기업혁신성에 기초한 R&D 투자와 기업가치 관련성 분석

What is the effect of innovation on productivity? How is the introduction of innovation related to R&D? We try to provide answers to the above questions in this paper, using very rich panel of data for Korean firms. This study presents novel empirical evidence on the effect of R&D innovations on productivity, as well as on the role played by R&D investment in enhancing the likelihood of introducing innovations at the firm value. Our paper contributes to the empirical literature that has tried to measure the impact of innovation on productivity using aggregate, industry or firm level data. The standard approach has been to estimate the output elasticity of the R&D stock and the rate of return to R&D investment, typically by using a production function that includes the R&D capital stock as a separable factor of production. In order to assess the effect of innovation on productivity, we estimate a Cobb-Douglas production in long differences, augmented with materials, capital and labor. One distinguishing feature of our paper is the focuson both R&D innovation effect and firm valuation.Our data contains about 900 manufacturing firms and information was collected overfive years(1999-2003). We excluded from the sample firms with incomplete information or with extreme observations for the variables of interest. Details of the sample selection procedures are contained in Table 1(the list of sample firms). Table 2 (The summary statistics of production function) reports means for the regressors that will enter our productivity equation together with a set of variables proxying for R&D innovation. In particular ln(Yt/Lt-1), ln(Mt/Lt-1), ln(Kt/Lt-1) denote respectively the (log of the) output, material, and capital to labor ratios.