무형자산성 지출의 회계처리방법에 따른 기업가치관련성

These days most of companies try to face to the fast changing environment of management, to have a superior advantage in the international commercial competitions. As the industry society has been changed into the knowledge-based society, moreover, companies need to invest in marketing activities. In the view of accounting, many of accounting scholars have argued whether R&D expense and advertising expense belong to capitalization . R&D costs generally belongs to capitalization, but advertising expenses is issued because of accounting scholars' different opinions. This study tries to find out the value relevance of intangible expenditures though their effect on firm's abnormal returns. Samples are chosen among manufacturing companies(except financial companies) listed in the period from 1999 to 2008, of which the fiscal year end is in December. The research in this study is derived from the Vuoung(1989)'s Z test. The main results of this empirical study are as followings. First, earnings capitalized R&D costs and earnings capitalized advertising expenses is more related with Stock Returns than earnings expensed both R&D costs and advertising expenses and we find that explanatory power of earnings information capitalized R&D and advertising expenses is significantly higher than expensed. Second, earnings full capitalized R&D costs is higher explanatory power for stock returns than earnings selective capitalized R&D costs.