환대기업의 무형자산성 지출이 경영성과에 미치는 영향

In this study we analyzed the influence of expenses in intangible asset on the businessperformance of hospitality company. For this examination, education & training cost,advertisement cost, research & development cost are used as the independent variables andproxy of expenses in intangible asset. And return on asset, margin on sales are used as thedependant variables of business performance. Among comprehensive hospitality industry’s companies, only 28 hospitality companies haveavailable and relevant audit report and financial statement during 11 years of 2001 – 2011. So 28hospitality companies are selected as final valid sample for this study. The summary of the results of intangible expenditure on business performance in hospitalitycompany is as follows. We found that there was no significant relationship or negative relationship between intangibleexpenditures(education & training cost, advertisement cost, research & development cost) of thecurrent/previous term and business performance(return on asset, margin on sales) of the currentterm. These results are totally contrary to prior research’s consensus which analyzednon-hospitality industry(primarily comprised of manufacturing, merchandising companies). Itindicates that intangible expenditures in hospitality industry were executed inefficiently andunsystematically and do not contribute to improvement of business performance.