DOI QR코드

DOI QR Code

Endogenous Growth and Firm Value of Venture Companies

벤처기업의 내생적 성장이 기업가치에 미치는 영향

  • Received : 2012.08.24
  • Accepted : 2012.10.05
  • Published : 2012.10.28

Abstract

This study researches the correlation between the firm value, which can be represented as Tobin's Q in this paper, and other financial information. The research is based on the financial statistics of KOSDAQ-listed Venture manufactures, which is comprised of the venture businesses group and the general group. The multiple regression, the correlation test tool, shows the R&D expenditures and tangible assets have the positive relation with the firm value while training expenses and the return on assets have the negative one. More specifically, R&D expenditures and total assets have the affirmative relations with the firm value among the venture businesses, whereas tangible assets, advertising expenses, and training expenses have the negative ones. The positive correlation between total assets and the firm value of venture business, shows that the volume of intangible assets impacts on the firm value of venture businesses. It also reflects the features of venture businesses highly relying on the technology development. The results are summarized as follows: First, The R&D expenditures and firm value have been positively correlated in the KOSDAQ-listed companies. Second, total assets and firm value has the positive correlation in the venture businesses.

Keywords

Endogenous Growth;R&D Expenditures;Ventures;Firm Value

References

  1. 정진수, 박재영, "KOSDAQ 등록기업의 연구개발비가 기업가치에 미치는 영향", 산업경제연구, 제 17권, 제4호, pp.1273-1289, 2004.
  2. 위한종, "중소․벤처기업의 신규 콘텐츠 및 제품 연구개발 성과와 기업가치", 한국콘텐츠학회, 한국콘텐츠학회 2007 춘계 종합학술대회 논문집, 제5권, 제1호, pp.5-9, 2007.
  3. 김병기, "R&D와 기업가치의 관계", 한국기업경영학회, 제15권, 제1호, pp.25-43, 2008.
  4. 박경주.양동우, "연구개발비가 기업경영 성과에 미치는 영향에 관한 연구", 기술혁신학회지, 제9 권, 제4호, pp.842-864, 2006.
  5. 육근효, "연구개발비와 광고비지출의 경제적 효과에 관한 재검토", 경영연구, 제18권, 제3호, pp.219-251, 2003.
  6. 장성근, 신영수, 정해혁, "R&D투자, 기술경영능력, 기업성과간의 관계", 경영학연구, 제38권, 제1 호, pp.105-132, 2009.
  7. K. H. Chung and S. W. Pruitt, "A Simple Approximation of Tobin's," Financial Management, Vol.23, pp.70-74, 1994. https://doi.org/10.2307/3665623
  8. J. E. Coombs and P. E. Bierly, Measuring Technological Capability and Performance," R&D Management, Vol.36, pp.421-438, 2006. https://doi.org/10.1111/j.1467-9310.2006.00444.x
  9. A. Eberhart, C, Maxwell, and A. R. Siddique, "An Examination of Long-Term Abnormal Stock Return Sand Operating Performance Following R&D Increases," Journal of Finance, Vol.59, pp.623-649, 2004. https://doi.org/10.1111/j.1540-6261.2004.00644.x
  10. H. Grabowski and D. Mueller, "Industrial Research and Development, Intangibles Capital Stock, and Firm Profit Rates," Bell Journal of Economics9, pp.328-343, 1974.
  11. M. Hirshey and J. J. Weygandt, "Amortization Policy for Advertising and Research and Development Expenditures," Journal of accounting Research, Vol.64, pp.326-335, 1985.