기술연관도 분석을 통한 ICT 기업의 무형자산성 지출과 기업가치에 관한 연구

This study investigates empirically the relation intangible assets and enerty firm value. As for the stage of empirical analysis, the process was carried out in the order of establishment of research hypotheses, elaboration of a test model, definition and measurement of variables, selection of sample companies, empirical analysis and interpretation of result. The research period spanned 2008 to 2012, and KOSDAQ－listed ICT firms meeting certain requirements were sampled. The findings of the study revealed that, in a ICT firm, the relationship between the technology similarity and earnings management was not influenced by intangible assets characteristics or the influence of the second shareholder. This is probably because of the nature of such ICT firms, which were generally founded by their owners, and because, since ownership is far smaller than ownership, the influence of the second shareholder on corporate management is minimal. ultimately, the ownership structure of a ICT firm is lacking in ownership entities that can check and monitor the influence of the first shareholder on corporate management. These research findings indicate a need for a support system with the capacity to improve corporate intangible asstes in order to encourage investors’ engagement in markets and to foster venture firms.