비상장기업의 연구개발비가 기업가치에 미치는 영향

Abstract

R&D is an intangible asset to be invested to facilitate the future growth and development of business. An appropriate investment of R&D is one of basic ways to formulate a successful strategy to create enterprise value to lay the foundation for the growth of business in competitive global society. The purpose of this study was to examine the impact of R&D on the firm value of unlisted companies, as earlier studies established that R&D is associated with firm value on a long-term basis. The companies whose data were available through KISVALUE from 2009 to 2013 were selected, which didn't belong to the financial industry. As a result of making an empirical analysis of the unlisted companies, the following findings were given: First, when multiple regression analysis was made to see whether the investment of R&D was influential or not in the unlisted companies, that was found to have been statistically significantly influential. In the case of the unlisted companies, R&D of the year exerted a negative influence on firm value. Second, it's not certain whether R&D efforts necessarily produce economic effects in the future, and this is indirect evidence that more R&D expenditure may have a more negative impact on firm value. The findings of the study suggest that if an unlisted firm scales back R&D expenditure or determines it in consideration of financial circumstances, it will serve to ease its cost burden to boost firm value due to the intrinsic uncertainty of R&D expenditure. And it also should be noted that although intangible assets exercise a larger influence on firm value than tangible assets and thereby contribute to profit making, investment in intangible assets should be determined more discreetly than in tangible assets because of their strong uncertainty. So far, the impact of R&D on the firm value of unlisted companies was analyzed, and that was found to have affected firm value. The findings of the study correspond to those of earlier studies.