일반 논문 : 혁신형 중소기업의 사모주식발행이 R&D 투자에 미치는 영향

신민식 ( Min Shik Shin ),전승훈 ( Seung Hun Jun ),박유진 ( Yu Jin Park ) 한국중소기업학회 2013 中小企業硏究 Vol.35 No.2

본 연구는 1999년 1월 1일부터 2011년 12월 31일까지 한국거래소의 코스닥시장에 상장된 혁신형 중소기업을 대상으로 사모주식발행이 R&D투자에 미치는 영향을 실증분석 하였다. 중소기업청에서는 정책적 목적에서 벤처리업, 이노비즈기업 및 경영혁신형기업을 혁신형 중소기업으로 지정하고 있다. 본 연구의 주요한 분석결과는 다음과 같다. 사모주식발행이 R&D 투자에 유의한 양(+)의 영향을 미치고, 현금자산변화와 운전자본 변화는 R&D 투자에 각각 유의한 음(-)의 영향을 미치는 것으로 나타났는데, 이는 중소기업이 사모주식발행으로 조달한 자기자본 중에서 일부는 당해 연도의 R&D 투자에 사용하고, 나머지 일부는 현금자산이나 운전자본으로 예비적으로 보유하였다가 다음 연도의 유망한 R&D 투자에 사용함을 의미한다. 그러나 사모주식발행이 혁신형 중소기업의 R&D 투자에는 유의한 양(+)의 영향을 미치지만, 비혁신형 중소기업에는 유의하지 않은 것으로 나타났다. 그리고 R&D 투자를 자산처리 R&D 투자와 비용처리 R&D 투자로 구분하여 추가적으로 분석한 결과, 혁신형 중소기업의 경우네는 사모주식발행이 자산처리 R&D 투자와 비용처리 R&D 투자에 각각 유의한 양(+)의 영향을 미치지만, 비혁신형 중소기업에는 유의하지 않은 것으로 나타났다. 결론적으로, 한국거래소의 코스닥시장에 상장된 중소기업은 비대칭정보가 존재할 경우에 R&D 투자자본을 조달하기 위하여 사모주식발행을 활용하는 것으로 나타났다. 더욱이, 혁신형 중소기업은 비혁신형 중소기업보다 R&D 투자자본을 조달하기 위하여 사모주식발행을 더 많이 활용하는 것으로 나타났다. 이러한 결과는 벤처기업, 이노비즈기업, 경영혁신형기업과 같은 혁신형 중소기업이 사모주식발행을 통하여 R&D 투자자본을 효과적으로 조달할 수 있으며, 이를 통해 R&D 투자를 촉진할 수 있다는 정책적 시사점을 제시한다. In this paper, we analyse empirically the effect of private equity financing on R&D investment of innovative small and medium sized enterprises (SMEs) listed on Kosdaq Market of Korea Exchange. Korea Small and Medium Business Administration (SMBA) designates venture business, innobiz firms, and management innovative firms as innovative SMEs for policy purpose. The main results of this study can be summarized as follows. Private equity financing has a positive and significant effect on R&D investment, and cash asset change and working capital change have negative and significant effects on R&D investment. This implies that SMEs use part of private equity financing for current R&D investment, and hold remaining part of private equity financing as ‘precautionary’ cash asset and working capital until promising R&D investment opportunities will be found, and ultimately use large part of private equity financing for future R&D investment. However, private equity financing has a positive and significant effect on R&D investment of innovative SMEs, while it is insignificant for non-innovative ones. Moreover, private equity financing has a positive and significant effect on both asset-counted R&D investment and cost-counted R&D investment of innovative SMEs, while it is insignificant for non-innovative ones. Asset-counted R&D investment is counted as the intangible assets in the balance sheet, while cost-counted R&D investment is counted as the current expenses in the income statement. The intangible assets created by asset-counted R&D investment may act as an innovative driver that can have a greater multiplier effect on the firm value than the tangible assets. In conclusion, this paper shows evidence that SMEs use private equity financing to fund R&D investment in the existence of the asymmetric information. Moreover, innovative SMEs use more private equity financing to fund R&D investment than non-innovative ones. These findings suggest a new policy implication into how private equity financing can be particularly valuable to promote R&D investment of innovative SMEs such as venture business, innobiz firms, and management innovative firms.

Impact of FDI on Private Investment in the Asian and African Developing Countries: A Panel-Data Approach

TUNG, Le Thanh,THANG, Pham Nang Korea Distribution Science Association 2020 The Journal of Asian Finance, Economics and Busine Vol.7 No.3

The paper aims to investigate the impact of foreign direct investment (FDI) on private investment with a sample having 49 developing countries in Asia (17 countries) and Africa (32 countries) during the period of 1990-2017. Unlike previous studies, we split the data into three groups for further analysis, including the Asian, African and the full-panel samples. The results confirm a crowding-in effect which shows that foreign direct investment promotes private investment on all three research samples. Besides, the lagged private investment has a positive and significant effect on itself in the next period which reflects the inertia in the trend of private investment in recipient countries. In the full-panel sample, there are some macro factors such as GDP per capita, trade openness, and electricity that also have a positive and statistically significant impact on private investment. Besides, when more deeply estimate with smaller samples, we find that trade openness and labour force have a positive and significant in Africa, on the other hand, not in Asia. However, the domestic credit variable has a negative and significant effect on private investment only in Asian developing countries. Furthermore, there is only a positive and significant impact of the electricity variable on private investment in Asia.

복합민자역사 장소성 형성의 인과구조에 관한 연구

김동준(Kim Dong Joon),박재홍(Park Jae Hong) 한국지역개발학회 2017 韓國地域開發學會誌 Vol.29 No.5

In recent years, the Ministry of Land, Infrastructure and Transport is implementing a project to reinforce and promote the local community and urban regeneration. Under such a project, stations of railways are in the trend of having the attribute of the strong sense of the landmark place, beyond merely the role as stations. As a means to increase a few public resources, in the process of implementing such a project, the method of developing the 3rd sector is being pursued where the public and private sectorsco-invest to establish and manage SPC, utilizing private funds. Given this fact ,it is considered that conducting there search about reinforcing private-invested railroad station complexes is indispensible, in case when the paradigm of developing stations of railways is led by the private sectors. Also considering that a sense of place is formed according to the spatial structure of stations of railways and the neighborhood areas, it is deemed that having an unequivocal awareness of a sense of place and devising measures to establish private-invested railroad station complexes based on it are urgent in order to reinforce and boost private-invested railroad station complexes and competitive edge. In this regard, the research study is going to analyze the cause and effect (causality) of establishing a sense of place, based on the substantive analysis of Yeongdeungpo and Cheongryangri stations, that is, private-invested railroad station complexes well-known as the major metropolitan areas, in an effort to reinforce private-invested railroad station complex. Also, the study is going to present the policy implication through a comparative analysis with the precedent study related to developing station complexes and a sense of place. The outcome of the substantial analysis how that first of all the private-invested railroad station in Cheongryangri has the extremely strong structure of a sense of place, while the private-invested railroad station in Yeongdeungpo has the relatively weak structure of a sense of place. Based on it, the composition of land use is as follows. First, in the case of the private-invested railroad station in Cheongryangri against the one in Yeongdeungpo, commercial facilities are not only reinforced but also the internal physical space is well-established in the following aspects: giving accessibility, promoting centers, addressing the problem with local severance, and connecting metropolitan parks with green belt, which creates a smooth spatial harmony with the surrounding areas. Second, regarding hinterland, it is identified that in the case of Cheongryangri, the surrounding areas have the strong traffic, commercial and housing function, while in the case of Yeongdeungpo, the commercial function becomes the main regional attribute. In conclusion, it is considered that connecting solid land use on a physical level with hinterlands on a socioeconomic level brings about a different consequence in the structure of establishing a sense of place between the two stations. Taking it into account, it can be understood that private-invested railroad station complexes must be developed in the constant network with physical linkage and socioeconomic relations, under the premise of the establishment of planning and the spatial realm of railway station spheres. As the policy implication to be considered on the basis of the outcomes, it is confirmed that in order to reinforce private-invested railroad station complexes, The structural relations of establishing a sense of place must be formed by developing metropolitan areas in harmony with solid land use reflecting local attributes on a physical level, and hinterlands on a socioeconomic level.

The crowding-out effect of public debt on private investment in developing economies and the role of institutional quality

Van Bon Nguyen(Van Bon Nguyen ) 서울대학교 경제연구소 2022 Seoul journal of economics Vol.35 No.4

Public spending is a crucial instrument of fiscal policy in running the economy. Most governments use public spending actively to overcome the cyclicality of the economy. However, the increase in government spending financed by public debt can negatively contribute to the private sector investment. This study raises two research questions: (i) Does public debt in developing countries crowd out private investment? (ii) What is the role of governance in public debt–private investment relationship in these countries? For the answers, we apply the two-step difference generalized method of moments Arellano–Bond estimator to empirically investigate the effects of public debt, governance, and their interactions on private investment for a sample of 98 developing countries from 2002 to 2019. We then employs the pooled mean group estimator to check the robustness of estimates. Results show that public debt crowds out private investment, whereas governance stimulates it. Notably, the crowding-out effect of interaction on private investment seems counterintuitive. Furthermore, economic growth and trade openness enhance private investment. These findings suggest policy implications for governments in developing countries for controlling and managing public debt to promote the private sector investment.

「사회기반시설에 대한 민간투자법」 입법평론

이경선 한국입법학회 2019 입법학연구 Vol.16 No.2

경제 상황이 심상치 않다. 거의 모든 경제 지표들이 위기 징후를 나타내고 있다. 경제 회복을 위한 특단의 대책이 필요하다. 토목 사업이긴 하지만 중대형 규모의 사회기반시설 민간투자를 적극 촉진할 필요가 있다. 그동안 민간투자법은 민간투자 사업 범위를 계속해서 확대하는 개정을 거듭해 왔다. 하지만 민간투자의 사업적 상상력을 해소하기에는 부족했다. 공공성이 있기 만 하다면 어떤 시설이든 민간투자가 이뤄질 수 있도록 과감한 개방이 필요하다. 민간투자법은 사회기반시설 설치 이후의 관리체계에 대해서도 제도적 고민이 부족했다. 민간투자사업 제도가 도입된 지 25년이 지났다. 이에 따라 민간투자사업 으로 추진된 관리운영권 설정기간이 만료되는 시점에 다가오고 있다. 관리운영권 이 만료되는 시설들에 대해서 국민, 시민이 직접 운영을 하는 신탁제도 방식을 도입해 볼 필요가 있다. 그리고, 민간투자법은 민간투자자가 시설 이용자에게 통행료 및 임차료 등 획일 적으로 요금을 징수하도록 하고 있다. 투자비용 회수 방식이 매우 단순하고 일차원 적이다. 하나의 사회기반시설 내에서도 서비스는 다양하게 제공될 수 있다. 따라서 수익 구조도 다변화 다각화 되어야 한다. 또한, 현재 민간투자법은 사회기반시설(도로 등)의 설치하는 것만을 강조해 왔 다. 이제는 발상을 전환할 때가 되었다. 사회기반시설을 철거하거나 재배치하는 사 업에 대해서도 아이디어가 필요하다. 이를테면, 도로 철거 사업, 도로 재배치 사업 등 국토공간을 좀 더 효율적으로 재편하는 관점도 논의되어야 한다. The economic situation is uncommon. Almost all economic indicators are showing signs of a crisis. Special measures are needed for economic recovery. Although it is a civil engineering project, it is necessary to actively promote civil infrastructure investment. In the meantime, the Private Investment Law has been revised to continuously expand the scope of private investment projects. But it was not enough to bring out the business imagination of private investment. If there is publicity, bold openness is needed to make private investment possible for any facility. The Private Investment Law also lacked institutional concerns about the management system after the establishment of infrastructure. It has been 25 years since the private investment law was enacted. As a result, expiration date of the management right of facilities promoted by the Private Investment Law is approaching. It is necessary to introduce a trust system that citizens operate directly for the facilities for which the management operating rights expire. In addition, the Private Investment Law requires private investors to collect a uniform fee such as tolls and rents. The investment cost recovery method is very simple and one-dimensional. Within a single infrastructure, services can be provided in a variety of ways. Therefore, profit structure should be diversified. In addition, the current private investment law emphasizes the installation of infrastructure (roads, etc.). Now it is time to change the idea. Ideas are also needed for projects that dismantle or relocate infrastructure. For example, the perspective of restructuring the land space more efficiently, such as road demolition business and road relocation business, should be discussed.

Private Investment In Sub-Saharan Africa: a Dynamic Panel Approach

( Ken Chamuva Shawa ),( Francis Mwega ),( Damiano Kulundu ) 한양대학교 경제연구소 2012 JOURNAL OF ECONOMIC RESEARCH Vol.17 No.3

We use both the first-difference and the System GMM to model private investment in Sub-Saharan Africa. Results show that the private investment rate is persistent and that, current account deficit, inflation, per capita income, per capita income growth, population growth, public investment rate, real interest rate, to- tal debt service/GDP, debt stock/GDP, terms of trade growth, trade openness, and the political environment jointly exert a sig- nificant impact on private investment. Based on the results, a broad range of policies has been suggested including, ination reduction, improvement in infrastructure, efficient utilization of domestic resources, export promoting policies, and conict res- olution mechanisms to create political environments that attract private investment. The policy framework should also take into ac- count the persistent nature of the private investment rate, bearing in mind the important adjustment effects of the private investment rate.

Private Investment In Sub-Saharan Africa: a Dynamic Panel Approach

Ken Chamuva Shawa,Francis Mwega,Damiano Kulundu 한양대학교 경제연구소 2012 JOURNAL OF ECONOMIC RESEARCH Vol.17 No.3

We use both the first-difference and the System GMM to model private investment in Sub-Saharan Africa. Results show that the private investment rate is persistent and that, current account deficit, inflation, per capita income, per capita income growth, population growth, public investment rate, real interest rate, total debt service/GDP, debt stock/GDP, terms of trade growth, trade openness, and the political environment jointly exert a significant impact on private investment. Based on the results, a broad range of policies has been suggested including, inflation reduction, improvement in infrastructure, efficient utilization of domestic resources, export promoting policies, and conflict resolution mechanisms to create political environments that attract private investment. The policy framework should also take into account the persistent nature of the private investment rate, bearing in mind the important adjustment effects of the private investment rate.

벤처투자 촉진을 위한 제도적 방안에 관한 일고찰(一考察)

이효경 한국상사법학회 2019 商事法硏究 Vol.37 No.4

These days, domestic venture financial market is in the most prosperous condition since 2000s with a huge amount of increase in the venture investment. In case of our country, policy loan accounts for the biggest part of venture money supply. There are several ways to invest money in ventures in our country. First of all, Korea Fund of Funds, which is a representative of policy loan, has invested money in private venture funds in the form of matching, and thereby whether to invest or not is decided according to the policy objective of each agency financed by the government. Next, venture capitals form in common a large-scale Korea Venture Fund, and then it begins to make an investment to other associations as well as start-ups. Finally, like a fund of funds of the government, it is available to create equity fund with lots of associations in a private sector. Then, the status of Korea Venture Investment Corp managing the fund of funds gets much higher as a statutory institution with a public character. Act on the Promotion of Venture Investment is currently enacting, where Korea venture investment is served as a statutory institution. In conclusion, looking into the specimens of foreign venture investment promotions, the performance scope of Korea venture investment and the ways of its management and operation must be in place in terms of long-term perspective. 최근 국내 벤처금융시장은 벤처투자(Venture Investment) 규모가 높은 증가세를 보이면서 2000년대 이후 최대 호황을 맞고 있다. 우리나라의 경우 벤처금융 공급 측면에서 정책자금의 비중이 큰 것이 특징이다. 정책자금으로 대표되는 한국모태펀드(Korea Fund of Funds)는 민간이 결성한 벤처펀드에 매칭형식으로 투자하며 정부 출자기관의 정책 목적 등에 따라 투자여부가 결정된다. 벤처캐피털(VC)들이 공동으로 대규모 벤처투자조합(Korea Venture Fund)을 결성하고 창업기업 투자는 물론 다른 조합에도 투자할 수 있는 길이 열린다. 민간에서도 정부의 모태펀드(fund of funds)처럼 여러 조합을 거느린 모펀드를 구성하는 것이 가능해지며 모태펀드를 운용하는 한국벤처투자(Korea Venture Investment Corp)는 공공성을 띈 법정기관으로 위상이 높아진다. 현재 제정 중에 있는 벤처투자촉진법안(Act on the Promotion of Venture Investment)에서는 한국벤처투자를 법정기관화하고 있다. 외국의 벤처투자 촉진의 사례를 검토하여 한국벤처투자의 수행 업무 범위 및 한국벤처투자에 대한 장기적 관점에서의 관리와 운영방안이 마련되어야 한다. 해외 사례에서 살펴보듯이 투자대상이 된 시드단계의 기업에 대해서는 기금으로부터의 초기투자 뒤에 성장을 위한 지원을 하는 단계에서 민간 기업으로부터의 추자투자를 적극적으로 촉구하고 있다. 또 정부와 민간의 공동참여펀드가 결성된 이후 펀드 운영에 간섭하지 않고 출자와 융자에 대한 감시를 하고, 이사회의 설치나 민간으로부터의 위원을 포함한 투자위원회 등을 통해서 조직운영의 독립성과 정치 개입을 억제함으로써 중립성 높은 위원으로 구성된 위원회에서 정부의 의향과는 독립적인 투자결정이 이루어지도록 해야 할 것이다. 더 나아가 여러 법에 규율되고 있는 VC에 대한 관리 및 규제감독 시스템을 일원화함으로써 이용자의 편리성을 확보할 수 있다. 앞으로 우리나라의 벤처촉진법 제정안에 따른 한국벤처투자의 법정기관화로 인하여 그 업무범위 및 기능 확대 방안 및 이에 따른 적정한 지도와 감독 사항 마련이 필요하며 논의되어야 할 것이다.

사모국외투자기구 소득에 대한 최근 판결과 법인세법 규정의 비교연구

징재형 한국세무학회 2016 세무학 연구 Vol.33 No.3

Since the Supreme Court Decision on Lone Star made in 2012, the concept and scope of the beneficial owner and the substantial owner became one of the most controversial issue. From that decision, the Supreme Courts has made consistent decision that the beneficial owner or substantial owner of the interest, dividend, or capital gains of share is the foreign private investment fund. On the contrary, Article 98-4 and 98-6 of Corporate Income Tax Act(CITA) made on 2012 and 2014 clearly differentiate the foreign private investment fund and the substantial owner. According to the related clauses of the CITA, where the relevant domestic source income is paid through a foreign investment fund, the foreign investment fund shall receive a request for application of zero or limited tax rates from the relevant substantive beneficiary and submit a report made out of that request to the withholding agent. The Supreme Court Decision and the related clauses of CITA have many different aspects, and these differences provide profound insight on the attribution of income through Investment funds. First of all, the clauses of CITA do not concern whether the investment fund is a corporate entity. Unlike the Supreme Court cases, it deals the case where the substantial owner and the investment fund are separate. Secondly, CITA holds that even though the investment fund is a foreign corporate entity, the investment fund is not necessarily a substantial owner. Thirdly, CITA emphasizes the person who substantially owns the related income as the requisite of the substantial owner, whereas the Supreme Court case emphasizes the control over the income generating asset. Fourth, CITA is silent on the beneficial ownership, whereas the Supreme Court cases assimilate the beneficial ownership with the substantial ownership. Last, CITA does not stress on the intent of tax evasion, while Supreme Court cases do. This thesis tries to consider which of those two positions is rational in view of OECD document, opinion of internationally or nationally acknowledged scholar’s study. For this purpose, this study reviews the relation between the entity characteristic and income attribution, the concept of the substantial ownership in the investment fund, the necessity to differentiate the substantial ownership and the beneficial ownership, etc. The conclusion of this thesis is that the Supreme Court cases overlook the specifics of the investment fund, whose purpose is to collect funds, invest on the financial asset and distribute gains from that investment. At least it implies that the position of CITA should prevail over the Supreme Court cases for the income accrued from 2012. 2012년 론스타에 대한 대법원 판결 이후 우리나라 세법에서 수익적 소유자 또는 소득의 실질귀속자의 개념이나 범위는 가장 논란이 많은 주제가 되었다. 대법원의 판결들은 사모(私募)의 국외투자기구에서 발생하는 이자, 배당, 주식양도차익 등의 국내원천소득에 대하여 그 국외투자기구를 실질귀속자 또는 수익적 소유자로 보고 이에 따라 조세조약을 적용하는 일관된 판결을 하고 있다. 반면, 2012년 이후 적용되기 시작한 「법인세법」 제98조의4와 제98조의6의 규정에 의하면 국외투자기구와 그 소득을 국외투자기구를 통하여 받는 실질귀속자를 엄밀히 구분하고 있는 것으로 보인다. 「법인세법」에 따르면 국외투자기구를 통하여 이자, 배당, 주식양도차익 등을 받는 실질귀속자가 있는 경우에는 그 실질귀속자의 명세를 당해 소득을 지급하는 지급자인 원천징수의무자에게 제출하고 그 실질귀속자의 거주지국을 중심으로 조세조약의 혜택을 적용받도록 규정하고 있다. 국외투자기구에 관한 대법원의 판결과 「법인세법」의 규정은 많은 부분에서 차이점을 보이고 있으며, 이러한 차이점은 이 논쟁이 많은 주제에 관하여 많은 시사점을 주고 있다. 먼저 「법인세법」은 대법원 판결과 달리 국외투자기구가 외국법인에 해당하는 지 여부를 조세조약 적용과 관련하여 따지지않는다. 단지 국외투자기구와 실질귀속자가 분리되는 것인지에 대해서만 규정하고 있다. 둘째, 「법인세법」은 조직의 성격과 관계없이 실질귀속자가 달리 존재할 수 있다는 것을 전제로 한다. 대법원 판결과 같이 외국법인이라면 실질귀속자라는 결론을 내리지 않는다. 세 번째, 실질귀속자의 개념과 관련하여 「법인세법」은 배당이나 주식양도차익과 같은 소득의 실질적인 소유권을 보유한 것을 주요한 요건을 취급한다. 대법원 판결은 소득을 발생시키는 재산에 대한 지배․관리권을 가장 중요한 요소로 취급하고 있다. 네 번째 「법인세법」은 실질귀속자에 대해서만 규정하고 있으며, 수익적 소유자를 포함한 조세조약에서 규정하는 요건에 대해서는 침묵하고 있다. 대법원 판결이 실질귀속자와 수익적 소유자를 하나의 판단개념으로 취급하고 있는 것과 대비된다. 아울러, 대법원 판결과는 달리 「법인세법」은 조세회피를 실질귀속을 따지는 요건으로 삼지 않고 있다. 이러한 차이점에 대하여 이 글에서는 OECD 등 국제적인 논의, 다른 국내외 저명한 학자들의 사전연구 등을 바탕으로 어떤 입장이 좀 더 합리적인지 밝히려고 한다. 이를 위하여 조직의 성격과 실질귀속의 관계, 국외투자기구에 있어서 소득의 실질귀속의 개념, 소득의 실질귀속과 수익적 소유의 구분 필요성, 「법인세법」 규정의 2011년 이전 적용가능성 등을 검토한다. 이 글의 결론은 국외투자기구와 관련한 대법원의 판결이 국외투자기구의 특수성을 간과한 것은 아닌지 조심스럽게 지적한다. 대법원 판결이 국외투자기구가 투자자의 자금을 모아 투자하였다가 다시 회수하여 투자자에게 분배하는 것인데 이러한 국외투자기구의 특수성을 보지 않고 일반적인 잣대를 적용하는 오류를 범하였다는 것이다. 이에 따라 최소한 「법인세법」 규정이 신설된 2012년 이후 발생한 소득에 대해서는 종전의 대법원과 같은 판결이 도출되지 않아야 한다고 결론내고 있다.

FOREIGN AID, AID UNCERTAINTY AND PRIVATE INVESTMENT IN WEST AFRICA: AN UNOBSERVED COUNTRY EFFECTS MODEL

EBERECHUKWU UNEZE 중앙대학교 경제연구소 2012 Journal of Economic Development Vol.37 No.4

This paper examines whether foreign aid has any impact on private investment in West Africa, taking other determinants of private investment into account. Following from this, the paper investigates whether multilateral aid and bilateral aid affect private investment differently. In a related analysis, the paper examines the impact of aid uncertainty (aid volatility) on private investment. The results show that multilateral aid affects private investment positively, but not bilateral aid, and uncertainty measured as the coefficient of variation has a negative impact on private investment and therefore reduces the impact of aid on private investment.