개발비 지출이 기업가치와 신용등급에 미치는 영향

Currently, Korean firms are making a lot of effort to invest in research and development(R&D) by spending a lot of development costs in order to cope with the 4th industrialrevolution. On the other hand, the capital market of Korea, which is the main source offunding, has caused a lot of cost of capital for firms by its reorganization mainly with safeassets in the experience of foreign exchange crisis at the end of 1997, the sub-prime mortgagecrisis in 2007 and the bankruptcy of Lehman Brothers in September 2008. Thus, this study empirically analyzed the effect of development expenses on credit rating andfirm value. The credit rating was measured by commercial paper(CP) credit rating which issensitive for investors in terms of risk because it is issued only by the credit of the firms. Firm value was defined as Tobin's Q, which has been widely used in prior studies. The results of the analysis are summarized as follows;Firstly, development expenses did not affect credit rating. Development expenses arerecognized as intangible assets for uncertainty of economic benefits and long-term investment. Thus, it seems that there is no effect of development expenses on CP credit rating as CPcredit rating is evaluated by short-term credit rating.