earticle

영어

The importance of Intangible assets in firm valuation has become equivalent to tangible assets of land, building, machine, equipment, etc. (Lev, 2001; Lee wonhum and Choi sumi). Intangible assets play a key role in determining the stock price of firms which are already listed as well as the ones which are expected to be listed in near future. Consequently, assessment of the structure of intangible assets by estimating values of functional factors such as R&D, Brand equity, Human Resource and Finance may be important for providing guideline in firm valuation and investment decision for M&A. This study is based on Park and Kim(2013) which analyzed the value of R&D, Brand equity, Human Resource and expanded the model further by disintegrating additional factor, firm’s financial value. Besides investment expenditure and market share of each functional factor, we adopt one more variable group of firm traits–patent, brand age, employee and liability. Dummy variables are used for them because they don’t have linear relationship with the dependent variable of intangible asset value. We adopt 2 stage analysis, the one of which is to allocate the market share of firm to market share of each function of R&D, Brand equity, Human Resource and Finance by adopting the variables of firm’s share of investment expenditure and traits in industry, the other of which is to disintegrate the intangible asset value into each functional value by adopting the variables of investment, functional shares and dummy variables of traits. Analysis results show ① that intangible asset value is equivalent to 60~70% of tangible asset value during the year of 2005 to 2013 except 2008 of the Financial Crisis and ② that intangible asset are disintegrated into human resource (43.8%), R&D (14.1%), financial scalability (.2.4%) and brand equity (2.4%). Human resource value are built up by variables of salary, employee and their market share, which are the proxy representing firm size. This implies that the bigger the firm size, the larger firm value by intangible asset value.

한국어

Lev(1998; 2001), 이원흠･최수미(2002) 등 국내외의 연구들에서 보듯이 종전에 기업가치가 유형자산가치를 위주로 형성되었다면, 1990년대 이후에는 점차 기업가치의 상당부분이 무형가치에 의해 구성되고 있어서 무형가치의 중요성이 날로 깊이를 더해 가고 있다. 이 연구는 상장기업의 주가를 기반으로 산정한 무형가치를 기술가치, 브랜드가치 및 인적자원가치로 분해한 바 있는 박종민･김보영(2013) 연구의 후속연구로서 이에 재무가치를 추가하여 분해하고자 하였다. 이를 위해 기존의 연구에서는 활용할 수 없었던 기업특성치(특허권 수, 브랜드나이, 직원 수, 부채)를 설명변수로서 모형에 추가하였고 기존의 투자비 변수(기술개발비, 마케팅비, 인건비)에 배당을 추가하여 분석하였다. 분석 결과, 2005~2013년 기간 중 금융위기가 발생한 2008년을 제외하고는 무형가치 합계가 유형자산가치의 60~73%를 차지함으로써 기업가치의 약 40%가 무형가치에 속하고 있으며, 세부기능요소별 가치가 인적자원가치(43.8%)>기술가치(14.1%)>재무가치(2.4%)>브랜드가치(2.4%)의 순위를 보이고 있다