate the financial factors of R&D investments for KOSDAQ-listed firms during the post-era of the global financial turmoil. By applying a conditional quantile regression (CQR) model, three variables included R&D intensity in the previous year (Lag_RD), the squared term of Lag_RD, and interaction between the high-tech sector and Lag_Rd, reveal significant effects on the current R&D ratio. Whereas more than half of the total variables show variable impacts between firms with higher and lower R&D intensity, only Lag_RD and squared term of Lag_RD were found to be significant. It is expected that these results may contribute to being financial catalysts for an optimal level of R&D expenditures, thereby maximizing firm value for shareholders in KOSDAQ-listed firms.

본 연구의 주제는 국내 자본시장에서 기업의 연구개발비 비중에 영향을 줄 수 있는 재무적 결정요인들을 심층적으로 분석하고자 하는 것이다. 최근까지 다른 국가들에서 정기적으로 수입하여 왔던 국내 기업들의 핵심 소재와 부품들에 대한 부족 현상이 지속되고 있는 상황 속에서, 해당 핵심소재들의 자급을 위한 국내 연구개발비 투자와 관련된 추가 연구에 더 많은 관심을 기울이는 것은 이론적 그리고 실무적 측면에서 더욱 중요하다고 판단된다. 연구개발비 투자 확대를 위한 정부와 기업들의 정책을 기준으로, 국제금융위기 이후 코스닥 상장기업들의 연구개발비 비중의 결정요인들 분석하기 위하여, 3가지의 가설들이 본 논문에서는 검정되었다. 분위회기모형을 응용한 첫번째 가설 검정 결과, 총 설명변수들 중, 전년도의 연구개발 비중(Lag_RD), 비선형성을 검정을 위한 Lag_RD의 제곱 항, 그리고 하이텍 기술군과 Lag_Rd 간의 교호작용 등이 연구개발비 비중에 유의한 영향을 보였다. 두번째 가설에서 총 설명 변수들 중 과반수 이상의 재무변수들이 연구재발비 비중이 높은 기업군과 낮은 기업군을 통계적으로 구분하는 요인들로 판명되었으다. 본 연구의 결과들은 향후 기업의 연구개발비의 적정 수준을 측정하기 위한 재무적 결정요인으로서 활용되어, 주주의 측면에서 기업가치의 극대화에 기여할 수 있을 것으로 기대된다.

Keywords

References

  1. H. Kim, "Financial Attributes of Research & Development Expenditures for KOSDAQ Listed Firms with Headquarters in Chungcheong Province in the Korean Capital Market", Journal of International Trade & Commerce, vol.15, no.4, pp. 125-143, 2019. DOI: http://dx.doi.org/10.16980/jitc.15.4.201908.125
  2. H. Kim, "Further Analyses on Corporate Research & Development Intensity for Firms Listed on the KOSDAQ Stock Market", Unpublished Working Paper, 2020.
  3. Ministry of Science and ICT (2016), Report on the 2016 R&D Activities [Internet]. Available From: https://www.msit.go.kr/web/msipContents/contentsView.do?cateId=_policycom2&artId=1368919 (accessed Nov. 8, 2018)
  4. Ministry of Science and ICT (2019), Report on the Plan of Technological Development of NANO and Core Components in 2020 [Internet].Available From: https://www.msit.go.kr/web/msipContents/contentsView.do?cateId=_policycom2&artId=2429173 (accessed Dec. 23, 2019)
  5. C. Martinez-Sola, P. Garcia-Teruel, and P. Martinez-Solano, "Corporate Cash Holding and Firm Value", Applied Economics, vol.45, no.2, pp. 161-170, 2013. DOI: https://doi.org/10.1080/00036846.2011.595696
  6. S. Chan, K. Martin, J. Kensinger, "Corporate Research and Development Expenditures and Share Value," Journal of Financial Economics, vol.26, pp. 255-276, 1990. DOI: https://doi.org/10.1016/0304-405X(90)90005-K
  7. S. Perry and R. Grinaker, "Earnings Expectations and Discretionary Research and Development Spending," Accounting Horizons, vol.8, no.4, pp. 43-51. 1994.
  8. B. Lev, T. Sougiannis, "The Capitalization, Amortization, and Value-relevance of R&D," Journal of Accounting and Economics, vol.21, pp. 107-138, 1996. DOI: https://doi.org/10.1016/0165-4101(95)00410-6
  9. L. Chan, J. Lakonishok, T. Sougiannis, "The Stock Market Valuation of Research and Development Expenditures," Journal of Finance, vol.56, no.6, pp. 2431-2456, 2001. DOI: https://doi.org/10.1111/0022-1082.00411
  10. C. Shi, "On the Trade-off between the Future Benefits and Riskness of R&D: a Bondholders' Perspective," Journal of Accounting and Economics, vol.35, pp. 227-254, 2003. DOI: https://doi.org/10.1016/S0165-4101(03)00020-X
  11. A. Everhart, W. Maxwell, A. Siddique, "An Examination of Long-term Abnormal Stock Returns and Operating Performance Following R&D Increases," Journal of Finance, vol.59, no.2, pp. 623-650, 2004. DOI: https://doi.org/10.1111/j.1540-6261.2004.00644.x
  12. H. Quin, K. Zhong and Z. Zhong, "Seasoned Equity Issuers' R&D Investments: Signaling or Overoptimism," Journal of Financial Research, vol.35, no.4, pp. 553-580, 2012. DOI: https://doi.org/10.1111/j.1475-6803.2012.01328.x
  13. H. Kim, "Conditional Quantile Regression Analyses on the Research & Development Expenses for KOSPI-listed Firms in the Post-era of the Global Financial Turmoil", Journal of the Korea Contents Association, vol.18, no.4, pp.444-453, 2018. DOI: https://doi.org/10.5392/JKCA.2018.18.04.444
  14. D. Czarnitzki and S. Thorwarth, "Productivity Effects of Basic Research in Low-Tech and High-Tech Industries", Research Policy, vol.4, no.9, pp. 1555-1564, 2012.
  15. B. Fattouh, P. Scaramozzino, and L. Harris, "Capital Structure in South Korea: a Quantile Regression Approach," Journal of Development Economics, Vol.76, No.1, pp.231-250, 2005. DOI: https://doi.org/10.1016/j.jdeveco.2003.12.014
  16. W. Nelson and B. Arshanapalli, "Using Quantile Regressions to Examine the Capital Structure Decision of US Firms," Global Conference on Business and Finance Proceedings, Vol.9, No.1, pp.321-328, 2014.
  17. H. Kim, "Further Examinations on the Financial Aspects of R&D Expenditure For Firms Listed on the KOSPI Stock Market," Journal of the Korea Academia-Industrial Cooperation Society, Vol.19, No.4, pp.446-453, 2018. DOI: https://doi.org/10.5762/KAIS.2018.19.4.446