연구개발비의 경제적 가치 - 주식시장의 평가를 중심으로 -

This study examines the value-relevance of research and development(R&D) expenditures in market valuation and estimate the economic value of the R&D expenditures that investors consider and asset to the firm. The study uses a modification of the Ohlson(1995) model to estimate the persistence of abnormal earnings, the proportion of current R&D expenditures that represents a source of future benefits to the firm and the amortization rate of that asset. The parameters are estimated from time-series data of market and book values of equity, earnings and R&D expenditures. Our results indicate that investors consider a significant proportion of R&D expenditures to have future benefits. and market participants behave as if R&D outlays are amortized over a period of about five years. Also the ratio of the R&D asset to market value of equity is negatively correlated with size, profitability (ROA), the growth rate in both R&D expenditures and prior sales and positively correlated with market to book ratio, suggesting that smaller firms earlier in their life cycle are more likely to be building their intangible R&D asset (relative to market value) than larger, more mature firms which have already been able to reap the benefits of prior R&D efforts in their profits. Overall, our results provide evidence that market participants behave as if R&D expenditures have significant future economic benefits to the firm.