R&D 지출과 미래 이익 변화의 관계에 대한 연구

This paper examines the relation between R&D investments and uncertain future economic benefits. The current debate on capitalization versus expensing of R&D investments has been in the absence of direct evidence on the uncertainty of future economic benefits attributable to current R&D investment levels and changes. Recent research provides direct evidence that capitalization of R&D investment increases value relevances on accounting information. However, direct evidence is not provided that R&D investment levels and changes effect on the certain future benefits. Our paper is to provide direct evidence on the relation R&D investments and uncertain future benefits.This paper construct regression models using the variable that were verified by Villalonga(2004), Waring(1996). The sample consists of 6,123 non－banking R&D expenditure－capitalizing firm－years listed on the Korean Stock Exchange over 1991－2005.Empirical findings are summarized as following. First, R&D investment levels are significantly negative associated with the relation recent earnings and future earnings. Second, R&D investment changes are significantly negative associated with the relation recent earnings and future earnings.