한국 KOSDAQ 벤처기업의 연구개발 투자와 특허가 기업가치에 미치는 영향

This paper empirically studies the relationship between R&D investments and firms' value in venture firms. We found the following interesting results. First, we have found that positive relation between R&D intensity ratio and tobin'Q, such findings depend on an existing research, we can conjecture that invests perceived intangible asset rather than expenses. Second, the R&D investments are positively related to sales but we could't find significant results between R&D investments and ROE. In this results, we can conjecture that lastly firms focus on capital efficiency management, such a firms R&D intensity ratio incur high sales. Lastly, from the t-test as to whether there is a difference between patent right firms and other firms in terms of impacts on firm values and sales, but we could't find significant results.