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Korean Academic Society of Business Administration
[ Article ]
korean management review - Vol. 53, No. 4, pp.833-861
ISSN: 1226-1874 (Print)
Print publication date 31 Aug 2024
Received 31 Jan 2024 Revised 11 Apr 2024 Accepted 15 Apr 2024
DOI: https://doi.org/10.17287/kmr.2024.53.4.833

판매관리비 지출과 기업가치

김현석
(주저자) 국민연금연구원 khs8319@naver.com
Selling, General, and Administrative Expenditure and Firm Value
Hyunseok Kim
(First Author) National Pension Research Institute khs8319@naver.com


Copyright 2024 THE KOREAN ACADEMIC SOCIETY OF BUSINESS ADMINISTRATION
This is an open access article distributed under the terms of the Creative Commons Attribution License 4.0, which permits unrestricted, distribution, and reproduction in any medium, provided the original work is properly cited.

초록

본 연구는 2000-2022년까지 한국거래소 유가증권시장 상장기업들을 대상으로 판매관리비 지출과 기업가치 간 관계를 실증분석하였다. 먼저, 판매관리비 지출은 기업가치에 유의한 양(+)의 영향을 미치는 것으로 나타나, 판매관리비 지출은 기업가치 제고에 도움이 되는 방향으로 작용하며, 판매관리비 지출에 대한 주식시장의 평가는 음(-)의 경영 효율성 지표라는 부정적 인식보다 무형자산성 지출로 인한 장래 가치창출과 같은 긍정적 인식이 지배하고 있음을 발견하였다. 판매관리비의 주요 구성항목에 대한 분석결과, 연구개발비 및 인건비 지출이 기업가치 제고의 핵심적인 요인인 것으로 나타났다. 다만, 무형자산성 지출 비중이 큰 기업은 당기 연구개발비 지출을 증가시키는 것보다는 장기적으로 연구개발비를 축적하여 지식자본을 구축하고, 판매관리비를 축적하여 조직자본을 구축하는 것이 미래 기업가치 제고에 도움이 될 것으로 예상한다. 마지막으로 판매관리비 지출에 대한 주식시장의 긍정적 평가가 판매관리비의 본원적 특성에 따른 것인지, 자산가격결정오류에 기인할 가능성이 있는지를 분석한 결과, 판매관리비에 대한 시장참여자들의 긍정적 평가는 판매관리비의 본원적 특성(가치창출력)보다는 자산가격결정오류에 기인할 가능성이 크다는 결론을 도출할 수 있었다.

Abstract

This paper investigates the relation between selling, general, and administrative (SG&A) expenditure and firm value for companies listed on Korea Stock Exchange. Empirical results show that SG&A expenditures have a positive impact on firm value, suggesting that SG&A expenses are more likely to contribute to value creation through intangible investments, rather than playing a negative role associated with increased agency costs. The analysis of the main components of SG&A expenses reveals that both research and development (R&D) expenses and labor expenses are crucial contributors to firm value. However, when measuring firm value considering the characteristics of intangible capital, I find that building knowledge capital and organization capital in the long term is a key factor in enhancing future firm value. Furthermore, I explore whether the stock market's evaluation of SG&A expenses stems from their value-creation ability or mispricing. I find that, compared to the predictability of operating profit of SG&A expenses, market participants tend to undervalue current SG&A expenses. This implies that the positive assessment of SG&A expenses in the stock market is more likely influenced by mispricing rather than the value-creation potential of SG&A expenses.

Keywords:

SG&A Expenditure, Firm Value, Intangible Capital, Knowledge Capital, Organization Capital

키워드:

판매관리비, 기업가치, 무형자본, 지식자본, 조직자본

Acknowledgments

본 논문은 제1저자 김현석의 박사학위 논문 중 두 번째 챕터인 ‘판매관리비에 대한 주식시장의 평가’를 수정․보완한 것입니다. 또한, 본 연구의 내용은 저자의 개인적 견해를 반영한 것이며 국민연금연구원의 공식견해가 아님을 밝혀둡니다.This paper is a revised version of the second chapter of the author Hyunseok Kim’s doctoral dissertation, titled ‘Evaluation of Stock Market on Selling, General, and Administrative Expenditure,’ in the form of an academic paper. The content of this research reflects the author's personal opinions and is not an official stance of the National Pension Research Institute.

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∙ 저자 김현석은 현재 국민연금연구원 기금정책분석실 부연구위원으로 재직 중이다. 성균관대학교에서 경영학박사(세부전공: 재무금융) 학위를 취득하였으며, 주요 연구분야는 자본구조정책, 지급정책, 가치평가, 연기금 자산운용 등이다.