초록 열기/닫기 버튼
혁신은 기업성장과 경제발전의 핵심 원동력이다. 다른 투자와 비교해 혁신투자는 고위험-고수익이라는특징을 갖고 있다. 혁신은 측정하기 어렵고 그 성과가 불확실하기 때문에 혁신활동은 자본시장에서 적절히평가되지 않을 가능성이 높다. 그런데 혁신은 단계별로 불확실성에 차이가 있다는 점에 주목할 필요가 있다. 본 연구에서는 혁신활동과 혁신성과를 구별하는 동시에 활동 대비 성과라는 혁신효율성을 포함하였다. 혁신활동은 R&D로 그리고 혁신성과는 특허로 측정하였으며, 혁신효율성은 R&D 대비 혁신효율성과 매출효율성으로각각 측정하였다. 그런 다음 주식시장에서 혁신활동, 혁신성과, 혁신효율성이 기업가치에 어떻게 반영되고있는가를 분석하였다. 2009년부터 2017년까지 기간에 439개 코스닥 기업의 특허취득을 대상으로 사건연구를 행한 결과는 다음과같다. 첫째, 주식시장은 특허취득 공시에 대해 긍정적인 반응을 보였다. 둘째, 표본을 분류해 공시효과를 살펴보면 비제조업체가 제조업체에 비해 더 높은 초과수익률을 보였으며, 성장성과 수익성이 낮을수록 더 높은 공시효과를 보였다. 셋째, 초과수익률의 횡단면 분석결과에 따르면 특허수가 많을수록 초과수익률이 높았지만 R&D투자지출은 유의하지 않았다. 넷째, 특허취득 이후에 자금상황은 악화된 것으로 나타났다. 사건연구는 단기간의 시장반응을 분석하는데 유용하지만 장기간의 시장평가를 분석하기에는 한계가 있다. 이에 따라 특허가 기업가치 및 수익성에 미치는 영향을 횡단면 분석하였다. 분석결과를 보면 혁신활동인 R&D 와 혁신성과인 특허 모두 기업가치에 유의한 정(+) 영향을 미치고 있었지만 수익성에는 유의한 부(-)의 영향을미치고 있어 대조된다. 이는 회계적 수익은 악화시킬지라도 미래지향적인 주식시장에서 혁신을 긍정적으로평가한다고 해석할 수 있다. 다만 예상과 달리 혁신효율성은 기업가치에 부(-)의 영향을 미치는 것으로 나타나고 있다. 혁신은 불확실성이 높아 기업에게 부담으로 작용하기도 하지만 성공적인 사업화로 연결될 시 기업가치제고를 넘어 국가 경제성장에도 큰 기여를 하게 된다. 하지만 현재까지는 혁신의 효율성 및 독창성, 혁신의경제적 가치 등 혁신을 제대로 평가할 수 있는 지표가 부족한 실정이다. 이에 본 연구에서는 혁신 활동 및평가를 효과적으로 수행할 수 있도록 보다 다양하고 정교한 혁신지표의 개발을 추후 연구과제로 제시하고있다.
Innovation is a key driver of corporate growth and economic development. However, there is a possibility that innovation may not be properly valued in the capital market because of the difficulty in measuring innovation and the uncertainty involved in the result of innovation. It is also important to note that there is a difference in uncertainty in each stage of the innovation process. In this study, unlike previous studies, we distinguish innovation activity from innovation outcome and measure innovation efficiency as outcome against activity. Then, we analyze whether innovation activity, innovation outcome, and innovation efficiency are reflected properly in stock prices. The results of the event study on the announcements of patent acquisitions by 439 KOSDAQ companies from 2009 to 2017 are as follows. First, the stock market responded positively to patent grant announcements. Second, non-manufacturing firms show higher announcement effects than manufacturing firms and the lower the growth and profitability, the higher the announcement effects. Third, according to the cross-sectional analysis of excess returns, patents affect excess returns significantly whereas R&D does not. Fourth, the financial situation in terms of cash holdings and cash flows deteriorates after the acquisition of the patent. Although event studies are useful in analyzing short-term market responses, there are limitations in analyzing long-term market assessments. Thus, the impact of patents on corporate value and profitability is analyzed employing cross-sectional regressions. The results show that both R&D (innovation activity) and patents (innovation outcome) have significant positive effects on corporate value, while both have significant negative impact on profitability. This can be interpreted as a positive assessment of innovation in a forward-looking stock market, even if accounting profits worsen. Contrary to anticipation, innovation efficiency has a negative effect on firm value. Therefore, it is necessary to develop more sophisticated innovation indicators in the future. Innovation can be a burden to firms due to high uncertainty, but if it leads to successful commercialization, it will not only increase firm value but also contribute greatly to national economic growth. However, so far, both managers and investors have lacked indicators which can properly evaluate innovation, such as efficiency, originality, economic value of innovation, and so on. Therefore, this study suggests the development of more diverse and sophisticated indicators of innovation in order to effectively perform innovation activities and evaluation. The role of capital markets is an important factor which must be considered together with new innovation indicators in building a virtuous cycle of innovation. In general, outside investors experience a greater difficulty in processing information regarding innovation compared to other activities of the firm. If capital markets are unable to reduce the information processing gap for innovation, it is highly likely that the innovative firm will not be properly evaluated. At present, the potential growth rate of our country has been substantially decreased due to low birthrate, aging population, and decline in working age population. Therefore, the importance of innovation growth is increasing. Because firms can not enhance their value unless innovation leads to successful commercialization or tangible outcome, this study emphasizes the importance of innovation outcome as well as innovation activity. When appropriate indicators of innovation activity and innovation outcome are developed, both managers and investors can utilize them to assess firms properly, which in turn will contribute to economic growth as well as individual firms by allocating limited resources to more productive firms. From this perspective, this study is expected to help firms and capital markets play a major role in innovation growth.
키워드열기/닫기 버튼
Innovation, Patents, R&D, Innovation Efficiency, Misvaluation
