초록 열기/닫기 버튼
본 연구는 특허취득과 디자인등록의 공시가 기업가치, 특히 주주의 부에 어떠한 영향을 미치는지를 검정한다. 또한 이러한 무형자산의 취득과 등록이 기업의 매출을 증대시키고 원가를 감소시키는지 그리고 이러한 매출증대와 원가감소가 주가에 영향을 미치는 매개효과가 있는지를 구조방정식모형을 통해서 실증적으로 검정한다. 공시에 따른 주가반응은 모두 유의한 양(+)의 값을 보였으며, 디자인등록에 비해 특허취득 공시의 경우에 더 긍정적인것으로 나타났다. 주가반응에 대한 기업특성변수들의 영향을 분석한 결과, 시장가/장부가 비율이 낮을수록 그리고 코스닥기업일수록 특허취득에 따른 기업가치는 증가하였으며, 무형자산비중이 클수록 그리고 수익성이 높을수록 디자인등록에따른 기업가치는 증가하는 것으로 나타났다. 또한 공시기업의 매출은 증가하였고, 원가도 감소하였다. 매출증대효과가 기업가치에 미치는 매개효과는 구조방정식을 통해 그 유의성이 통계적으로 검정되었으나 원가절감효과가 기업가치에 미치는 영향은 유의하지 않았다. 디자인등록에 비해서 특허취득이 원가감소력에 더 큰 영향을 주었으며, 또한 기업가치에 특허취득이 직접적으로 미치는 영향은 통계적으로더 크지 않지만, 간접적인 영향까지 포함하는 전체효과에서는 유의하게 큰 것으로 나타났다.
This study examines the effect of patent acquisition and design registration on firm value, sales, and costs. Especially, using a structural equation model(PLS), the paper investigates a mediating role of sales and costs on stock price of the firm. For empirical investigation, we use 544 sample of patent acquisitions and 599 sample of design registrations filed in DART(Data Analysis, Retrieval and Transfer System) and KIPRIS(Korea Intellectual Property Rights Information Service) over the period of 2001- 2005. We measure the change of firm value as cumulative abnormal return(CAR), and the changes of sales and costs as abnormal sales growth(ASG) and abnormal cost growth(ACG), respectively. In addition, our paper uses financial status variables such as intangible asset ratio, market-to-book ratio, company size, debt ratio, advertising expenses, R&D expenditure, ROA, and listed market. Empirical results show that stock price reactions to the announcement of patent acquisition and design registration are positive and significant, and the reactions are more positive in patent acquisition. This implies that the firm value increases from both patent acquisition and design registration. Furthermore, we search factors or conditions under which the firm value increases by using multiple linear regressions. The firm value in the case of patent acquisition increases as the firm has lower market-to-book ratio and is listed in KOSDAQ, while the firm value in the case of design registration increases as the firm has more intangible assets and higher profitability. In addition, we find that ASG is significantly positive and ACG is significantly negative for the firms that announce patent acquisition and design registration. The mediating role of ASG and ACG on firm value is investigated by PLS. The results show that the effect of patent acquisition on firm value is mediated by ASG, while the effect of cost reduction on firm value is not statistically significant. When we compare patent acquisition with design registration, patent acquisition makes a larger cost reduction. Also, the overall effect (including indirect effect) of patent acquisition compared to design registration on firm value is significantly larger, even though the direct effect on firm value is not significantly larger. This study is expected to help foster inter-disciplinary research in that we consider the mediating role of sales and costs in analyzing the effect of patent acquisition and design registration on firm value. Sales and costs play the role of bridge points between business strategy and firm value, in order to find out a path from business strategy to firm value. Another contribution of this paper is that we employ financial accounting data instead of judgment data that has been used in Marketing and Business Strategy research. However, this paper has limitations due to data unavailability. For example, we were unable to utilize more specific information on patent acquisition and design registration in the cross-sectional analysis of CARs. In the follow-up research, we will further examine whether the firm’s public relations associated with patent acquisition and design registration have any differential effect on firm value.
키워드열기/닫기 버튼
mediating effect, patent acquisition, design registration, intangible asset, intellectual property, structural equation model
