기업의 사내유보가 투자에 미치는 영향: 국제비교

초록

When financial reports of companies are published every year, the reserve ratio of the companies in Korea is found to be astronomically high, and various media and institutions give an interpretation that this is so because companies do not invest but increase the cash reserves. In this study, the problem in the calculation of the reserve ratio was pointed out and an international comparison of the reserve ratios conducted through developing discussions from the viewpoint of the accounting theory in relation to the conventional calculation of the reserve ratio. However, the modified reserve ratio presented in this study is intended to help correct understanding of the reserve ratio rather than encouraging the use of new indicator of the reserve ratio. It is because the use of a correct indicator of the reserve ratio should precede the international comparison of the reserve ratios. Also, in order to empirically analyze whether an increase in the reserve ratio results in an increase in the cash amount of the companies, a regression analysis was conducted for the effect of an increase in the company's internal reserve on the entire assets structure of the company such as cash holdings and investment assets. From the perspective of the accounting theory, the reserve ratio formula needs to be modified by taking into account the paid in capital in excess of par and revaluation reserve. The reason is that the change in the reserve ratio formula was found to lead to substantial decrease in the absolute value of the company's reserve ratio, which did not cause a major problem in society. The analysis of the reserve ratio for domestic companies showed that medium-sized companies have had median vale of the reserve ratio higher than or similar to that of large companies for the past 10 years on the contrary to general expectations. In international comparison of the reserve ratios, Korea was ranked fifth for the reserve ratio of the large companies following Germany, Japan, the United Kingdom and the United States, and third for the reserve ratio of the medium-sized companies after the United Kingdom and Japan. On the other hand, Korea was ranked second after Japan in case of small companies, indicating that the reserve ratio of small companies was relatively high compared to large and medium-sized companies. Therefore, the reserve ratio of small companies in Korea showed relatively high in international comparison. The regression analysis between the increase in the reserve and each asset suggests that the reserve contributes not only to the formation of cash holdings but also to the formation of quick assets, inventories, investment assets, tangible assets and intangible assets. In large companies, however, it was found that the reserve did not contribute to the increase in cash holdings. It was shown that the increase in investment assets for large companies was associated with the increase in the reserve, and had a negative correlation with current and non-current liabilities. Also, the increase in tangible assets was shown to be closely associated with the increase in the reserve, current and non-current liabilities regardless of the company size. As a result, the increase in the company's reserve does not necessarily lead to the increase in cash holdings, and the reserve, along with liabilities, has been invested not only in cash holdings but also in all assets including land, machine and facilities, thereby contributing to the business activities of the companies. Similar results were obtained from the regression analysis for each country. Therefore, an argument that the reserve should be invested is contradictory since it means the re-investment of the funds that have already been invested. Social awareness of the reserve needs to be reestablished in the future. In addition, using more appropriate indicators to assess a company's investment activities must be a priority in order to encourage the company's investments and create an environment for investment. This study has significance and distinctiveness in presenting direct empirical analysis results on the status of finding and operating the company's investment source. Thus, it is expected that this study will be used as basic data to improve the wrong perspective on the reserve ratio.

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