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Does the Differential Effects of R&D Expenditure and Patents on Firm-value Exits between High-tech and Low-tech Industries? (산업 특성에 따른 연구개발비 지출과 특허취득이 기업가치에 차별적으로 반응하는가?)

  • Jeon, Sung Il;Lee, Kise;Yang, Hae Myun
    • Knowledge Management Research
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    • v.11 no.3
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    • pp.1-11
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    • 2010
  • The importance of intangible assets have increased unprecedentedly with the advent of the knowledge-based society. Investment in R&D has contributed to the rise of productivity and firm-value in the capital markets. but it is very difficult to determine the economic benefits of R&D investment, due to elusive link between time requirements and the realization of firm value from R&D investment. This study examines the differential effects of R&D expenditure and patents on firm-value by industry. Patents are intangible, proprietary rights that develops new products, plays a crucial role in market competition and results in research and development activities. If firms get patents, their R&D expenditure is assumed to be successful. The study analyzes whether successful R&D expenditure has a significant effect on the firm-value. The study considers two industries : high-tech industries and low-tech industries. These industries are expected to have different effect on R&D expenditure and firm-vale. The results of the study indicate that the successful R&D expenditure increased the firm-value. Successful R&D expenditure in high-tech industries more increased the firm-value more than that in low-tech industries.

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Lagged Effects of R&D Investment on Corporate Market Value: Evidence from Manufacturing Firms Listed in Chinese Stock Markets

  • LEE, Jung Wan
    • The Journal of Asian Finance, Economics, and Business
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    • v.7 no.8
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    • pp.69-76
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    • 2020
  • The study examines lagged economic effects of research and development (R&D) investment on the market value of manufacturing firms listed on the Shanghai Stock Exchange or the Shenzhen Stock Exchange in China. This study applies panel data analysis methods to address the following issues: 1) There might be an adjustment lag in the impact of R&D investment on corporate market value, and 2) Unobserved firm effects must be taken into account. The balanced panel data includes a total of 1,462 observations with 34 cross-sections of manufacturing firms listed on Chinese stock markets and with 27 time-specific quarterly periods from 2007 to 2017. The results indicate that the R&D investment of Chinese manufacturing firms tends to yield favorable market value of the firm with some adjustments to time. The results show that R&D investment exhibits a strong positive impact on their market value of manufacturing firms in Chinese stock markets. Moreover, R&D investment has a positive time-lag effect on the market value of the firm. Interestingly, the R&D investment of Chinese manufacturing firms generate a relatively constant positive effect on their market value, supporting the notion that the corresponding returns of R&D investment for such firms yield lagged but added market values.

A study on the influences of R&D investment on Machine and Material Industry and Eletronics Industry (기계소재 산업의 연구개발 투자가 기업성과에 미치는 영향 연구)

  • Oh, Seung-Ryung;Kim, Kun-Woo
    • Journal of Advanced Navigation Technology
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    • v.15 no.1
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    • pp.104-111
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    • 2011
  • In this study, I have tried to analyze an influence of R&D investment on ROV(Real Option Value), corporate value and market value by analyzing R&D investment, ROV, corporate value and market value of machine and material industry in the perspective of ex post. As a result of this study, corporate value, which has been deduced by real option according to R&D investment, reflects market value well and possesses a strong correlation with R&D investment, ROV, corporate value and market value. This implication demonstrates this study result is corresponding with existing theories.

The effect of R&D investment on Market value of Firms : The role of technology innovation system (R&D 투자가 기업시장가치에 미치는 R&D 영향 : 기술혁신시스템의 조절효과를 중심으로)

  • Song, Se-Chan
    • Proceedings of the Korean Operations and Management Science Society Conference
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    • pp.152-156
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    • 2008
  • This study examines the relationships between R&D investment and Market value of Firms using data of small and medium enterprises (SMEs) in the manufacturing sector of Korea. In particular, this paper investigates the role of technology innovation system in the impact of R&D investment on firm's Market value of Firms. Findings from the previous studies on the relationship between R&D investment and Market value of Firms are positive relationship. Main of the previous studies demonstrated a positive impact of R&D investment on Market value of Firms. On the other hand, some recent studies showed this is not the case. Those studies persisted that the technological innovation system for managing and efficiently utilizing R&D investment and capability has to be built in order for R&D investment to give rise to increases in Market value of Firms. According to the Oslo manual by OECD, it is assumed that a technology innovation system can becharacterized as three factors :capability for technological innovation, capability for technology commercialization, capability for technological innovation management. This study divides sample firms into two groups using the "Inno-Biz" certificate system of the Korean Small and Medium Business Administration (SMBA): Inno-Biz firms Vs. Not Inno-Biz firms. The system selects innovative SMEs denoted as "Inno-Biz" using the above factors as criteria. The results revealed that the technology innovation system has the moderating effect to R&D investment on Market value of Firms.

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Relation between P-D value of Autopilot and Transfer Distance under Wind Pressure

  • Seong, Yu-Chang
    • Journal of Navigation and Port Research
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    • v.32 no.4
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    • pp.271-277
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    • 2008
  • When performing steering by an autopilot (automatic steering gear), a sensitivity adjustment is mainly determined by P value and D value. These values differ in the optimal combination by model of ship and external forces. This research was carried out simulation case studies and examined movement of Pure Car Carrier, which easily received ship by wind pressure influence in low speed We investigated the relation of horizontal migration(transfer) of ship's body and P-D value. Based on it, four parameters of P-D at approaching berth could be suggested Hence there were suggestions of parameters; Distance to maximum lee point, Time to maximum lee point, Time to return to original course and Time to 300th second. The correlation of these parameters and P-D value were also considered. As a result, we think that this index, like formulated P-D, leads to an easy and safe navigation by utilizing these indices.

The Effect of R&D Investment on Firm Value : An Examination of KOSDAQ Listed Firms (연구개발투자가 기업가치에 미치는 영향 분석 : 코스닥(KOSDAQ) 상장기업을 대상으로)

  • Shin, Yong-Jae
    • Journal of the Korea Academia-Industrial cooperation Society
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    • v.12 no.7
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    • pp.3053-3061
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    • 2011
  • This study examines the relationship between R&D(research & development) investment and market value among KOSDAQ firms in the Korea Stock Exchange. We investigate the effect of R&D investment on firm value in both total sample and sub-samples classified by firm characteristics based on types of firms. And we study the impact of a major economic disruption as the global financial crisis triggered by sub-prime mortgage problem in the US on R&D investment relative to the firm value. We find that R&D investment positively affects firm value and the squared term of R&D investment is found to be significant and negatively correlated with market value. This suggests the presence of nonlinear relationship like a reverse U-shape between R&D investment and market value in total sample and most of sub-samples. And we find firm characteristics and global financial crisis partially affect the contribution of R&D investment to market value in some of sub-samples.

Development of Advanced Gravity Model Using Accordance Rate Of Observed O-D Value and Derived O-D Value from Gravity Model (실측 O-D값과 중력모형 재현 O-D값의 일치비율을 이용한 개선 중력모형 개발)

  • Ryu, Yeong-Geun
    • Journal of The Korean Society of Civil Engineers
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    • v.33 no.1
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    • pp.287-295
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    • 2013
  • This paper developed advanced gravity model for higher estimation accuracy, that deals with residuals. Previously studied paper using gravity model's residual, residual calculated that observed O-D value minus derived O-D value from gravity model, and this residual added to the target year's estimated value from gravity model. In this paper, residuals calculated on gravity model parameter estimation process, and this residual is revealed the same value that observed O-D value devided by derived O-D value from gravity model. And case study resulted that developed new gravity model that applied accordance rate of observed O-D value and derived O-D value from gravity model has higher estimation accuracy than other gravity models as basic gravity model and residual plused gravity model.

The Effects of Financial Characteristics on the Relationship between R&D Investment and Firm Value (기업의 재무적 특성변수가 R&D 투자와 기업가치간의 관계에 미치는 영향)

  • Shin, Min-Shik;Kim, Soo-Eun
    • Journal of Technology Innovation
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    • v.20 no.1
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    • pp.45-73
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    • 2012
  • In this paper, we analyse empirically the effects of financial characteristics on the relationship between R&D investment and market value of firms listed on Korea Exchange. The main results of this study can be summarized as follows. Firm size increase the market valuation of R&D investment because it provides economies of scale, easier access to capital market, and R&D cost spreading. Market share also positively effects the relationship between R&D investment and firm value. Alternatively, free cash flow has a negative effect on the relationship between R&D investment and firm value because firms with high free cash flow could be tempted to use the free cash flow to undertake negative NPV projects. The dependence on external finance is a handicap negatively assessed by the market when firms undertake R&D projects due to the higher information asymmetry associated with this kind of project. Labor intensity has a negative effect on the relationship between R&D investment and firm value because the abnormal profits arising from R&D investment are diluted among employees. Capital intensity also has a negative effect on the relationship between R&D investment and firm value due to the greater financial constraints faced by capital intensive firms. In conclusion, several financial characteristics(firm size and market share) positively effect the relationship between R&D investment and firm value, while others(free cash flow, dependence on external finance, labor intensity, and capital intensity) exert a negative effect. Therefore, we conclude that the effectiveness of R&D investment depends on these financial characteristics.

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Epiphytic Lichens on Chery trees in Korea. (벗나무에 부착된 지의식물의 생태적 연구)

  • Park Seung Tai
    • The Korean Journal of Ecology
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    • v.2 no.1
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    • pp.1-8
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    • 1978
  • Epiphytic lichens were sampled quantitatively on the cherry trees (Prunus serrulata) at Jeonju and Hadong along both north and south exposures of tat trees. Coverage of lichens was determinated for each species by 10*20cm quadrat. Lichen species diversities such as total diversity (D), mean diversity (D), Shannon diversity (D') and redundancy (R) were estimated according to Brillouin and Shannon equation. The importance value of lichen species was meassured by niche preemption model, The importance value transformed into some fraction k of the niche space. The value of k was compared with aggregation of lichens communities in to areas. The ten most important awariensis, Parmelia incurva, Parmelia crinita, Dirinaria applanta, Parmelia wallichiana, Parmelia austrosinensis and Cetraria platyphylla. The mean coverage epiphytic lichens on north side of tree was higher than of south side in two areas. The species diversities of epiphytic lichen of two areas shows that a change in the value of D' along vertical was not paralled with the D and R. In Kumsan-sa, D, D and D' increased upward along the tree of north exposure, but did not follow this trend in south, However in Sangge-sa, D, D and D' of both sides increased.

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The Study of Distribution Changing and Community Characteristics of Daphniphyllum macropodum (National Monument No. 91) in Naejangsan National Park (내장산국립공원 굴거리나무군락의 군집특성 및 분포 변화 연구)

  • Shin, Jin-Ho;Jeon, Yong-Sam;Son, Ji-Won
    • Journal of the Korean Society of Environmental Restoration Technology
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    • v.19 no.3
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    • pp.45-57
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    • 2016
  • This study was focused on the northernmost limit of the distribution changing of Daphniphyllum macropodum and studied characteristic of plant communities of natural monument No. 91 in Najangsan national park, Korea. The results of this study were as follows : 1. The highest importance percentage(I.P.) value at tree layer in Quercus. mongolica community was Q. mongolica, 37.8%. But the highest value of mean importance percentage(M.I.P.) was D. macropodum, 32.8%. 2. The highest I.P. value at tree layer in Carpinus laxiflora community was C. laxiflora, 47.4%. The highest M.I.P. value was C. laxiflora, 28.8% and M.I.P. value of D. macropodum was 24.0%. 3. The highest I.P. value at tree layer in D. macropodum community was D. macropodum, 55.6%. C. laxiflora and Q. mogolica I.P. value was 14.8% and 6.8%, respectively. The highest M.I.P. value was D. macropodum, 47.9%. Sapium japonicum and C. laxiflora M.I.P. value was 11.4% and 10.7%, respectively. 4. The highest I.P. value at tree layer in Quercus variabilis community was C. laxiflora, 20.8%. Q. variabilis and Acer pseudosieboldianum I.P. value was 15.3% and 12.5%, respectively. The highest M.I.P. value was D. macropodum, 21.5%. It needs to the continuous monitoring of vegetation and importance percentage change in tree layer and subtree layer of D. macropodum. The researching results of D. macropodum distribution, the distribution range of D. macropodum showed expanded more than range of Lim and Oh' result(1999). In other words, it was distributed low density level between Najangsa temple and Byeokryeonam, and distributed in upper Keumsun waterfall and Wonjeok upper valley. D. macropodum was appeared on hiking trails around from Wonjeokam to Bulchulbong. Especially, it was found in this study that D. macropodum was distributed on Seoraebong's north which placed outside area of Naejangsa region. In this study, it was considered that distribution range of D. macropodum was expanded. Also, it is expected to be used as a result of the field study of changing distribution study of broad leaved evergreen forest due to global warming.