earticle

영어

Research and development investments are very important factor for a company's survival and prosperity, in terms of increased sales and operating income, and providing good signals for investors in the security market. The purpose of this study investigated whether a company's research and development investments affect corporation valuation in Kosdaq listed company. In this study, We used to three variables for research and development expense, that is, ordinary research & development expense, research & development costs, total research & development expense as to independent variables. Also dependent variables was used total market valuation for enterprise value and enterprise size, leverage, cash flow, growth of sales ratio, R&D stock, dummy variables for control variables in multi-regression analysis model The following study results were reveled : First, Three R&D variables were related positively to enterprise value. Out of three variables, research & development costs affected to enterprise valuation mostly. Second, The control variables were related R&D variable that is, size, leverage, cash flow, growth rate, R&D stock and type of high-tech industry were affected to enterprise value. Third, The research & development expenditure in high-tech industry group were related positively to enterprise valuation. In conclusion, The higher R&D investments of firms were showed positive relation on the enterprise valuation. Thereforere, CEO in enterprise must decisions R&D investments technically.

한국어

본 연구는 코스닥 상장기업을 대상으로 연구개발투자의 세 가지 독립변수(경상연구개발비, 개발비취득액 및 총연구개발비)들이 기업가치(시가총액)에 미치는 영향과 관련성을 검증하고, 기업특성변수에 따른 효과의 차이를 검증하였다. 분석결과 세 가지 독립변수는 각각 기업가치와 유의한 관련성을 보여주었으며, 자산화 처리되는 개발비취득액이 기업가치에 가장 큰 유의성을 나타내고 있다. 또한 기업특성 변수를 검증모형식에 사용하여 검증한 결과 기업규모, 레버리지, 영업현금흐름, 개발비스톡과 함께 고기술첨단산업 기업집단에 속하는지 여부가 기업가치에 미치는 영향이 다르다는 점을 밝혀낼 수 있었다. 마지막으로 고기술첨단산업 기업집단과 그렇지 않은 기업집단으로 구분하여 분석 검증한 결과 첨단산업에 속하는 기업집단에서의 연구개발투자가 기업가치에 더 크게 영향을 미친다는 사실을 밝힐 낼 수 있었다.