연구개발 지출이 적자보고 기업의 가치 관련성에 미치는 영향

This study investigates whether R&D outlays affect the valuation of losses. Hayn(1995) suggests shareholders of loss firms will redeploy or liquidate the assets of the firm if they expect the loss to continue. Joos and Plesko(2005) propose a proxy for the likelihood of exercising the abandonment option based on an expectation of subsequent loss reversal. However, they does not find that the valuation of losses varies as a function of the estimated subsequent loss reversal. To this study, the finding will be due to R&D investments because it affect future residual earnings and abandonment probabilities. Accordingly, this study investigates whether valuing of losses are due to R&D investments. To examine the effect of R&D investments on loss valuations, this study reconstructs regression models using Hayn(1995), Joos and Plesko(2005), and Kim (2003). For probabilities of loss reversal(future loss persistence), this study constructs a logistic model using the variable that were verified by Joos and Plesko(2005). Empirical findings are summarized as following: First, R&D investments are significantly positively associated with earnings-returns correlation on losses. Second, in the firms without R&D investments, earnings-returns correlation on losses for high probabilities of loss reversal are larger than for low probabilities of loss reversal, consistent with the abandonment option hypothesis. Overall, these findings indicate that R&D investments affect the loss valuation. Also, this study re-confirms the abandonment option hypothesis.