R&D가 기업가치에 미치는 효과: KOSDAQ기업을 중심으로

The purpose of this study is to investigate the relationship between R & D investment and the firm‘s value in the Korean stock market and to investigate the moderating effect of R & D expenditure increase. The empirical analysis period covered in this study is 7 years from 2011 to 2017, and the total number of sampled firms is 6,811. The sample covered in this study is extracted from all listed companies on the Korea Securities Dealers Automated Quotation(KOSDAQ) except for the financial industry. Many of previous studies showed that there is a close relevance between R&D investment and the firm’s value, but they did not conduct them by combining the two of analyses of time-series and cross-section and time lag analysis. Thus panel data analysis and time lag analysis were used here while considering matters of time differences. Also, the moderating effects presented in this study are first presented in this field of study. The result of the empirical analysis can be summarized as the following. First, all variables excluding the sales growth rate and debt ratio make statistically meaningful factors explaining firm value. Second, R&D expenditure, net working capital ratio, company scale, and signs of regression coefficient to advertising expenses all go in line with the theory. The regression coefficient signs concerning ROA, equity ratio of a large shareholder show negative value. Third, the dummy variable on increase and decrease of R&D expenditure is found to be statistically meaningful and has negative impact on firm value. Dummy variables on R&D expenditure and increase and decrease of R&D expenditure were statistically meaningful and have negative impact on firm value. The research is distinct from preceding studies in the following aspect. First, it used panel data estimation methods to address heterogeneity issue which may occur from omission of variables not observed. Next, the research performed an empirical analysis of KOSDAQ-listed firms during a recent seven-year period. Last, the research added dummy variables on increase and decrease of R&D expenditure and R&D expenditure and also conducted a regression analysis based on that. However, it has some limitations as below. First, it used figures in financial statements of KOSDAQ-listed companies to estimate their R&D expenditure. But there is a room for discrepancy between the estimation and the actual expenditure due to ambiguity in accounting management relating to R&D activities. Second, it is necessary to estimate R&D expenditures with higher accuracy with other data and information in addition to financial statements. Third, the relationship between other variables of R&D expenditure not measure and the actual R&D expenditure is not clearly explained herein. A more organized research is needed to clarify the relationship between those variables and firm value. The fourth is, if a company is under influence of other external factors such as economic slump, the validity and relevance of R&D expenditure model based on financial ratios would be affected. To complement this, a new model reflecting other financial and non-financial elements shall be established.