무형자산이 기업의 시장가치에 미치는 영향에 관한 연구

Griliches(1981) shows that R&D is more correlated with the firm’s market value than patent counts. Hall et al.(2005) shows that even though R&D is related to firm value more than either patent counts or patent citation, patent citation is linked to firm value more than patent counts. However, while the previous literature has put a great deal of emphasis on importance and value of patent family, there has been few research on the positive correlation between firm’s market value and patent family. Thus, this study tried to estimate the amount of variation on firm’s market value that can be accounted for by R&D spending, patent counts, patent family, advertising expense and education & training expense. We used Tobin's q and nonlinear least squares with the data(1997-2011) of 147 firms in manufacturing industries listed on the KOSDAQ. Main empirical findings are as follows. First, Among the single proxy variable models using only one component of invisible assets as an independent variable, R&D stock is found to be most highly correlated with the firm’s market value, while differences with other models with different proxies are small. These small differences among models are similar to findings for the U.S. data since strengthening of patent rights during the 1980s(Hall et al. 2005). Second, in the multi-variables model analysis, the R&D stock and education and training are most significantly correlated with the firm’s market value. The triadic patent family (USA, Europe, Japan) and advertising are less significantly correlated, while the patent stock is least significantly correlated. Third, using the semi-elasticity analysis according to Hall et al.(2005), we compared the effects of each component of invisible assets on the firm’s market value. When each component stock per unit of physical asset value increases 1%, the firm’s market value increases 0.76-0.87%(R&D), 0.09-0.63%(advertising), 37.5-39.7%(education and training), and 3-3.5%(triadic patent family).