기업수명주기에 따른 자본적 지출과 투자성향의 가치관련성

This paper investigates whether corporate life cycle effects on firm’s value of capital expenditure or not. Advanced researches in this field suggest that capital expenditure impacts firm’s valuation. These studies analyzed association between opportunity of investment and firm’s value. But, these studies have not shown result that corporate life cycle impacts value relevance of capital expenditure. And the stage of corporate life cycle is different from disposition of investment. This difference should have the possibility that corporate life cycle effects on value relevance of type of investment. Therefore, this paper examines that life cycle instead of firm’s economic conditions effect on relationship between capital expenditure or type of investment and market value. To test these hypothesis, we construct regression models using Burgstahler and Dichev (1997). The sample consists of 4,699 non－banking reporting of firm－years listed on the Korean Stock Exchange with the December fiscal year－end over 2002－2014. Empirical findings are summarized as following. First, this paper shows that corporate life cycle impact on firm’s valuation of capital expenditure. Second, the firm’s life cycle effects on value relevance of adaptation investments. But, this study doesn’t show that corporate life cycle effects on value relevance of replacement investments. The critical points of this paper are as follow. First, we don’t take into account for different standard of corporate life cycle statge apart from sign of cash flow. Second, we are omitted that estimation for replacement investment consider disposed assets. The next study will have to consider for these limited points.