연구개발비 자본화와 소유구조가 투자효율성에 미치는 영향: 벤처펀드투자기업을 대상으로

Previous research has raised concerns that capitalization of R&D expenditures may be used as an opportunistic means to increase earnings. Capitalization of R&D expenditures can be the excuse for overinvestment activities by managers to pursue private interests. This study aims to verify the effect of R&D capitalization on investment efficiency and then analyze how this relationship varies depending on the level of R&D expenditures and the shareholding ratio of controlling and minority shareholders. The results show that capitalization of R&D expenditures and minority shareholders’ shareholding ratio lead to managers’ tendency to underinvest, while the level of R&D expenditures leads to their tendency to overinvest. However, R&D capitalization, expenditure level, controlling shareholder’s shareholding ratio, and minority shareholder’s shareholding ratio all increased investment efficiency. There was no significant interaction between R&D capitalization, expenditure level, and ownership structure. These results show that R&D capitalization, expenditure level, and ownership structure independently affect investment propensity and investment efficiency. Therefore, the agency problem surrounding R&D capitalization in venture firms does not appear to be serious. This study provided new evidence that capitalization of R&D expenditures has a positive effect on investment efficiency for venture companies. It also provided a basis consistent with the government’s will to foster venture businesses. Therefore, this suggests that incentives to attract various investors are needed to raise funds for venture firms.