KOSPI 상장기업의 기술가치와 기업가치 상관성

Due to globalization of the management, it has become crucial for companies to raise business efficiency through effective investment and financing, in order to compete with global conglomerates. Modern firms, represented by globalization and specialization, must innovate their paradigms to enhance firm value through business management, technological development, evaluation system etc. Companies are especially investigating on technological development as it is a prime element that determines the firm value and growth potential. This study assumed that firm value is deterred from cash flow of future residual income and the prime element that maximizes the future residual income is technology development. Intangible asset, the accounting information which shows the financial value of technology development, contributes to future residual income, and, thus, eventually enhances the firm value. Using Feltham－Ohlson model test, this study made positive verification whether equity capital, intangible asset, net profit and accumulated other comprehensive income affects a firm value and raise usefulness of decision making. As a result of this study, it is verified that accounting information (equity capital, net profit and intangible asset) has a positive correlation with firm value. Accumulative other comprehensive has negative correlation with firm value, and has not been verified of its significance. This study verified that intangible asset presented in the financial statement is useful accounting information for determining firm value. Thus, it has been proven that intangible assets is a result of technological development and contributes to future residual income that determines firm value.