유․무형자산에 대한 투자가 기업의 경영성과에 미치는 영향에 관한 실증분석

The purpose of this study is to examine the change of investment before and after the global financial crisis and the business performances has or not upward(or downward) stickiness when firms increase(or reduce) the tangible & intangible investment. This study also examines the intangible investment over the creation of jobs is more effectively than the case of tangible investment. First of all Korean firms' tangible assets investment ratio after the global financial crisis falls less than half compare with tangible assets investment ratio before the global financial crisis. But intangible investment increases to 4.6 times and investment ratio increases to 140%p. The rate of increase in employment maintains 5% level before and after the global financial crisis that verifies the jobless growth. The result of this empirical findings finds upward stickiness in total market value and the number of employees when firms increase the investment. It relatively showed upward stickiness in the reaction of the market when CEO increased the tangible & intangible investment for preventing the fall of firm's value and maintaining of the firm's growth. When decreasing the investment, total market value of firms showed downward sensitive decline before the global financial crisis but it showed upward stickiness after the global financial crisis. Empirical result also represented that intangible investment not less affected on the employment effects than tangible investment. And this result of this paper contributes that we provide the importance of intangible investment on the high-tech industry and higher value-added service business for future.