금융연구(金融硏究) : 한국 대규모기업집단에서 내부자본시장과 대리인 문제: 그룹 현금보유의 역할

강형철 ( Hyung Cheol Kang ),장하성 ( Ha Sung Jang ) 한국금융학회 2014 금융연구 Vol.28 No.2

본 논문은 한국 대규모기업집단에 속한 모든 계열사들의 자료를 사용하여 그룹의 현금보유가 내부자본시장을 효율화하는지 아니면 대리인 문제를 심화시키는지를 분석한다. 그룹의 높은현금보유 수준은 상호보조기능을 통해 내부자본시장을 효율적으로 작동하게 하는 매개체 역할을할 수 있는 반면, 지배주주의 사적 이익을 위해 활용되어 터널링(tunneling), 프로핑(propping)과같은 대리인 문제를 유발할 수도 있다. 본 연구는 기업의 재무적 제약 수준을 기업연령과 상장여부로, 대리인 문제를 지배주주의 소유권(cash flow rights)으로 측정하고 이러한 가설을 검증한다. 분석 결과, 첫째, 그룹의 현금보유 수준이 높을수록 재무제약 기업의 수익성은 높아지지만 이는투자효율성 개선으로 인한 것이 아닌 것으로 나타난다. 둘째, 현금보유 수준이 높은 그룹에 속한 재무제약 기업의 투자-현금흐름 민감도가 상대적으로 낮지만 성장성은 투자에 유의미한 영향을 미치지 않아 내부자본시장이 작동하지만 그 기능은 비효율적임을 나타낸다. 셋째, 그룹의 현금보유가 매우 큰 경우에는 소유구조에 기인한 대리인 문제가 발생할 수 있으며, 금융위기 이후내부자본시장 기능이 약화된다는 증거를 제시한다. 이상의 결과는 그룹의 높은 현금보유 수준은재무제약 기업에 도움을 주지만 이러한 내부자본시장 기능은 대리인 문제로 인해 비효율적으로 작동하게 됨을 시사한다. 본 연구는 내부자본시장 또는 대리인 문제를 개별기업 특성에 초점을두고 분석하는 기존 연구와는 달리 그룹의 현금보유 수준이 중요한 매개요인이라는 점을확인했다는 학술적 의의를 지닌다. Corporate cash holdings in major developed countries have increased sharply because of the heightened economic uncertainty since the 2008 global financial crisis. In Korea, corporate cash holdings increased rapidly after the country went through two major crises in 1997 and 2008. In 2010, cash and cash equivalents (hereafter, ‘cash assets’) held by non-financial listed firms exceeded 100 trillion won (9.2% of total assets). The level of cash assets held by listed firms of the top 10 chaebol groups is especially noteworthy as it increased rapidly from 28 trillion won in 2006 to 124 trillion won in 2012. In the first quarter of 2014, the top 10 chaebols’ cash assets accounted for about 75% of the top 500 firms of Korea. It is clear that most of the cash assets in Korea are held by chaebols. However, media reports often raise the problem that chaebols do not invest as much as their cash holdings increase. This paper investigates the trade-off and effects that a group’ cash holdings has towards making internal capital markets more efficient or deepening agency problems. The high level of a group’s cash holdings can facilitate internal capital markets operations through cross-subsidization. On the other hand, it can trigger agency problems such as tunneling and propping if it is misused for the private benefit of controlling shareholders. Group-level cash holdings are meaningful and have important implications in terms of internal capital markets and agency problems. If a firm within a group is financially constrained, the group’s abundant cash holdings can help the firm overcome financial constraints. However, if a group’s cash is limited, the firm will be constrained. Following the free cash flow hypothesis of Jensen (1986), agency problems in the business group also can be more likely to appear when the group’s cash is abundant. Although many existing literature have focused on firm-level cash holdings and the difference in the functioning of internal capital markets between chaebols and non-chaebols, they do not consider group-level cash holdings. To the best of our knowledge, this is the first paper to directly intro- duce group-level cash holdings. This study intends to answer the following questions. First, are a group’s high cash holdings helpful to financially constrained firms within the group that have higher funding needs? Second, are the internal capital markets of business groups efficient? Third, do high cash assets cause agency problems such as tunneling and propping? Our sample firms are all affiliates of Korean large business groups (chaebols) in which a family is the controlling shareholder over the period of 2001 to 2010. Financially constrained firms are defined as firms below the median age within a group or unlisted firms that have low accessibility to capital markets. We use cash flow rights (hereafter, ‘CFR’) of controlling shareholders as a proxy of agency problem. The main results of this paper are as follows. First, controlling for other factors to explain firms’ profitability, financially constrained firms in a group have higher profitability than financially unconstrained firms as the level of the group’s cash holdings is higher. This result supports the claim that internal capital markets operate well in groups with high cash holdings. Second, a group’s high cash holdings lower financially constrained firms’ investment efficiency, which is estimated as the positive effect of investments on performance. In turn, this means a group’s abundant surplus resources can lead to agency problems such as overinvestment and also supports Jensen (1986)’s free cash flow hypothesis in the group-level. Third, only when the level of a group’s cash holdings is high is the investment-cash flow sensitivity of financially constrained firms lower than the sensitivity of financially unconstrained firms. This result shows that a group’s cash holdings can be a means for firms to overcome financial constraints. However, we do not find any evidence that fast-growing firms invest more actively. This means that internal capital markets within Korean business groups are not efficient. Fourth, when the level of a group’s cash holdings is clearly excessive, the investment-cash flow sensitivity of financially constrained firms is insignificant but the sensitivity of firms with low CFR is significantly positive. This implies that when a group holds too much cash assets, internal capital markets do not function well and agency problems based on ownership structure can occur. Fifth, before the 2008 financial crisis, the investment-cash flow sensitivity of financially constrained firms was significantly lower than the sensitivity of financially unconstrained firms when the level of the group’s cash holdings was high. However, this difference between financially constrained firms and unconstrained firms disappeared after the crisis. This means that the functioning of internal capital markets in chaebols has weakened after the crisis and supports Lee et al.(2009). Overall, the results of this paper suggest that the high level of groups’ cash holdings can be helpful to financially constrained firms but the functioning of internal capital markets contains inefficiency due to agency problems.

Access to Capital Markets and Adjustment of Capital Structures

정병욱,김현수 한국경영학회 2018 한국경영학회 통합학술발표논문집 Vol.2018 No.8

This paper provides the evidences of heterogeneity in capital structures based on accesses to capital sources while providing new empirical findings. Using a large data set of public and private firms in Korea, our paper analyzes how access to various types of capital markets affects target leverage ratios, the speed of adjustments to targets, and financing activeness. Consistent with prior research, we provide main findings that (i) public firms have lower target leverage ratios and adjusts faster to targets than do private firms, and (ii) firms with access to external bond markets have higher target leverage ratios and adjust faster to targets than do firms without such access, regardless of whether the firms are public or private or not. Moreover, we provide the significant findings that the accesses to public and external equity and bond markets lead firms to more active issuance or retirement of capital. On the contrary, the effects of internal capital markets (ICMs) are not straightforward across different combinations of accessibilities to capital markets. More strategic and business-group-wise of operations and financing activities seem to work. We find that the effects of ICMs are relatively prominent in the subgroup of group-affiliates constrained in accesses to both public and external equity and bond markets. These evidences imply that, since the private firms within a business group are in general under strong control by owner-management of the business group in Korea, their debt financing from both internal and external sources can easily be substituted by other forms of funding such as internal private equity and various subsidizations through intra-group transactions, which are other devices for constituting internal capital markets.

外國證券의 公示規制 立法에 관한 考察 - 美國法과의 比較를 中心으로 -

이규수 한국상사법학회 2008 商事法硏究 Vol.27 No.1

These days, the globalization of capital markets has increased with deregulation, liberalization of capital flows and companies enter foreign capital markets to raise capital. Consequently, sometimes companies are required to observe foreign corporation laws or securities laws and it is necessary to consider disclosure rules for foreign securities. In the United States, foreign companies should comply with the U.S. disclosure system although they are subject to somewhat different requirements than domestic companies. However, this system increases disclosure costs and deters effective regulatory competition with foreign markets. And the foreign integrated disclosure system is not effective in regulatory competition with foreign disclosure system. Relaxing disclosure requirements for foreign companies might create an inequity for domestic companies. For the reform of disclosure rules, new theoretical proposals have been suggested arguing that the entire body of current U.S. securities laws should be replaced by a new statutory framework: the issuer choice approach and the issuer nationality approach. On the contrary, the world’s securities regulators suggest the replacement of domestic disclosure regimes with unified disclosure standards to be used in all international offerings: the harmonization approach. In Korea, the government has promoted the plans about globalization of capital markets since 1980’s and recently three foreign companies have listed their securities on Korea’s stock exchanges or KOSDAQ. Although foreign companies are subject to more or less different requirements than domestic companies, generally they should observe the Korea disclosure system according to the current securities laws. To increase international competitiveness by achieving an appropriate balance between attracting foreign companies and protecting domestic investors, it is necessary to modify and reform domestic rules and systems within international standards. These days, the globalization of capital markets has increased with deregulation, liberalization of capital flows and companies enter foreign capital markets to raise capital. Consequently, sometimes companies are required to observe foreign corporation laws or securities laws and it is necessary to consider disclosure rules for foreign securities. In the United States, foreign companies should comply with the U.S. disclosure system although they are subject to somewhat different requirements than domestic companies. However, this system increases disclosure costs and deters effective regulatory competition with foreign markets. And the foreign integrated disclosure system is not effective in regulatory competition with foreign disclosure system. Relaxing disclosure requirements for foreign companies might create an inequity for domestic companies. For the reform of disclosure rules, new theoretical proposals have been suggested arguing that the entire body of current U.S. securities laws should be replaced by a new statutory framework: the issuer choice approach and the issuer nationality approach. On the contrary, the world’s securities regulators suggest the replacement of domestic disclosure regimes with unified disclosure standards to be used in all international offerings: the harmonization approach. In Korea, the government has promoted the plans about globalization of capital markets since 1980’s and recently three foreign companies have listed their securities on Korea’s stock exchanges or KOSDAQ. Although foreign companies are subject to more or less different requirements than domestic companies, generally they should observe the Korea disclosure system according to the current securities laws. To increase international competitiveness by achieving an appropriate balance between attracting foreign companies and protecting domestic investors, it is necessary to modify and reform domestic rules and systems within international standards.

재무유연성과 내부자금시장이 부채의 순세금효과와 투자지출에 미치는 영향

고종권 ( Jong Kwon Ko ),윤성수 ( Sung-soo Yoon ),박희진 ( Hee Jin Park ) 한국회계학회 2021 회계학연구 Vol.46 No.3

본 연구는 국내 상장기업의 1991년부터 2017년까지의 재무 자료를 이용하였고, 외환위기 이전 기간, 외환위기 후 금융위기 이전 기간, 그리고 금융위기 후 기간으로 구분하여 부채조달의 한계효용과 한계비용을 추정하고 재무유연성과 내부자금시장으로 구분한 표본별로 부채사용의 보수성을 나타내는 KINK와, 부채사용의 순세금효과를 추정하였고 표본별로 외환위기 및 금융위기 후 부채사용의 보수성 증가와 투자지출액 증가 여부를 분석하였다. 분석결과 부채사용의 순효용은 실제부채수준에서 총자산의 0.9%, 균형부채수준에서 총자산의 2.0%로 나타났다. 표본별로 실제부채수준과 균형부채수준의 순효용은 재무유연성이 낮은 표본은 총자산의 1.0%와 2.2%, 재무유연성이 높은 표본은 총자산의 0.5%와 1.2%로 나타났고, 내부자금시장이 없는 표본은 총자산의 0.8%와 2.0%, 내부자금시장이 있는 표본은 총자산의 1.0%와 2.0%로 나타났다. KINK를 이용하여 기간별 부채사용의 보수성을 분석한 결과 외환위기 후에는 재무유연성이 높은 기업에서 상대적으로 부채사용의 보수성이 증가하였고 금융위기 후에는 내부자금시장이 있는 기업에서 상대적으로 부채사용의 보수성이 감소한 것으로 나타났다. 그리고 외환위기 후에는 재무유연성이 높은 기업에서, 금융위기 후에는 내부자금시장이 있는 기업에서 투자지출액이 증가한 것으로 나타나 재무유연성과 내부자금시장이 투자지출액에 긍정적인 영향을 미치는 것으로 나타났다. 본 연구결과는 재무유연성과 내부자금시장이 부채조달 의사결정과 투자지출에 영향을 미치는 증거를 제시한 것으로 보인다. We examine whether financial flexibility and internal capital market consideration influences firms’ debt financing and investment decisions in financial crises, using Korean data around the 1997 Asian financial crisis and the 2008 global credit crisis. The results show that, the net tax benefit of debt in the total sample is 0.9% of total assets at actual debt level and 2.0% of total assets at equilibrium debt level. The net tax benefit of debt at the actual debt level and at the equilibrium debt level is 0.9% and 2.0% of total assets respectively in low financial flexibility samples, and 0.5% and 1.2% of total assets respectively in high financial flexibility samples. The net tax benefit of debt at the actual debt level and at the equilibrium debt level is 0.8% and 2.0% of total assets respectively in samples without internal capital market and 0.5% and 1.2% of total assets respectively in samples with internal capital market. Comparing individual firms’ actual debts against estimated equilibrium debts, we find that Korean firms with high financial flexibility were relatively under-levered after the 1997 crisis, and firms with internal capital market were relatively over-levered after the 2008 crisis. In addition, capital expenditure increased in firms with high financial flexibility after the 1997 crisis, and in firms with internal capital market after the 2008 crisis, indicating that financial flexibility and internal capital market had a positive effect on capital expenditures.

Internal Capital Markets and Loss Reserve Error Volatility

In Jung Song 한국재무학회 2018 한국재무학회 학술대회 Vol.2018 No.05

A rich literature on property-liability insurer loss reserve has developed since the 1970s. Prior research provides evidence that insurers strategically manage earnings via loss reserves but has not incorporated the role of internal capital markets. This paper first examines firm characteristics and internal capital markets activity that are associated with firm and group loss reserve error volatility. Results indicate that insurers who are part of a group and have greater access to internal capital markets tend to have less volatility in their reserve errors than unaffiliated insurers which suggests that internal capital markets provide alternative means of managing insurer capital.

한국 재벌기업집단의 내부자본시장과 자본조달순위이론

정민규,문승진,김병곤 한국금융공학회 2024 금융공학연구 Vol.23 No.1

본 연구에서는 재벌기업집단 내에 존재하는 내부자본시장이 기업집단 소속 기업의 자본조달 의사결정에 미치는 영향을 분석하였다. 분석기간은 2004년부터 2021년까지 이다. 표본은 재벌기업집단에 속하고 한국거래소의 유가증권시장과 코스닥시장에 상장된 기업 총 2,351개(기업-연도)를 사용하였다. 재벌기업집단 내에서 내부금융의 가용성을 나타내는 현금흐름은 기업집단 소속 상장사 외에 비상장 외감법인 총 15,235개(기업-연도)를 포함하여 분석하였다. 분석방법으로는 패널자료회귀분석법을 사용하였다. 실증분석 결과를 요약하면 다음과 같다. 첫째, 재벌기업집단 내에서 창출되는 현금흐름과 레버리지의 영향관계를 확인한 결과, 재벌기업집단에 속한 기업에서 자사가 창출한 현금흐름과 타계열사현금흐름이 증가하면 부채에 의한 자금조달이 감소한다는 것을 확인하였다. 이러한 결과에서 한국 재벌기업은 외부금융 보다 내부금융을 선호하고 재벌기업집단 내에 존재하는 내부자본시장이 기업의 자본조달 의사결정에 영향을 미친다는 것을 알 수 있었다. 둘째, 자금부족과 부채발행의 영향관계를 확인한 결과에서는 한국 재벌기업은 부족자금이 발생하면 외부금융인 순부채를 발행하여 조달하는 것으로 나타났다. 그렇지만 자체 현금흐름이 발생하는 경우에는 순부채 조달이 감소한다는 것을 알 수 있었다. 또한 재벌기업집단 내에 타계열사에 의해 형성된 내부자본시장이 존재하는 경우에는 내부자본시장이 기업의 자금부족을 조절하여 순부채 조달을 감소시키는 것으로 나타났다. 이러한 결과에서 한국의 재벌기업집단 소속 재벌기업들은 자본조달 의사결정에서 전반적으로 자본조달순위이론을 따르고 있는 것으로 이해할 수 있었다. This study examines the impact of the internal capital market within Chaebol business group on the capital structure decision making of affiliated firms during the period from 2004 to 2021. The sample comprises 2,351 firms (firm-year observations) listed on the Korea Exchange, including both the KOSPI and KOSDAQ markets. Utilizing panel data regression analysis, the findings reveal that Korean Chaebol firms prefer internal financing over external financing. The internal capital market within Chaebol firms influences affiliated firms' capital structure decision making, reducing reliance on debt-based funding. Additionally, when facing funding shortages, Chaebol firms issue net debt externally; however, internal cash flow generation decreases net debt issuance. The presence of an internal capital market, formed by affiliated firms, mitigates funding shortages, reducing net debt issuance. Overall, Korean Chaebol firms tend to follow the Pecking Order Theory in their capital structure decision making.

Boundary and Efficiency of Internal Capital Markets and Organizational Structure in Spin-offs : Control vs. Focus

Yoon K. Choi,Yong H. Kim 한국재무학회 2007 한국재무학회 학술대회 Vol.2007 No.04

This paper examines how the boundary and efficiency of internal capital markets (e.g., firm size) is affected by corporate spin-offs. A spin-off is classified by its organizational structure: whether or not spun-off firms are operationally controlled or focused by parent firms after a spin-off. Surprisingly, in about 58% of the 102 spin-off transactions we studied, parent firms retain “control” of spun-off firms through overlapping management. Our result implies that these two types of parent firms are systematically different in their management of the internal capital market. That is, we find that corporate spin-offs themselves do not change investment sensitivity in parent firms after spin-offs. However, investment activities have already been sensitive to the change in Tobin’s Q around the spin-off events for the focused parent firms. In contrast, the controlling parent firms turn out to have maintained inefficient capital markets around spin-offs. We find that most of the focused parent firms in our spin-off sample are much larger than the controlling parent firms prior to spin-offs. Furthermore, for the controlling (focused) parents, the investment sensitivity increases (decreases) as firm size increases. These results are consistent with our argument that a spin-off appears to be a means to maintain an optimal firm size as suggested in Aron (1988), Gertner, Scharfstein, and Stein (1994) and Stein (1997). We show that the pre- and post spin-off marketadjusted performances are also consistent with the efficiency of the internal capital markets under these two types of parents.

한국 재벌 기업집단의 내부자본시장과 지배주주의 터널링

문승진,정민규,김병곤 한국금융공학회 2022 금융공학연구 Vol.21 No.3

This paper explores the existence of the internal capital market and the controlling shareholders’ tunneling in Korean Chaebol business groups using cross-sectional and time series data on total 2,437 Korean listed firms. The analysis period was from 2010 to 2021. The empirical analysis results are as follows. First, it was confirmed that an internal capital market exists in Korean Chaebol business groups. Second, in the Korean Chaebol conglomerates, it was found that the controlling shareholders were tunneling using the internal capital market. It has been confirmed that the controlling shareholder expands investment in the company by transferring the cash flows of affiliates belonging to the corporate group to the company with a high stake. Third, it was confirmed that in the 30 largest Chaebol business groups, an internal capital market exists and tunneling using the internal capital market by controlling shareholders occurs. However, in non-30 largest Chaebol business groups, the existence of an internal capital market could not be confirmed, and no evidence of tunneling was found by controlling shareholders. 본 연구에서는 한국 재벌 기업집단의 내부자본시장 존재 여부를 확인하고, 지배주주가 내부자본시장을 활용하여 터널링을 하는가를 분석하였다. 분석기간은 글로벌 금융위기 이후기간인 2010년부터 2021년까지를 대상으로 하였다. 표본기업은 본 연구의 분석기간 동안에 공정거래위원회로부터 공시대상기업집단이나 상호출자제한기업집단으로 지정된 총수가 있는 대기업집단 소속회사로 한국거래소의 유가증권시장과 코스닥시장에 상장된 총 2,437개(기업-연도) 기업과 외부감사 대상법인 총 9,454개(기업-연도) 기업을 사용하였다. 분석을 위해 횡단면 자료를 시간적으로 연결한 불균형 패널자료를 형성하고, 패널자료회귀분석법을 사용하여 분석하였다. 실증분석 결과를 요약하면 다음과 같다. 첫째, 한국의 재벌 기업집단에는 내부자본시장이 존재한다는 것을 확인하였다. 둘째, 한국 재벌 기업집단에서는 지배주주가 내부자본시장을 활용하여 터널링을 한다는 것을 알 수 있었다. 지배주주는 기업집단에 속해 있는 계열사의 현금흐름을 자신의 지분율이 높은 기업으로 이전시켜 당해 기업의 투자를 확대한다는 것을 확인하였다. 셋째, 30대 재벌 기업집단에서는 내부자본시장이 존재하고, 지배주주에 의해 내부자본시장을 활용한 터널링 현상이 발생한다는 것을 확인하였다. 그렇지만 비30대 재벌 기업집단에서는 내부자본시장의 존재 여부를 확인할 수 없었고, 지배주주에 의해 터널링이 이루어진다는 증거도 발견할 수 없었다.

통합된 국제자본시장에서 국제자산가격결정요인에 관한 연구 - 금융업종을 중심으로 -

이상근 대한경영학회 2005 大韓經營學會誌 Vol.18 No.4

This paper aims to identify the international asset pricing factors in the integrated capital markets, specifically capital markets of financial industries of Korea, USA, Japan, and UK. Various economic factors seem to influence asset pricing in the integrated capital markets. In this paper only major macroeconomic factors are considered. Now that identifying the asset pricing factors is possible only when the capital markets are integrated internationally, first, the international integration hypothesis of capital markets is analyzed, and then the international asset pricing factors are analyzed. The empirical results show that Korea/Japan, USA/Japan, and USA/UK markets are integrated in the capital markets of financial industries. In the integrated capital markets, the dollar based exchange rates, interest rates, and the inflation rates are identified as the major macroeconomic factors of international asset pricing. 본 연구는 우리나라, 일본, 미국, 영국의 국가간 금융업종의 통합된 자본시장에서 금융업종의 국제자산가격결정요인을 분석하는데 목적을 두고 있다. 국제자산가격결정요인을 밝히기 위한 분석은 국가간 통합된 자본시장에서만 가능하다. 따라서 본 연구에서는 국가간 금융업종 자본시장이 통합되어 있는지 여부를 국제차익거래가격결정모형(International Arbitrage Pricing Model; IAPM)과 Chow test로 검토한 후, 국가간 통합된 금융업 자본시장에서 자산가격결정요인을 분석하였다. 국제자산가격을 결정하는 요인은 다양하지만, 본 연구에서는 대표적인 거시경제변수인 환율․이자율․물가상승률에 초점을 맞추고 있다. 실증분석 결과, 국가간 금융업 자본시장은 한국과 일본, 미국과 일본, 미국과 영국이 통합되어 있다는 가설을 기각할 수 없는 것으로 밝혀졌다. 이들 통합된 국가간 금융업 자본시장에서는 각국의 인플레이션, 이자율, 환율 등이 자산가격에 영향을 주는 주된 거시경제변수로 나타났다.

내부현금흐름 특성과 연구개발투자효과

김현숙(Hyeon-Sook Kim),권택호(Taek-Ho Kwon) 충남대학교 경영경제연구소 2014 경영경제연구 Vol.37 No.1

본 연구는 2000년부터 2010년까지 유가증권시장의 개별기업을 대상으로 내부현금흐름의 안정화 수단으로 알려진 사업다각화와 내부사업거래가, 연구개발투자와 기업가치 간의 관계에 어떠한 영향을 미치는지 살펴보았다. 분석결과에 의하면, 사업다각화 활동은 연구개발투자와 기업가치 간의 관계에 긍정적인 영향을 미치고 있었다. 이는 사업다각화 활동의 결과 내부현금흐름이 안정화 될 수 있게 되어 가치 있는 연구프로젝트에 지속적으로 투자할 수 있게 되는 즉, 연구개발투자의 변동성 감소와 관련이 있다는 것을 의미한다. 반면 내부사업거래의 경우 연구개발투자효과에 유의한 영향을 미치지 못하는 것으로 나타났다. 이러한 결과는 내부사업거래가 내부현금흐름 안정화와는 다른 목적으로 이루어지거나 또는 내부사업거래의 현금흐름안정화 효과가 투자규모의 변동성에 유의적인 영향력이 없기 때문인 것으로 해석해볼 수 있다. 사업다각화나 내부사업거래 이용정도가 상대적으로 높은 대규모기업집단 소속기업 만을 분석한 결과에서도 위의 두 변수별 결과는 유사함을 보였다. 본 연구는 연구개발 활동이 기업가치로 연결될 수 있는 동인에 대해 선행 연구에서 고려하지 않았던 내부현금흐름 특성 변수를 이용해 분석해보았다는 점에서 기존 연구들을 보완하고 있다고 볼 수 있다. 또한 역으로 사업다각화 활동의 경우 연구개발투자효과 측면에서 기업에 긍정적인 역할을 하는 것으로 확인되었다. This study empirically examines the effects of internal capital market and corporate diversification on the relationship between R&D investment and firm value. Internal capital market and corporate diversification may positively impact on firm value of R&D investment through the minimization of R&D investment volatility by potentially stabilizing cash flow. This study uses non-financial firms listed on the KOSPI market over the 2000~2010 period. In addition, we examine whether there are the effects of internal capital market and corporate diversification on the relationship between R&D investment and firm value by using large business group dummy. According to the empirical results, corporate diversification variable significantly increases the valuation effect of the R&D investment on the firm. In contrast, there is no evidence that internal capital market variable increases the valuation effect of R&D investment. In large business group firms, the valuation effect of corporate diversification is greater than in total sample firms. However, the valuation effect of internal capital market is not statistically significant. These differences seem to be caused by stabilizing cash flow through corporate diversification, but not by stabilizing cash flow through internal capital market. These results indicate that the characteristics of internal cash flow, especially by corporate diversification, may affect the magnitude of the positive effect of R&D investment on firm value.