무형자산성 가치, 재무적 특성 및 영향요인

This study empirically analyzed the relation of the enterprise’ comprehensive intangible market values with intangible assets for the companies listed on the Korea Exchange(KOSDAQ). The sample used in this research consists of 946 non financial firms, over the period from 2002 to 2014. Whereas the existing papers that evaluated the financial performances or total market prices of the company’s intangible assets. In this study was used new concept named the intangible market value ratio, the formula of it is as follows: (aggregate market value amounts - net assets on books) / net assets on books, and examined the relation of the corporate’s intangible market value ratio with intangible asset factors, such as brand, human, credit, and technology. Empirical results are summarized as follows. First, annual average intangible market value ratio for the 13 years is 2.5195(6 year before financial crisis is 3.7688 and 6 year after crisis is 1.7231). This means that Korean corporation's intangible asset values higher than its capitals and It means that Korean company not be undervalued. Second, the determinants of the firms that relatively higher intangible values are non-manufacturing industries, R&D ratio, image the enterprise integration, foreign language company name, credit score, intangible assets portion on books, exports, and firm's size. These results are provided on the usefully empirical base for the intangible assets using strategy and provided on the implications about Korea Discount. Moreover, the new concept and ratio used in the study is expected to be used the more useful as a tool for the measuring of intangible market values and testing of intangible assets.