창업 및 중소기업의 광고선전비가 가치평가에 미치는 영향에 대한 연구

This study aims at analyzing in a practical way how intangible property value is estimated and what rolethe value plays in the last decision of the price of stocks for public and in the decision of market price whenthe business which registered newly in KOSDAQ market makes a decision of the value of stocks for publicoffering. This study researched what influence advertisement expense derived from intangible property has onthe process of making a decision of business value, that is, if advertisement expense is considered actually inthe course of making a decision in the price of public offering and stock market. In sum of the result ofregression analysis, advertising expense has a significant effect on making of the price of public offering andstock market. It means that advertisement expense has a significant effect on making of market price aboutstocks for public for the investors in markets.