연구개발투자와 기업가치: 소유 및 지배구조의 조절효과를 중심으로

설원식,Sul, Won-Sik 대한산업경영학회 2021 산업융합연구 Vol.19 No.5

본 연구에서는 ESG의 G(Governance) 구성요소인 기업의 소유·지배구조가 연구개발투자와 기업가치간 관련성에 유의미한 조절효과를 가지는가를 검증하였다. 2013~2020년 동안 KOSPI 시장에 상장된 405개 제조기업 총 2,825개의 표본을 대상으로 패널분석을 수행한 결과, 연구개발투자는 기업가치에 부정적인 영향을 미치며, 또한 이들 관계는 기업의 소유·지배구조 특성에 따라 조절됨을 발견하였다. 소유경영자에 비해 상대적으로 경영에 대한 전문지식 수준이 높은 전문경영자가 연구개발투자를 주도할 때, 연구개발투자가 기업가치에 미치는 부정적인 영향이 완화됨을 확인하였다. 또한, 외부 주요주주의 지분율이 높을수록 연구개발투자가 기업가치에 미치는 부정적 영향을 감소시켰는데, 이는 외부 주요주주의 힘이 강할수록 경영자를 효과적으로 감시할 수 있고 경영자에게 정보 공개를 요구하여 기업 내외부 주주간 정보비대칭성이 완화되기 때문으로 해석된다. 연구결과는 ESG의 요소들이 기업가치에 직접적인 영향을 미칠 뿐 아니라 기업가치에 대한 조절효과를 가질 수 있음을 시사한다. In this study, the relationship between R&D investment and firm value was approached from ESG's G(governance) perspective to verify the moderating effect of the corporate governance and ownership structure. To this end, a panel analysis was conducted on a total of 2,825 samples of 405 manufacturing companies listed on the KOSPI market during 2013~2020. The main analysis results are as follows. First of all, we found that R&D investment has a negative impact on firm value, at least in the short term, and that these relationships are moderated by corporate governance and ownership structure. When professional CEO with high level of expertise in business and management does lead R&D investment, the negative impact of R&D investment on firm value is mitigated compared to owner-manager. Also, the stronger the power of outside blockholders, the more transparent the management and disclosure of information, alleviating the information asymmetry between internal and external shareholders, which mitigates the negative impact of R&D investment on firm value. The findings suggest that the factors of ESG may not only have a direct impact on firm value, but also have a moderating effect on firm value.

FTA체결 전·후의 환율행태 변화 분석과 전망

고경일(Khoe, Kyung-Il),설원식(Sul, Won-Sik) 한국산학기술학회 2009 한국산학기술학회논문지 Vol.10 No.5

본 연구는 극적인 타결을 이루어 낸 한 · 미 FTA의 효력 발생이 이후 두 국가간 통화로 이루어지는 원달러 환율의 행태에는 어떠한 영향을 줄 것인가에 대한 시사점을 얻기 위해 대미 FTA 국가들을 대상으로 FTA 체결 전 · 후의 환율형태가 어떻게 달라졌는지를 실펴보고 공통점 및 차이점을 발견하여 향후 원/달러환율의 행태를 전망하고자 하는 데에 목적을 두고 있다. 실증분석의 결과, 칠레를 제외하고는 변동성과 환위험프리미엄이 모두 효력 발생 이후 다소 줄어든 반면, 칠레는 변동성과 환위험프리미엄 모두 다소 증가한 것으로 나타나 해당환율의 변동성 및 환위험프리미엄의 변화는 같은 방향으로 이루어지나 대상국가에 따라 차이가 있음을 보여주고 있다. 이러한 연구결과는 환율변화의 불확실성에 대비해야 하는 IT무역업체들에게 한 · 미 FTA 효력 발생 이후 원/달러환율의 변동성과 위험프리미엄의 행태에 어떠한 변화가 예측되는지에 대한 정보를 제공해 줄 것으로 기대된다. This study intends to discuss the influence on behaviors of won/dollar exchange rate after a FTA between Korea and US come into effect. The change of behaviors of won/dollar exchange rate has been looked into conceming other countries who have signed a FTA pact with the US, and these examples were compared with that of Korea so as to find similarities and differences. As a result of analyses, behaviors of exchange rate between FTA-pact countries were showed differently. Volatility and risk premium somewhat decreased after the FTA took effect except for Chile. As for Chile, showing intense volatility, foreign exchange risk premium rather increased. It can be concluded that the relationship between volatility and risk premium of individual exchange rate is established and FTA can influence change of these behaviors of exchange rate depending on the situation of individual country. This study will contribute to offer informations to Korea trading companies related to IT that will have to prepare for the uncertainties of change of exchange rale due to FTA between Korea and US.

스톡옵션 부여공시에 따른 주가상승효과 재검토

설원식 ( Won Sik Sul ),김수정 ( Soo Jung Kim ) 한국재무관리학회 2003 財務管理硏究 Vol.20 No.1

AS an extension of previous researches with the conclusion that the announcement of adopting stock options generates positive abnormal returns, this paper examined whether the abnormal return changes over time or varies depending on the number of stock options granted. Empirical analysis was made to find whether the announcement of stock options awards has the same response in the stock market from the early days when stock option plans had been introduced in the Korean stock market till today when it was widespread. Results indicate that the announcement effect had been on a gradual decline since 2000. In addition, it is found that if a company announces stock option awards several times, the abnormal return gradually declines in proportion of the number of stock options granted. This implies that as the stock option awards become widespread, the positive effect that the announcement of adopting stock options generates as news has been on a relatively steady decrease. In short, it leads to a conclusion that the more companies grant stock options, and the more stock options a company announces, the less impact it has on the increase in the firm`s value.

외국인기관투자자와 기업의 경영의사결정

설원식(Won-Sik Sul),강신애(Shin-Ae Kang) 한국무역학회 2006 貿易學會誌 Vol.31 No.4

연구논문 : 자기주식 취득 및 처분 공시가 주주의 부에 미치는 영향 - 취득 및 처분목적을 중심으로 -

설원식 ( Won Sik Sul ),김수정 ( Soo Jung Kim ) 한국재무관리학회 2005 財務管理硏究 Vol.22 No.1

국제경영 : 외자가 유입된 중국상업은행의 효율성 결정요인 분석

설원식 ( Won Sik Sul ),권일숙 ( Il Sook Kwon ) 국제지역학회 2012 국제지역연구 Vol.16 No.4

본 연구에서는 2003~2010년 동안 외자가 유입된 34개의 중국상업은행을 대상으로 확률적 프론티어 접근법을 적용하여 외자유입은행의 효율성 결정요인을 검증하였다. 실증분석에 따른 주요 결과는 다음과 같다. 첫째, 1단계 확률적 프론티어 모형을 통한 분석에서는 자기자본비율이 높을수록, 이익대비 비용 및 유동성자산 비율이 낮을수록 은행의 수익성에 긍정적인 영향을 미침을 확인하였다. 둘째, 2단계로 은행의 효율성 결정요인을 검증한 결과, 외자유입비율이 높을수록, 외자유입비율제곱값이 적을수록, 선진국의 외국인투자자로부터 외자가 유입된 경우가 그렇지 않은 경우에 비해 은행의 효율성 개선에 긍정적인 영향을 미침을 확인하였다. 이상의 결과는 외자유입비율과 은행의 효율성은 비선형인 역U자형 관계를 가지며, 나아가 중국상업은행에 선진자본이 유입될 때 선진금융기법이나 다양한 상품투자 경험이 이전되어 은행의 효율성을 보다 강하게 개선시킴을 의미한다. 본 연구의 결과는 중국상업은행에 대한 외국자본유입은 은행의 효율성 개선에 긍정적인 영향을 미치며, 특히 과도하지 않은 범위 내에서 외국자본이 유입된 경우에는 선진국 외국인투자자로부터 외자가 유입되었을 때가 그렇지 않은 경우에 비해 효율성 개선효과가 보다 강하게 나타날 수 있음을 시사한다. Employing a stochastic frontier approach, this study aims to investigate the determinants of efficiency using a sample of 34 Chinese commercial banks with foreign capital inflows during 2003-2010. Major empirical findings are as follows. First, the analysis of the first stage stochastic frontier approach shows that higher equity-capital ratio and lower cost to income ratio contributes to the profitability of Chinese commercial banks. Second, the second stage analysis indicates that higher ratio of foreign capital inflows and lower ratio of foreign capital inflows squared is more likely to enhance the efficiency of the banks with capital inflows from developed countries than otherwise. The study confirms that the ratio of foreign capital inflows has an inverted U-shaped relationship with bank efficiency, suggesting that foreign capital from developed countries transfers advanced financial technologies and investment practices enhancing bank efficiency.

외국자본의 진입과 은행의 생산성 변화 : 한국과 인도네시아를 중심으로

설원식 ( Won Sik Sul ),강신애 ( Shin Ae Kang ) 한국생산성학회 2007 生産性論集 Vol.21 No.4

재한 외국인의 한국음식 선호도 영향 요인에 관한 연구 -영향 요인 간 상호관계 분석을 중심으로-

설원식 ( Won Sik Sul ),이동훈 ( Dong Hun Lee ),고경일 ( Kyung Il Khoe ),주규희 ( Gyu Hee Choo ) 국제지역학회 2007 국제지역연구 Vol.11 No.3

본 연구는 중국인과 영어권 외국인을 대상으로 거주기간, 한류문화의 인지도, 한국음식 특성에 대한 이해도가 어떻게 한국음식 선호도에 영향을 미치는가를 공변량 구조분석을 시도하여 분석하였다. 연구 결과, 1) 중국인과 영어권 외국인 모두 거주기간과 한류문화에 대한 이해도가 증가할수록 한국음식의 특성에 대한 이해도가 증가함을 발견하였고, 2) 중국인과 영어권 외국인 모두 한국음식의 기본적 특성에 대한 지식이 증가할수록 한국음식에 대한 선호도가 증가하는 것으로 확인되었다. 3) 질병치료 효과와 같은 한국음식의 효능은 한국음식에 대한 선호도와 유의한 관계를 가지지 않는 것으로 나타났으며, 4) 거주기간이 한류문화 및 한국음식의 효능 이해도에 미치는 영향은 중국인 그룹과 영어권 외국인 그룹에서 서로 다르게 나타났다. 본 연구는 이상의 결과를 종합하여 볼 때, 한국음식의 국제화를 위해서는 가장 먼저 외국인에게 한국음식을 직ㆍ간접적으로 체험할 수 있는 보다 많은 기회를 갖게 만드는 노력이 선행되어야 하며, 외국인에게 한국음식을 홍보하기 위한 마케팅 전략을 수립할 때에는 한국음식의 효능을 보다 강조해야 함을 시사하고 있다. This study analyses how length of stay in Korea, the amount of knowledge concerning Korean culture and understanding the characteristics and efficacy of Korean food influence the preference of foreigners for Korean food by using covariance structure modeling. This study aimed at two groups; Chinese people and English-speaking foreigners. As a result, 1) both groups had a better knowledge of the characteristics of Korean food as their length of stay and knowledge in Korean culture expanded. 2) The more they learned about the characteristics of Korean food, their preference for Korean food increased. 3) Korean food as an effective medical remedy did not influence on the preference for Korean food. 4) The understanding of Korean culture and food depending on the length of stay in Korea showed differently for both groups. This shows that more direct and indirect opportunities should be given to foreigners to experience and be exposed to Korean food in order to globalize Korean food. Also, the effect of Korean food like medical remedy should be emphasized more while establishing marketing strategies to promote Korean food.

스톡옵션 부여 기업의 장기성과에 관한 연구

설원식(Won Sik Sul),김수정(Soo Jung Kim) 한국증권학회 2003 Asia-Pacific Journal of Financial Studies Vol.32 No.1

일반 논문 : 종단적 자료를 활용한 벤처기업의 생존 및 성장 영향요인에 관한 실증연구

설원식 ( Won Sik Sul ),홍길표 ( Kil Pyo Hong ) 한국중소기업학회 2011 中小企業硏究 Vol.33 No.1

본 연구에서는 벤처기업의 생존에 영향을 주는 요인이 성장에도 동일한 영향을 주거나 혹은 그렇지 않은 관계가 존재하는지를 파악하기 위해 벤처기업의 생존 영향요인과 성장 영향요인을 연계시켜 분석하였다. 이를 위해 2003년과 2004년 벤처기업 경영실태 설문조사에 응했던 기업을 대상으로 설문조사 이후 4∼5년이 경과한 2008년 기준 생존 여부를 조사해 생존 영향요인을 분석했다. 또한 2003년 설문에 응답한 기업 중 2008년까지 생존한 기업을 대상으로 4년이 경과한 2007년까지 실제로 벤처기업이 얼마나 성장했는가를 측정하여 분석함으로써 성장 영향요인을 검증하였다. 연구의 주요 결과는 다음과 같다. 경영자 특성요인은 전반적으로 벤처기업의 생존요인이면서 성장요인으로 작용하는 것으로 나타났다. 한편 대표이사의 지식수준이나 대기업과의 네트워킹 능력은 벤처기업의 생존요인으로는 중요한 의미를 가지지만, 성장요인으로는 큰 영향을 미치지 않음을 발견하였다. 반면, 연구개발투자는 벤처기업의 생존에는 별 영향을 미치지 않지만, 성장과는 유의한 양(+)의 상관관계를 갖는 것으로 나타났다. 벤처기업의 업력 및 기업규모는 기대했던 것처럼 벤처기업의 생존과 성장에 서로 다른 방향의 영향을 미침을 확인하였다. 본 연구는 그간 상호 연계성을 갖지 않은 채 각각 분리되어 연구되어 왔던 벤처기업 생존 영향요인과 성장 영향요인을 비교·분석했다는 점에서 의의를 가지며, 연구결과는 벤처기업의 경영자나 벤처기업 정책결정자들에게 많은 실무적 시사점을 제시해 줄 수 있을 것으로 기대한다. Few attempts have been made to investigate the influences of and differences between survival and growth factors from an integrated perspective, whereas prior research has focused on the determinants of survival or growth respectively for new SMEs and venture firms. Do determinant factors of a firm`s survival also play an identical role in the growth of the firm? Conversely, are there factors which influence positively on a firm`s survival or deter a firm from growth? Using a group of more than 8,000 samples, we examined empirically whether determinant factors of survival and growth are identical in ventures. First of all, we analyzed survival factors by investigating whether firms in surveys conducted by the Small and Medium Business Administration in 2003 and 2004 survived until 2008. We investigated growth factors by analyzing the growth of those surviving venture firms during the four years after the previous surveys. This distinctive approach provided us with a new perspective to understand the determinant factors of growth. The factors we considered influencing survival and growth of venture firms were categorized based on firms` characteristics, such as organization, manager, technology, marketing and finance. Size and age of firms were the measures of organizational characteristics while ownership of founder and knowledge level of CEOs were those of managers characteristics. The capacity for technological innovation and investment in R&D were the proxy for assessing technological capabilities. Marketing characteristics were measured in terms of networking capacity with large firms and the level of globalization. Finally we used profitability and debt to equity ratio to assess financial characteristics. We analyzed the determinants of survival using binary logit model, where we divided sample firms into two categories, survival group and extinct group. Survival factors were sifted out through characteristics that were common to currently existing firms at the time of the 2003/2004 surveys. We investigated the determinant factors of growth using multiple regression model, where we computed growth rate of sales for each venture firm between 2003 and 2007, and used the growth rates as a dependent variable in regression analysis. Determinant factors influencing growth of venture firms were analyzed based on the firm characteristics mentioned above. The empirical results are summarized as follows. First of all, the hypothesis with regard to organizational characteristics, was partly supported, in that their effects on survival and growth were contrary to each other. We measured organizational characteristics by business history as well as size of firms using total assets and the number of employees. Business history measured by the number of years since incorporation, in particular, has a positive relationship on survival while it has a negative effect on growth rate in line with the hypothesis. Since start-up companies have the most considerable disadvantages in their early stages, chances of survival are substantially increased as business years roll on. The growth rate, meanwhile, slows down as years roll on, since start-up companies diverge from enterprising management in their early stage and intend to pursue stability. The size of ventures turns out to have a positive effect on survival, offsetting the disadvantages of startup by benefits from economies of scale, although size does not have a significant relationship with growth rate. Manager characteristics mostly work as a survival and growth factor. Founder ownership which is closely related to agency cost also turns out to be a survival and growth factor with statistical significance. It is interpreted as that founder ownership has a positive impact since potential agency cost between owner and manager would decrease when a founder owns and runs a venture. Academic background as a proxy for knowledge level of CEO is a survival factor, albeit statistically insignificant as a growth factor. We understand that the higher knowledge level a manager has, the more embedded technology and knowledge he or she is likely to have. High knowledge level would enhance a firm`s viability in the face of shocks in the external environment as shown in prior research. The empirical result also indicates that the capacity for technology innovation measured by the number of registered patents and patent applications turns out to have a positive effect on survival and a negative effect on growth. Although this study has the limitation that we narrowed the capacity for technology innovation down to the number of patents, the findings on growth rate is surprisingly different from our expectation beforehand. Meanwhile, the growth of ventures is positively related to R&D investment while R&D investment is not related to survival. It occasionally happens in the field that R&D investment adds to the burden on cash flow and rather threatens a firm`s survival when the investment does not lead to sales. Therefore, further research may need to distinguish R&D investment by sales. The impact of marketing on the survival and growth of venture firms was verified based on the networking capacity with large firms and the level of globalization. Networking capacity with large firms measured by weighted supply contracts did not work as a growth factor but worked as a survival factor. It seemed that supply contracts to big enterprises provided only stable sales for survival but they guaranteed neither high return for growth nor rapid sales growth. Globalization was measured by the experience of foreign market entry, where we expected that the level of globalization would have positive impact on growth since venture firms which entered overseas market would have new market opportunities. The empirical result, however, did not present a statistically significant relationship between growth and the level of globalization of venture firms. Finally, it is hypothesized that financial characteristics such as profitability and debt to equity ratio would influence the survival of venture firms. The deficiency of financial resources was expected to become a risk factor for the survival of venture firms, when firms did not have sizable internal capital and could not utilize external capital market. Debt to equity ratio is negatively related to survival while profitability has no significant effect on it. High debt to equity ratio might lead to financial distress threatening survival since the increased burden of interest payments might aggravate cashflows and high debt to equity ratio made it difficult to find new sources of finance. Prior research has separated survival factors and growth factors without considering any linkage between them. This study is meaningful in that we empirically verified survival factors and growth factors intended for a group of ventures with an integrated approach. We started the research from the question of whether factors contributing to survival of firms would also have identical impact on growth as well. Thus we examined deterministic factors for survival and growth and hypothesized the relationship between the factors and their impacts on survival and growth of venture firms respectively. Using time series data of 8,000 sample firms, we sifted out factors such as founder ownership, which have a positive impact on survival and growth simultaneously. Unique factors such as firm age and capacity for technological innovation by proxy of the number of patents, are presented as determinants which have a positive impact on survival and a negative impact on growth. In addition, factors which have influence not on growth but on survival and vice versa are verified based on the empirical findings. The results provide managers in venture firms and policy makers with managerial implications. Furthermore, this research lays the groundwork for further study by investigating the survival and growth of ventures from a comprehensive perspective and contributes to develop new research models leading to extending related theories. There are, however, a few problems that remain to be explored since we limited survival factors and growth factors to internal characteristics of venture firms out of a variety of organizational characteristics. This research concludes that the characteristics of both external environments of an organization as well as internal management characteristics need to be taken into account to fully explain the determinants of survival factors and growth factors of venture firms for theoretical expansion as Romanelli (1989) suggested earlier.