기업 연구개발비가 재무분석가 장기예측에 미치는 영향

This paper examines whether the firms’ R&D activities affect analysts’ long－term forecasting. Firms invest in R&D for future growth and development. Firms’ R&D activities are aimed at long－term management performance rather than short－term management performance. Therefore, R&D activities affect the firm’s future management performance. However, R&D activities are highly uncertain, so it makes investment decisions of market participants difficult. Therefore, the information demand of the market participants will increase, and the analysts will provide information through long－term forecasting. The results of this study are as follows. First, the higher the abnormal R&D expenditure, the more likely the analysts will make long－term forecasting. Second, the higher the abnormal R&D expenditure, the more positive the analysts predicted. This means that analysts consider and evaluate the firm’s R&D activities in a long－term forecasting. It is a contribution of this study that the impact of R&D activities on valuation of market participants was confirmed through analysts’ long－term forecasting. In addition, by identifying R&D activity information with high uncertainty is inherent in analysts’ long－term forecasting, this study contributes to the previous research on analysts’ information usefulness.