무형자산성지출과 기업가치간의 관련성: 의료용 물질 및 의약품 제조업을 대상으로

R&D capitalization or expensing decisions may be influenced by a variety of considerations or motives. Prior studies suggest that capitalized R&D expenditure is value relevant and that its association with the firm’s value exceeds that of expensed R&D expenditure. Biotechnology and pharmaceutical industry have a higher proportion of research and development expenditure than other industries, and the level of risk associated with investment is high. Recently, there has been suspicion that this industry is distorting financial information such as R&D expenditure. This study examines the characteristics of firms such as accounting choice for R&D expenditure for companies in the medical materials and pharmaceuticals manufacturing industry and analyzes the value relevance of intangible expenditures. My database holds financial and stock data for 65 firms of the medical materials and pharmaceuticals manufacturing industry from 2008 to 2016. The data has been retrieved from the TS-2000 and Kis-Value database. First, in the company characteristics analysis, sales increase steadily, but in 2011 and 2012, operating profit and net income decline temporarily due to the abolition of the existing drug price system. In spite of the deterioration of profitability, investment in tangible expenditures increase steadily, but intangible assets decrease temporarily. The most significant portion of intangible expenditures is R&D expenditure, followed by advertising expense and education and training expenses. Investment in R&D has decreased, and firms are accounting for 85% of R&D expenditure at their expense. The R&D intensity is 6%, which is higher than the average for all industries. Also, all of the investment indicators related to the stock price show high level. Next, this study analyze the relevance between investment in intangible expenditures and firm value. This study uses the Ohlson model and Tobin Q model to analyze the value of the firm. This study provides three hypotheses. Hypothesis 1 proposes the positive relationship between R&D expenditure and firm value. Hypothesis 2 concerns the positive impact on the relationship between advertising expenses and firm value. Hypothesis 3 proposes the positive relationship between education and training expenses and firm value. In the valuation analysis using the Ohlson model, capitalized R&D and expensed R&D are positively related to share price, and advertising expenses and education and training expenses have a negative effect on the stock price. The results of valuation using Tobin Q show that both capitalized R&D and R&D expenses have a positive effect on firm value. However, education and training expenses have a negative impact on firm value, and advertising expenses are negative but not significant. Regardless of the accounting treatment, firm value increases as research and development expenditure increases, and the expenses on education and training reduces the value of the firm. However, the effect of advertising expenses on firm value is not consistent. Therefore, these results suggest that R&D expenditures is recognized as an asset. This study is meaningful not only in analyzing the characteristics of firms that are the recent issues of biotechnology and pharmaceutical industry, but also analyzing the effect of the intangible expenditures on the value of firms.