양자간 투자협정에 의한 투자보호와 공익상의 예외조치

김채형 법무부 2010 통상법률 Vol.- No.93

The basic assumptions behind Bilateral Investment Treaties(BITs) are that a bilateral treaty with clear and enforceable rules to protect and facilitate foreign investment reduces risks that the investor would face, and that such reductions in risks encourage investment. Thus, BITs establish clear rules and effective enforcement mechanism with regard to their treaty partners, and pursue the objective of investment protection by establishing rules about the host country's treatment of foreign investment and processes for enforcing these rules. The rules restrain the ability of host governments in dealing with foreign investor and investment. Actually BITs emphasize the investment protection that investment treaties provide to private investors. It is doubtful that actual system of transnational dispute relating to investment would be an unbalanced discipline that favours foreign investors and does not take into consideration the public interests and the development requirement of host countries. That's why BITs contain public interest provisions that limit the applicability of investor protection under the BIT in exceptional circumstances. These public interest provisions allow host countries to take actions inconsistent with the treaty when, for example, the actions are necessary for the protection of essential security, the maintenance of public order, or to respond to a public health emergency. As long as the host country's actions are taken in pursuit of one of the permissible objectives specified in the public interests clause, these actions do not constitute breaches of the treaty and host country should no liability under the BIT. In this paper, it is above all examined the history of public interest clauses and the prevalence of these clauses in BITs. Thereafter I analyse the two ways of taking into consideration of the public interests of host country in international investment law. Firstly, it is analysed the way which is prescribed by exceptional clauses in the BITs for the benefit of host country's interests. Secondly, in the case that dispute with regard to investment treaties is submitted to the international arbitration, it is analysed the way which is considered the public interests of host country in the interpretation and application of investment protection rules. It is very difficult to measure the protection of public interests of States in international investment law. The protection of these interests varies from treaty to treaty. The protection by jurisprudence is not necessarily stable. It depends on the arbiter's attitude, the treaty's content and the circumstances of the case. It is observed that host country's position is reinforced by means of the taking into more consideration of host country's public interests in international investment law. Thus, investors must understand that the regime protecting too much their rights doesn't serve necessarily their interests. The investment treaty clauses which guarantee too much the investors’ interests can provoke the violent reactions of the host country. BIT협정은 투명하고 효과적인 법규칙을 규정하여 외국투자자에 대한 위험을 축소하고 외국투자를 촉진하는 효과를 나타낸다. 또한 외국투자에 대한 대우의 규칙을 확립하고 이러한 규칙을 집행하는 절차를 확립하여 외국영토에서 실시된 투자를 보호하려는 목표를 추구한다. 실제 BIT협정은 외국투자자에게 제공하는 투자보호를 강조하고 있으므로, 투자에 대한 국제분쟁의 현 체제가 외국투자자에게 유리하고 투자유치국에게 불리한 것이 아닌가 하는 의문이 제기된다. 그래서 BIT협정들은 예외적인 상황에서 투자유치국의 공익보호를 이유로 외국투자자를 보호하는 규칙을 제한하는 규정들을 갖고 있는 경우들이 나타난다. 이러한 예외조항들은 투자유치국이 취하는 조치가 기본적 안전의 보호, 공공질서의 유지, 공중보건상 필요할 때, 투자유치국이 BIT협정과 부합되지 않는 조치를 취하는 것을 허용하고 있다. 투자유치국이 공익보호를 목적으로 BIT협정의 예외조항에 의하여 허용된 조치를 취하게 되면, 이러한 조치는 BIT협정의 위반이 아니며, 투자유치국은 BIT협정에 따른 책임을 지지 않는다. 본 연구에서는 BIT협정에서 공익의 보호를 위한 예외조치의 연혁과 확산문제에 대하여 우선적으로 검토하였다. 이후 국제투자법에서 투자유치국의 공익을 고려하는 내용을 두 가지 측면에서 분석하였다. 첫 번째는 BIT협정에서 투자유치국의 공익을 고려하는 예외규정을 두는 방식을 분석하였다. 두 번째는 투자협정에 대한 분쟁을 국제중재에서 판정하는 경우, 투자보호규칙을 해석하고 적용함에 있어서 투자유치국의 공익을 고려하는 방식을 분석하였다. 그러나 투자유치국의 공익을 투자협정에서 보호하는 문제는 투자협정마다 다르게 규정되어 있다. 중재판정에서 공익을 보호하는 문제는 항상 긍정적으로 판정되는 것은 아니므로 안정적이지 않으며, 이는 중재인의 성향과 투자협정의 내용 및 투자분쟁사건의 상황에 달려 있다. 국제투자법에서 투자유치국의 공익을 점점 많이 고려하게 되면서 투자유치국의 입장이 강화되는 것을 관찰할 수 있었다. 그래서 외국투자자들은 자신의 권리를 지나치게 보호하려는 투자협정체제가 반드시 투자자에게 이익이 되는 것은 아니라는 점을 인식할 필요가 있다. 투자자의 이익을 지나치게 보장해 주는 투자협정상의 규정이 투자유치국의 반발을 야기할 위험을 나타낼 수 있다.

朝鲜民主主义人民共和国外国人投资法律制度初探

WANYANJIAO 한중법학회 2019 中國法硏究 Vol.38 No.-

At present, many countries are continuing to make efforts to attract foreign investment. Since April 20, 2018, North Korea announced at the Third Plenary Session of the Seventh Central Committee that it would stop its nuclear test and concentrate all its efforts on economic construction, thus releasing a positive signal of peace to the whole world. North Korea, regarded as the “last virgin land for investment in East Asia”, has attracted the attention of numerous investors. Influenced by China's reform and opening up and the achievements of the Sino-foreign Joint Venture Law, DPRK promulgated the Joint Venture Law on September 8, 1984. However, due to the low degree of external trust caused by Korea's external debt problem and the rigidity of North Korea's domestic system, the joint venture law has not been able to develop as fast as China's joint venture law. The relevant laws and regulations on foreign investment in North Korea, such as the Foreign Investment Law, the Cooperation Law and the Foreign Enterprise Law, were mostly enacted in the 1990s. After the historic first North-South Summit on June 15, 2000, the DPRK and the ROK signed the “Four Economic Cooperation Agreements” on December 16, 2000. In order to attract Korean capital, they enacted the “Kumgang Mountain Tourism Area Law” and the “Kaesong Industrial Area Law” for Korean enterprises. After a large number of laws and regulations were rectified in 1998-1999, a large number of laws and regulations such as the Implementation Provisions of the Joint Venture Law (2000.3) and the Implementation Provisions of the Cooperation Law (2000.3) were rectified after 2000. In November and December 2011, North Korea enacted and amended many laws and regulations that deserve attention. Among them, up to 13 foreign investment regulations have been amended. In 2014, the Foreign Economic Arbitration Law, the Cooperation Law and the Joint Venture Law were amended. In 2015, the Trade Law, the Labor Law of Foreign Investment Enterprises, the Tax Law of Foreign Investment Enterprises and Foreigners and the Accounting Approval Law of Foreign Investment Enterprises were amended. According to the relevant laws and institutional changes in North Korea over the past 30 years, the foreign investment law has also been improved with the continuous improvement of the national system and related laws and regulations, and has been explored from scratch. Although North Korea's relevant laws and regulations on attracting foreign investment have a minimum institutional shell, they have not achieved the expected foreign investment results. The reason is the restrictive factors of the legal system of foreign investment, which is based on the lack of confidence of the North Korean authorities themselves in foreign investment. Although the process of change in North Korea's legal system is slow, it is moving towards recognizing the necessity and importance of law. Although the domination of law in North Korean society is still at the stage of formal legalism, with the development of law as a normal social operation system and foreign investment legal system, the substantive significance of Korean legalism will become increasingly prominent. With the release of the message of market economic cooperation and regional peace at the highest level of the DPRK, the call for lifting sanctions against the DPRK has also been greeted internationally. The DPRK government has officially launched the wave of socialist market economy construction. In view of foreign investment negotiations and cooperation projects, it will continue to promote the DPRK to improve the relevant laws, regulations and investment environment for foreign investment. 目前,许多国家都在继续开展旨在吸引外国投资的政策做努力,自2018年4月20日,朝鲜在七届三中全会宣布停止核试验,集中一切力量进行经济建设,向全世界释放出了积极的和平信号. 被视为“东亚投资最后处女地”的朝鲜吸引着无数投资人的关注. 受中国改革开放及《中外合资经营法》的成果影响,1984年9月8日,朝鲜颁布了《合营法》. 但由于朝鲜外债问题导致的对外信任度较低,以及朝鲜本国体制僵硬等原因,使合营法未能像中国合资经营法那样得到长足发展. 朝鲜外国人投资的相关法规《外国人投资法》、《合作法》、《外国人企业法》等大多制定于90年代. 在历史性的2000年6.15第一次南北首脑会谈之后,朝韩于2000年12月16日签署了“四大经济合作协议”,为吸引韩国资本从而制定了《金刚山观光地区法》和为韩国企业制定的《开城工业地区法》. 继1998-1999年大批法规整顿后,2000年以后又完成了《合营法实施规定》(2000.3),《合作法实施规定》(2000.3)等大批法规的整顿. 朝鲜在2011年11月和12月制定、修改了值得关注的多部法规. 其中,修改的外国人投资法规多达13项. 2014年补充修改了《对外经济仲裁法》、《合作法》、《合营法》. 2015年修改了《贸易法》、《外国人投资企业劳动法》、《外国投资企业及外国人税法》以及《外国投资企业会计核准法》. 根据朝鲜30多年以来的相关法律和制度变化来看,外国人投资法也随着国家制度和有关法律法规的不断完善,经过不断探索从无到有. 朝鲜吸引外资的相关法规虽然具备最低限度的制度外壳,但并没有达到预期的外资成果. 其理由是外国人投资相关法制的制约因素,这种局限的根本是朝鲜当局自己对外国投资没有信心. 朝鲜法制的变化过程虽然速度很慢,但是正朝着承认法律的必要性和重要性的方向变化. 虽然在朝鲜社会“法律的支配”还停留在形式上的法治主义阶段,但是随着法律作为正常的社会运营体系与外国人投资法制的发展,朝鲜法治主义的实质意义必将日益凸显. 随着朝方最高层不断释放市场经济合作利好和缓解地区和平的讯息,国际上也不断迎来解除朝鲜制裁的呼声. 朝鲜政府正式启动社会主义市场经济建设的浪潮,针对外国人的投资洽谈和合作项目,将不断促进朝鲜完善外国人投资的相关法律法规和投资环境.

Overinvestment Propensity and Firm's Value

LEE, Ki Se,JEON, Seong Il Korea Distribution Science Association 2021 The Journal of Asian Finance, Economics and Busine Vol.8 No.3

This study empirically analyzes the effect of firm overinvestment propensity on the value relevance of capital investment. In order to verify this point, this study attempts to analyze the value relevance of overinvestment firms' capital investments. The analysis was performed according to the model of Biddle et al. (2009) and McNichols and Stubben (2008) on overinvestment propensity for analysis, and the results are as follows. First, in terms of overinvestment, corporate capital investment shows negative value relevance, so the excessive investments above reasonable levels have reduced firm's value. In contrast, the value relevance for capital investment showed a positive value for firms whose managerial propensity changed, that is, from under-investment in the previous year, it shifted to overinvestment in the current year. Second, as a result of analyzing the value relevance of the investment increase according to the investment propensity, the overinvestment firms showed negative values and the underinvested firms showed positive values; thus, the value relevance of the increase in investment was opposite to the investment propensity of the firm. These findings confirm that the stock market differentially evaluates investment efficiency according to investment propensity, continuity, and investment alterations, and reflects it appropriately in the firm's value.

RCEP 회원국의 투자원활화 수준이 중국 해외직접투자에 미치는 영향에 관한 연구

강진구,이봉수 한국무역경영학회 2024 한국무역경영연구 Vol.- No.34

본 연구의 목적은 2010년부터 2019년 까지 패널자료를 이용하여 역내포괄적경제동반자협정 11개 국가(자료부족으로 미얀마, 브루나이, 라오스 제외)의 투자원활화 수준이 중국의 해외직접투자에 미치는 영향을 분석하는 것이다. 우선  투자원활화 측정지표 4개(규제 환경, 인프라, 금융 시장, 비즈니스 용이성)을 선정하고, 주성분 분석법을 이용하여 11개국의 투자원활화 점수를 구한 후, 9개의 설명변수(투자원활화 수준, 시장 규모, 인구수, 지리적 거리, 개방 정도, 세금 수준, 천연 자원  및 아시아태평양경제협력체 회원국 여부, 중국과 효과적인 쌍방 투자협의 체결 여부)로 투자 중력모형을 설립하며 최소자승법 활용한 회귀 분석을 실시하였다. 분석 결과는 투자원활화 수준이 중국의 해외직접투자에 가장 큰 영향을 미치고, 4가지 지표 모두 중국의 해외직접투자에 긍정적인 영향을 미치며, 그 중 제도적 환경이 가장 큰 영향을 미쳤다. 또한 시장규모, 인구수, 지리적 거리, 개방도, 천연자원 및 쌍방 투자 협의 체결 여부와 같은 설명 변수는 중국의 해외직접투자에 긍정적인 영향을 미치는 반면 세금 수준 및 아시아태평양경제협력체 회원국 여부는 중국의 해외직접투자를 어느 정도 방해할 것으로 나타났다. 역내포괄적경제동반자협정이 발효된 지 얼마 안되어 투자원활화 수준이 중국의 해외직접투자에 미치는 영향에 대한 연구는 많지 않기 때문에 체계성과 차별성을 두었다. The purpose of this paper is to analyze the effects of the  investment facilitation levels of 11 RCEP countries (excluding Myanmar, Brunei, and Laos due to lack of data) on China‘s foreign direct investmentI using balanced panel data from 2010 to 2019. First, four investment facilitation measurement indicators (regulatory environment, infrastructure, financial market, ease of doing business) were selected, investment facilitation scores of the 11 countries were obtained using the principal component analysis, an investment gravity model was established with nine explanatory variables (investment facilitation level, market size, population, geographic distance, degree of opening, tax level, natural resources, whether the country is an APEC member or not, and whether a valid bilateral investment treaty with China has been concluded) were used to establish an investment gravity model, and regression analyses were conducted with Ordinary Least Squares and system Generalized Method of Moments. The results of the regression analyses showed that investment facilitation levels had the greatest effect  on China‘s foreign direct investment, all four first-level indicators had positive effects on China’s foreign direct investment, and among them, the institutional environment had the greatest effect. In addition, it was shown that explanatory variables such as market size, population, geographical distance, degree of openness, natural resources, and whether or not a valid bilateral investment treaty has been concluded would have positive effects on China’s foreign direct investment, while tax levels and APEC membership would impede China’s foreign direct investment to some extent. Since the RCEP came into effect not long ago, there are not so many studies on the effects of investment facilitation levels of RCEP member states on China‘s foreign direct investment, and the investment facilitation measurement index constructed in this paper is relatively systematic and scientific because it includes all the contents of company‘s foreign direct investments.

기업의 잠정실적을 이용한 BTD와 투자수준의 관련성에 관한 연구

박성종,김승준 한국세무학회 2023 세무와 회계저널 Vol.24 No.3

This study investigates the preliminary difference between accounting profit and taxable income, referred to as preliminary Book-Tax Differences (BTD), and empirically analyzes its effect on corporate investment and abnormal investment. Corporate investment is a vital activity that significantly impacts future growth potential. However, information asymmetry between shareholders and management can lead to overinvestment and, subsequently, to inefficient decision-making that might cause corporate insolvency. While previous studies have focused on profit management and tax avoidance as sources of information asymmetry, this study uniquely analyzes BTD, encompassing both profit management and tax avoidance, using preliminary performance data. The empirical analysis uses total investment (including tangible asset investment and R&D investment), as well as individual tangible asset investment and R&D investment data, from preliminary BTD for companies listed on the stock market and KOSDAQ that disclosed preliminary performance from 2014 to 2019. The empirical findings indicate that total investment and R&D investment increase as preliminary BTD increases. However, this increase in preliminary BTD also escalates the inefficiency of R&D investment. Interestingly, the level of investment in tangible assets appears unrelated to an increase in preliminary BTD. The significance of this study lies in its utilization of preliminary BTD, an estimate derived from tentative performance data rather than finalized data, providing valuable early insights into managerial discretionary intentions. Traditional analyses assessing profit quality or tax avoidance often encounter temporal lags due to information asymmetry, using final disclosure results. Therefore, the use of preliminary BTD in this study enables an earlier discernment of managerial intentions within the same fiscal year. 본 연구는 잠정 실적 공시에서 회계이익과 과세소득의 차이(이하 잠정 BTD)를 추정하고 잠정 BTD가 기업의 투자와 비정상(abnormal) 투자에 미치는 영향을 실증 분석하였다. 기업의 투자는 미래 잠재 성장에 중대한 영향을 미칠 수 있는 필수 활동이지만, 주주와 대리인 간 정보비대칭으로 인하여 과잉투자가 이루어질 수 있으며 궁극적으로 비효율적인 의사결정으로 인해 기업이 부실화가 될 수 있는 우려가 존재한다. 기존의 선행연구에 따르면 주주와 대리인 간의 정보비대칭으로써 이익의 질과 조세회피를 중심으로 연구가 진행되었는데, 본 연구는 이익의 질과 조세회피 정보를 모두 포함하는 BTD를 잠정 실적 정보를 이용하여 실증 분석 한 데에 의의가 있다. 실증 분석에 사용된 표본은 2014년부터 2019년까지 잠정 실적을 공시하는 유가증권시장과 코스닥 상장 기업을 대상으로 잠정 BTD가 총 투자(유형자산 투자와 연구개발투자), 유형자산 투자, 연구개발투자에 미치는 영향을 실증 분석하였다. 실증 분석결과, 첫째, 잠정 BTD가 증가할수록 총 투자와 연구개발투자가 증가하는 결과를 보였고, 둘째, 잠정 BTD가 클수록 연구개발투자의 비효율성이 커지는 것으로 나타났다. 대체로 잠정 BTD가 커지더라도 유형자산 투자 수준은 관련이 없는 것으로 나타났는데 연구개발의 경우 단순 투자수준과 비효율성 투자 모두 증가하는 결과를 보였다. 본 연구의 공헌점은 다음과 같다. 잠정 BTD는 확정 실적이 아닌 잠정실적만을 이용한 추정치로서 경영자의 재량적 의도를 사전에 파악할 수 있는 정보유용성을 가질 것이다. 지금까지의 선행연구에서는 이익의 질 혹은 조세회피를 추정할 때 확정공시 실적을 이용함으로써 주주와 대리인 간의 정보비대칭으로써 분석 시점의 시차가 존재한다. 이에 본 연구에서 활용한 잠정 BTD는 동일한 연도의 경영자의 의도를 사전에 파악할 수 있다는 점에서 의의가 있다.

한국기업의 대 베트남 직접투자에 관한 연구

김은(NGUYEN THI KIM N GAN) 남서울대학교 국제무역연구소 2014 국제무역연구 Vol.4 No.1

The purpose of this study is to research the investment environment of Vietnam and analyze the actual investment state of Korean enterprises in Vietnam and seek for the points at issue. In general, the investment environment in Vietnam shows both a positive side and negative side. However, Vietnamese market is a attractive one as ever for direct investment of Korean enterprises considering their constant economy growth, investment increase of foreign company for Vietnam, China risk. And the point at issue in investment of Korean Enterprises is as follows. That is, inclining to manufacturing, preference of independence investment, small-sized investment by small and medium enterprises, preference of greenfield investment, restricted purpose of investment, insufficiency of infrastructure for logistics, electric power, legal system. The results of the study indicate mainly that the investment of Korean enterprise into Vietnam needs a switchover of the third service trade-tertiary industry, collaboration with Vietnamese enterprise through joint venture investment, a large-scale investment for Vietnam domestic market and neighboring countries' market, practical use of M&A with existing Vietnamese enterprise and diverse purpose for investment.

기업의 투자효율성이 신용등급에 미치는 영향

이승현,조성표,이기세 한국국제회계학회 2020 국제회계연구 Vol.0 No.89

In order for an entity to issue corporate bonds for long-term capital, the issuing entity is required to receive a credit rating assessment from the credit rating agency to improve the reliability of the credit rating. it will determine the credit rating based on the financial and non-financial factors of the entity. Thus, corporate investment efficiency among the various credit rating determinants can be a very important variable. The main reason why an entity issues corporate bonds is to secure the necessary funds for future large investments. From the perspective of the credit rating agency, it is likely that the success of the entity’s future investments will be determined through the investment efficiency of the current management, and it will be considered in the credit rating. In response, this study analyzes the impact of each company’s investment efficiency on its credit rating for companies that issue corporate bonds from 2007 to 2018. First, the study found that companies with higher credit ratings had higher investment efficiency compared to those with lower credit ratings, and those groups with higher credit ratings also had higher investment efficiency compared to those with lower credit ratings. Second, the higher the investment efficiency of a company, the higher the credit rating was found in the logit analysis. An analysis of the impact of investment efficiency on the change of credit rating showed that the higher the efficiency of investment, the more likely the credit rating is to rise. Finally, an analysis of the effect of increase or decrease of investment efficiency on the changes in credit rating showed that increased or decreased investment efficiency did not increase or decrease the credit rating. This study suggests that corporate investment efficiency can be a useful variable in determining credit rating by analyzing the effect of investment efficiency of each company on credit rating, and it was found that the efficiency of an corporate investment was a very useful variable in determining credit rating. Therefore, management suggests that efficient investment activities must be carried out in order to maintain or obtain high credit ratings. 기업이 장기적인 자본조달을 목적으로 회사채를 발행하기 위해서 발행기업은 신용평가기관으로부터 신용등급평가를 받아야 하며, 신용평가기관은 신용평점의 신뢰성 제고를 위해 기업의 재무적인 요소 뿐 아니라 비재무적 요소까지 고려하여 신용등급을 결정하게 된다. 이는 기업이 회사채를 발행하는 가장 주된 이유가 향후 대규모의 투자를 위한 필요자금을 확보하기 위해서 이며, 이 때 신용평가기관의 입장에서는 미래에 이루어질 기업의 투자 성공여부를 경영자의 투자효율성을 통해 판단하여 이를 신용등급에 반영할 가능성이 높기 때문이다. 그래서 다양한 신용등급의 결정요인 중 투자효율성은 매우 중요한 변수가 될 수 있다. 이에 본 연구는 2007년부터 2018년까지의 회사채 발행기업을 대상으로 각 기업의 투자효율성이 신용등급에 미치는 영향을 분석하였다. 연구결과 첫째, 집단 차이분석에서 신용등급이 높은 기업은 낮은 기업에 비해 투자효율성이 높은 것으로 나타났으며 신용등급 상승집단 또한 하락집단과 비교하여 투자효율성이 높은 것으로 나타났다. 둘째, 로짓분석 결과 기업의 투자효율성이 높을수록 신용등급이 더 높은 것을 확인 할 수 있었으며 투자효율성이 신용등급의 변경에 미치는 영향을 분석한 결과에서는 투자효율성이 높을수록 신용등급의 상승가능성이 높은 것으로 나타났다. 마지막으로 투자효율성 증감이 신용등급변동에 미치는 영향을 분석한 결과 투자효율성이 증가하거나 감소한다고 해서 신용등급이 증가하거나 하락하지는 않음을 확인할 수 있었다. 본 연구는 각 기업의 투자효율성이 신용평점에 미치는 영향을 분석함으로써 신용등급의 결정에 있어 투자효율성이 유용한 변수가 될 수 있는지 살펴보았으며, 연구결과 기업의 투자효율성은 신용평점을 결정하는데 있어 매우 유용한 변수임을 알 수 있었다. 따라서 경영자들은 높은 신용등급을 유지 또는 획득하기 위해서는 효율적인 투자활동을 해야 함을 시사해 주고 있다.

투자기회, 과잉투자 및 조세회피:코스닥 상장기업을 중심으로

안홍복,이연희 한국세무회계학회 2022 세무회계연구 Vol.- No.74

[Purpose]The main purpose of this paper is to examine whether the tax avoidance of firm dependent on the investment opportunities and over investment. Prior literature on determinants of the tax avoidance, most studies that primarily investigate whether fundamental corporation’s characteristics, general corporate governance and ownership structures etc affects the tax avoidance. We insist that the investment opportunities and over investment drive the larger scale of the tax avoidance, as compared to firm. [Methodology]For this purpose, we described prior literature review and we examined various researches to provide understanding of relationships with strategic intent on the investment opportunities and over investment. We expect the relation among the investment opportunities, over investment and ETR, owners’ incentives to expropriate minority shareholders using the investment opportunities and over investment increase Cash ETR and GAAP ETR. Therefore, this paper hypothesize that the investment opportunities and over investment exhibit significantly higher levels of ETR than firms with below lower investment opportunities and average investment. To verify these hypotheses, the sample consists non-banking firms with a December fiscal year-end listed on the KOSDAQ over 2015-2019. [Findings]Our results are given as follows. First, we find that over investment increase in ETR based cash differences. This finding provides a better understanding of the conditions under which the effect factor affect the informativeness of ETR difference. Second, contrary to expectations, we can not show that the over investment increase in ETR based GAAP differences. [Implications]In order to better capture the joint effect of the investment opportunities and over investment on the informativeness of ETR, we find that the information content of ETR is significantly greater for firms with high the investment opportunities and over investment. [연구목적]본 연구는 코스닥 상장기업의 조세회피에 대한 투자기회 및 과잉투자의 관련성을 실증 분석하고자 한다. 코스닥 상장기업은 지속적인 성장성을 담보하고, 시장지배력을 확보하기 위해 지속적인 투자 활동을 수행할 동기가 강하지만, 이러한 투자과정에서 대규모 자본이 소요되는 관계로 고비용의 외부자본 조달보다 다양한 수단을 활용하여 내부자금조달을 선호할 강한 동기가 존재한다. 기업은 내부자금조달을 위한 수단으로 조세회피에 대한 강한 동기를 가질 수 있다. 벤처기업과 중소․중견 기업규모의 특성을 지니는 코스닥 상장기업의 특성상 투자기회와 과잉투자는 조세회피의 전략적 선택에 있어 중요 요인으로 작용할 수 있으므로, 투자기회와 과잉투자에 기초한 조세회피 분석은 기존의 연구결과에 대한 새로운 시각을 제공할 수 있다. 조세회피의 궁극적 목표가 법인세최소화를 통한 현금자원의 확보임을 감안할 때, 코스닥 상장기업은 정보비대칭으로 인한 내부자금 유보에 강한 동기를 갖게 되고, 과도한 조세회피 동기는 투자기회 및 과잉투자와 밀접한 관련성이 존재함을 실증 분석을 통해 확인하고자 한다. [연구방법]표본기업은 12월 결산법인인 코스닥 상장기업으로 선정하였고, 분석 기간은 2015년부터 2019년까지로 하였다. 본 연구는 조세회피 대리변수로 현금에 기초한 유효세율(Cash ETR)인 CTAX과 GAAP에 기초한 유효세율인 GTAX 변수를 사용하였다. 분석모형은 기업의 투자기회 및 과잉투자를 관심변수, 기업특성 변수를 통제변수로 포함한 회귀모형을 채택하였다. [연구결과]본 연구의 결과, 조세회피(CTAX)에 대한 과잉투자의 관련성을 확인하였다. 투자기회가 후발기업 상황인 코스닥 상장기업의 과잉투자와 조세회피의 관련성에 중요한 요인으로 작용하고, 이를 통해 기업 간 조세회피(CTAX) 차이에 대한 설명요인으로 과잉투자 변수 관련성에 대한 해석에서 투자기회에 대한 고려가 필요함을 확인하였다. [연구의 시사점]본 연구는 조세회피의 결정요인으로 국내외에서는 상대적으로 주목받지 못한 코스닥 상장기업을 분석하여 기업의 투자환경과 활동이 조세회피에 미치는 영향에 대한 연구의 새로운 시각을 제공하였다는 점에서 의의가 있다.

Analysis of the Effects of Investment Facilitation Levels on China's OFDI: Focusing on RCEP Member States

계영걸,강진구,정윤세 한국무역학회 2023 Journal of Korea trade Vol.27 No.3

Purpose – purpose of this paper is to analyze the effects of the investment facilitation levels of 11 RCEP countries (excluding Myanmar, Brunei, and Laos due to lack of data) on China’s outward foreign direct investments(OFDI) using balanced panel data from 2010 to 2019. Design/methodology – First, four investment facilitation measurement indicators (regulatory environment, infrastructure, financial market, ease of doing business) were selected,investment facilitation scores of the 11 countries were obtained using the principal component analysis, an investment gravity model was established with nine explanatory variables (investment facilitation level, market size, population, geographic distance, degree of opening, tax level, natural resources, whether the country is an APEC member or not, and whether a valid bilateral investment treaty with China has been concluded) were used to establish an investment gravity model, and regression analyses were conducted with OLS and system GMM. Findings – The results of the regression analyses showed that investment facilitation levels had the greatest effect on China's OFDI, all four first-level indicators had positive effects on China's OFDI, and among them, the institutional environment had the greatest effect. In addition, it was shown that explanatory variables such as market size, population, geographical distance, degree of openness, natural resources, and whether or not a valid bilateral investment treaty has been concluded would have positive effects on China's OFDI, while tax levels and APEC membership would impede China's OFDI to some extent. Originality/value – Since the Regional Comprehensive Economic Partnership (RCEPT) came into effect not long ago, there are not so many studies on the effects of investment facilitation levels of RCEP member states on China's OFDI, and the investment facilitation measurement index constructed in this paper is relatively systematic and scientific because it includes all the contents of investment facilitation related to the life cycle of company’s foreign direct investments.

국내 엔젤투자 연구의 특징과 향후 방향은 무엇인가?

김민,이우진,최병철 한국벤처창업학회 2023 벤처창업연구 Vol.18 No.6

The investigation delved into 457 pieces of scholarly work, encompassing articles, published theses, and dissertations from the National Research Foundation of Korea, spanning the period of the 1997 IMF financial crisis up to 2022. The materials were sourced using terms such as 'angel investment', 'angel investor', and 'angel investment attraction'. The initial phase involved filtering out redundant entries from the preliminary collection of 267 works, leaving aside pieces that didn't pertain directly to angel investment as indicated in their abstracts. The next stage of the analysis involved a more rigorous selection process. Out of 43 papers earmarked in the preceding cut, only 32 were chosen. The criteria for this focused on the exclusion of conference presentations, articles that were either not submitted or inconclusive, and those that duplicated content under different titles. The final selection of 32 papers underwent a thorough systematic literature review. These documents, all pertinent to angel investment in South Korea, were scrutinized under five distinct categories: 1) publication year, 2) themes of research, 3) strategies employed in the studies, 4) participants involved in the research, and 5) methods of research utilized. This meticulous process illuminated the existing landscape of angel investment studies within Korea. Moreover, this study pinpointed gaps in the current body of research, offering guidance on future scholarly directions and proposing social scientific theories to further enrich the field of angel investment studies and analysis also seeks to pinpoint which areas require additional exploration to energize the field of angel investment moving forward. Through a comprehensive review of literature, this research intends to validate the establishment of future research trajectories and pinpoint areas that are currently and relatively underexplored in Korea's angel investment research stream. This study revealed that current research on domestic angel investment is concentrated on several areas: 1) the traits of angel investors, 2) the motivations behind angel investing, 3) startup ventures, 4) relevant institutions and policies, and 5) the various forms of angel investments. It was determined that there is a need to broaden the scope of research to aid in enhancing and stimulating the scale of domestic angel investing. This includes research into performance analysis of angel investments and detailed case studies in the field. Furthermore, the study emphasizes the importance of diversifying research efforts. Instead of solely focusing on specific factors like investment types, startups, accelerators, venture capital, and regulatory frameworks, there is a call for research that explores a variety of associated variables. These include aspects related to crowdfunding and return on investment in the context of angel investing, ensuring a more holistic approach to research in this domain. Specifically, there's a clear need for more detailed studies focusing on the relationships with variables that serve as dependent variables influencing the outcomes of angel investments. Moreover, it's essential to invigorate both qualitative and quantitative research that delves into the theoretical framework from multiple perspectives. This involves analyzing the structure of variables that have an impact on angel investments and the decisions surrounding these investments, thereby enriching the theoretical foundation of this field. Finally, we presented the direction of development for future research by confirming that the effect on the completeness of the business plan is high or low depending on the satisfaction of the entrepreneurs in addition to the components.