수출과 판매비와관리비 지출이 기업가치에 미치는 영향

Since global financial crisis, the range of fluctuation and uncertainty in Korea, Korea’s export has been increasing. The slowing export to China due to economic slowdown in China, the largest export market of Korea because of global economic slump is the most immediate cause. In particular, due to high proportion of and dependence on export to China, it was affected by China’s slowing economic growth, industrial reorganization, falling oil price, and trade pressure and Chinese government’s economic retaliation due to the recently occurred deployment of THAAD. This can have a negative effect on Korea’s export in the future. From this perspective, this study included the following. First, it will examine an effect that proportion of export has on corporate value. Second, the study tested an effect that the selling and administrative expenses, selling expenses, and expenses, components of the selling expenses had on corporate value. The results of analysis are as follows. First, according to the results of empirical analysis after deciding to use FV variable. it was possible to verify that company’s export had a positive effect on corporate value. Second, it was possible to find that the selling and administrative expenses had a positive effect on corporate value. Besides, it was verified that entertainment expenses and advertizing expenses among the components of the selling expenses were variables having a positive effect on corporate value. These were the same results as those verified after deciding to use TQ variable by the book value of total assets, and showed statistically more robust results. It is thought that the results of this study will be able to more help decide in which direction policy support should be given to exporters in the future.