코스닥 신규상장기업의 연구개발투자와 자본비용간의 관련성

The purpose of this study is to analyze the relationship between R&D investment and cost of capital for IPO firms in KOSDAQ. While R&D investment can increase firm value by affecting future growth and profitability of company, it has very high uncertainty and it takes long time to produce the result. Firms listed on the KOSDAQ market can be very important factors for the survival and growth of companies after IPO, R&D investment such as differentiated ideas, new technology development and creation. In addition, IPO firms will be reflected in the evaluation of market participants as more information is provided to the market than before IPO. Therefore, this study examines the relationship between R&D investment and cost of capital, focusing on IPO firms in KOSDAQ focused on high－tech venture firms, where R&D investment has an important effect on the increase of firm value.Specifically, we examine the relationship between the R&D investment prior to IPO in KOSDAQ and cost of equity capital and cost of debt capital, which is a measure of risk from the viewpoint of shareholders and creditors. The empirical results of this study are as follows. First, the pre－IPO R&D investment of IPO firms in KOSDAQ showed a positive relationship with the cost of debt capital. This result can be interpreted as the uncertainty and risk factor of the future economic benefits of the R&D investment from the viewpoint of the creditor. Second, there is a negative relationship between R&D investment and cost of equity capital. Unlike the creditors who evaluated R&D investment prior to IPO as a risk factor, the shareholders can see that R&D investment activity if evaluated as a positive part to increase the firm performance and firm value of the company. This study implies that the R&D investment of IPO firms in KOSDAQ is related to the cost of debt capital and cost of equity capital, but it is verified that the creditor and the shareholder evaluate it differently.