• Title, Summary, Keyword: 연구개발비

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The Effects of R&D Expenses and patents on the Firm value (특허권과 연구개발비 지출이 기업가치에 미치는 영향)

  • Oh, Sang-Hui
    • Management & Information Systems Review
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    • v.36 no.3
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    • pp.239-254
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    • 2017
  • This study examines the relationship between R&D spending and patent rights, which are suggested by firms as a way to increase their firm value. Specifically, we examine the relationship between research and development costs and patent rights, and see if there are any differences in the influence of two variables on firm value. The period of this study is from 2005 to 2016, and the sample of companies used in the research including the patenting companies is composed of 333 companies in total. The results of the study are as follows. First, the cost of R&D expenditure and capitalized R&D expenditure showed a significant positive correlation with patents. Second, R&D spending did not show a significant relationship with firm value, but patent rights showed a significant positive correlation with firm value. However, firms that spend a large amount of R&D expenditure (RDD), such as research and development expenses, showed a significant positive (+) value and a patent dummy (PATD). Third, in the analysis of the difference between the dummy of research and development and the patent dummy, the enterprise value of a company that invested a lot of patents and research and development expenses was high. The contribution of this study is to examine the relevance of corporate value to R&D investment for patents. On the other hand, there are various variables that can be used as a sample of patents.

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Conditional Quantile Regression Analyses on the Research & Development Expenses for KOSPI-listed Firms in the Post-era of the Global Financial Turmoil (국제 금융위기 이후 국내 유가증권시장 상장기업들의 연구개발비에 대한 분위회귀분석 연구)

  • Kim, Hanjoon
    • The Journal of the Korea Contents Association
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    • v.18 no.4
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    • pp.444-453
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    • 2018
  • The study addresses the analysis on the financial determinants of corporate research and development (R&D) expenditure in finance. Overall level of R&D spending was estimated as one of the top-tier on a global basis and a majority of the expenditure was invested by large domestic firms in private sector. Consequently, financial factors that influence R&D intensity were empirically tested in the first hypothesis by using conditional quantile regression model for firms listed in KOSPI stock market in the post-era of the global financial turmoil. Firms in the groups of high- and low-R&D intensity were statistically compared to detect financial differences in the second hypothesis which was accompanied by the test of multi-logit model that included firms without R&D outlay. Concerning the results of the hypothesis tests, R&D spending of the prior fiscal year, firm size, business risk and advertising expense overall showed statistically significant impacts to determine the level. As an extended study of [1] that had examined financial factors of R&D intensity at the macro-level, the results of the present study are anticipated to contribute to maximizing shareholders' wealth in advance or emerging capital markets, when applied to find an optimal level of R&D expenditure.

A Financial Comparison of Corporate Research & Development (R&D) Determinants: The United States and The Republic of Korea (한국과 미국 자본시장에서의 연구개발비 비중에 관한 재무적 결정요인 분석)

  • Kim, Hanjoon
    • Journal of the Korea Academia-Industrial cooperation Society
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    • v.19 no.7
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    • pp.174-182
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    • 2018
  • Given the ongoing debate in many aspects of finance, more attention may need to focus on corporate R&D expenditures. This study empirically tests financial determinants of R&D expenditures for NYSE-listed and KOSPI-listed firms. Three major hypotheses were postulated to test for corporate R&D outlay. First, proposed variables such as one-year lagged R&D expenditures, market value based leverage, profitability and cash holdings showed significant influence on corporate R&D costs for the sample firms. Moreover, financial factors inclusive of squared one-year lagged R&D expenditures, the interaction effect between one-lagged R&D expenditures and high-growth firm, non-debt tax shield, Tobin's q and a dummy variable to explain differences in accounting treatment between the U.S. and Korea, revealed significant differences between the two samples. Finally, in the conditional quantile regression (CQR) analysis for the R&D-related variables in relation to corporate growth rate, it was found that the NYSE-listed firms had a statistically significant linkage between growth potential and one-year lagged R&D expenditures at lower quantile levels. This study may shed new light on identifying financial factors affecting differences between the U.S. market (as an advanced market) and the Korean market (as an emerging market) regarding the optimal level of R&D investments for shareholders.

The Influence on Enterprise Value of R&D Costs of KOSDAQ pharmaceutical companies (코스닥 제약기업의 연구개발비 무형자산화 비중이 기업가치에 미치는 영향)

  • Jo, Young-Ran;Lee, Sang-Won
    • Journal of the Korea Academia-Industrial cooperation Society
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    • v.20 no.11
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    • pp.487-493
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    • 2019
  • This study examines the ratio of R&D expenses in intangible assets for pharmaceutical companies, and determines whether these expenses affect the firm value among companies listed on the KOSDAQ. The research subjects included annual R&D expenses of 39 pharmaceutical companies listed on the KOSDAQ between 2011 and 2017. The survey was achieved via "Panel Data Model" with "Tobin Q" as an independent variable, and the ratio of R&D expenses in intangible as a dependent variable. Results of the study conclude that the ratio of R&D expenses in intangible assets of KOSDAQ pharmaceutical companies negatively influence the Tobin Q (Enterprise Value). A large proportion of intangible assets indicates increased R & D investment, and the operating profit is likely to be low due to the high debt ratio, thereby negatively impacting the enterprise value. This study further investigates whether the existing researches are based on researches that identify the total value of R & D expenditure. Results determine a significant relationship between enterprise value and R & D expenditure.

The Effect of Research and Development Expenditure on Corporate Value (연구개발비 지출이 기업가치에 미치는 영향에 대한 연구: KSE와 KOSDAQ 업체를 대상으로)

  • Lee, Hak-Young;Ha, Kyu-Soo
    • Journal of the Korea Academia-Industrial cooperation Society
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    • v.9 no.3
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    • pp.822-830
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    • 2008
  • We aim to confirm empirically that a corporate's R&D expenditure effect positively on its value. As a result of the regression analysis on financial statements of KSE and KOSDAQ enterprises, the sum of R&D expenditure effects positively on corporate value. Moreover, we have the result that R&D expenditure appropriated as cost has more effect on corporate value than the expenditure appropriated as asset.

An Empirical Study on the IPO Firms' Financial Performance Achieved by R&D Expenditures Using Statistical Models (IPO Affect Firm's Performance after IPO, between KOSPI) (연구개발비가 기업경영 성과에 미치는 영향에 관한 연구 (IPO이전과 이후 코스피기업의 시계열 분석을 중심으로))

  • Park, Kyung-Joo;Yang, Dong-Woo
    • Journal of Korea Technology Innovation Society
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    • v.9 no.4
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    • pp.842-864
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    • 2006
  • This paper deals with an empirical study to statistically analyse various financial performances of the selected IPO firms using their investments on research and development(R&D) as an independent variables. The major results of statistical analyses have come up with the followings: 1) The regression analyses for change in average annual total market stock value/total assets over that of R&D expenditures showed the positive relationship, However, those of sales volume and net assets per share showed negative without statistical significances. 2) The statistical analyses in effect of the 3-year average total market stock value/total assets over the 3-year average R&D expenditures resulted in the positive coefficients what are statistically significant at 95% level. 3) Another statistical analysis showed that the financial performances of the IPO finns with deferred assets were better than those of the firms without them. In sum, the degree of investment on R&D by the IPO firms are expected to positively affect their financial performances except the Finns without having proper original technologies.

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Further Examinations on the Financial Aspects of R&D Expenditure For Firms Listed on the KOSPI Stock Market (국내 KOSPI 상장기업들의 연구개발비 관련 재무적 요인 심층분석)

  • Kim, Hanjoon
    • Journal of the Korea Academia-Industrial cooperation Society
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    • v.19 no.4
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    • pp.446-453
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    • 2018
  • The study examines corporate research & development (R&D) expenditure in modern finance. Firms may face one of the essential issues to maintain their optimal levels of R&D expenditures in order to increase corporate profit. Accordingly, financial determinants that may influence R&D spending are statistically tested for firms listed on the KOSPI stock market during the period from 2010 to 2015. Financial determinants which may discriminate between firms in high-growth and low-growth industries are examined on a relative basis. Explanatory variables including one-period lagged R&D expenses (Lag_RD), cross-product term between the Lag_RD and type of industry (as a dummy variable), and advertising expenses (ADVERTISE) significantly influenced corporate R&D intensity. Moreover, high-growth firms in domestic capital markets showed higher Lag_RD, profitability (PROF) and foreign equity ownership (FOS) than their counterparts in low-growth sectors, whereas low-growth firms had higher market-value based leverage (MLEVER) and ADVERTISE. Overall, these results are expected to influence decision-making of firms concerning the optimal level of R&D expenditure, which may in turn enhance shareholder wealth.

첨단과학기술현장 - 나노기술(NT) 생산현장을 가다

  • Korean Federation of Science and Technology Societies
    • The Science & Technology
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    • v.35 no.11
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    • pp.62-66
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    • 2002
  • 21세기의 세계경제를 주도할 것으로 전망되는 나노기술의 개발을 위해 요즘 세계 각국은 후끈 달아오르고 있다. 미 국립과학재단은 2015년의 나노제품 시장규모를 1조달러로 보고 있어 이런 방대한 시장을 쟁취하기 위해 세계 비즈니스계와 정부들은 앞다퉈 막대한 연구개발비를 퍼붓고 있다. 미국은 2003년 나노테크 연구개발비를 2002년보다 17%가 많은 7억1천만달러를 투입할 예정인가 하면 미국, 서유럽, 일본에 이어 많은 나노테크 연구개발비를 투입하고 있는 우리나라는 2002년부터 연간 1억달러를 지출할 계획이다.

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A study on the R&D budget expenditure behavior supported by National fund - Focus on the Industrial IT R&D Program - (국가R&D지원사업의 연구개발비 집행행태 분석 -정보통신 산업기술개발사업을 중심으로-)

  • 이종훈;박준범;강성구
    • Proceedings of the Korea Technology Innovation Society Conference
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    • pp.121-128
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    • 2003
  • The paper analysed R&D budget expenditure behaviors of those projects supported under the Industrial IT R&B Program in 2001 and found out relationship between evaluation scores of each project and its expenditure behavior. The study shows significant differences in expenditure behavior between project groups with higher scores and with lower ones. Based on the findings, the paper raises a few suggestions on program management techniques to increase outcome of the program.

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Real-Time Fraud Detection using Data Quality Diagnosis Techniques for R&D Grant (데이터 품질진단 기법을 이용한 연구개발비 이상거래 실시간 탐지)

  • Jang, Ki-Man;kim, Chang-Su;Jung, Hoe-kyung
    • Journal of the Korea Institute of Information and Communication Engineering
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    • v.19 no.11
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    • pp.2609-2614
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    • 2015
  • National research and development projects institutions have implemented various measures in order to prevent R&D expenses abuse and negate enforcement. but it reveals a limit to prevent abuse of R&D expenses[1,2]. In this paper, to prevent abuses resulting from the R & D for the unusual trading post caught collecting information from the R & D phase implementation plan to detect unusual transactions. The results are subjective and research institutions, and specialized agencies to take advantage of shared, real-time cross-linkage between the credit card companies. Studies of data quality diagnostic techniques developed for this purpose related regulations and manuals, Q & A, FAQ, Outside-in business rules that derive from a variety of information, such as personnel interviews (Outside-In) was used for analysis.