민간기업의 R&D 성과에 대한 실증분석 연구

This study examines whether disclosure information related to corporate R & D expenditure is reflected in the decision making of stakeholders in the capital market. To this end, this study examined the impact of capitalization and costing of R & D expenditures on R & D expenditures and the amount of each item on R & D expenditure on enterprise value. The results of the empirical analysis based on the verification period from 2011 to 2017 and the verification of listed companies are as follows. First, a regression analysis was conducted to determine the value relevance of R&D expenditures to all samples. The results showed that the cost of R&D, which was not significantly affected by the value of the company, was affected by the amount (+) that was significant in the enterprise value. Second, the impact of R & D expenditure on enterprise value, excluding companies that have not capitalized on R & D expenditure, has been shown to have a significant impact on corporate value at 1%. On the other hand, excluding companies that do not cost R & D expenditures, asseted R & D expenses have a positive impact on corporate value (+), but there is no statistical significance, and costly R & D costs have a significant impact at 1%. Third, the labor costs, depreciation costs, and other R&D expenditures were affected by the significant amount (+) of the R&D expenditures, while the material and outsourcing costs had little statistically significant impact on the enterprise value. So far, researches related to R & D expenditure have verified the corporate value relevance to assetization or costing of R & D expenditures based on financial statements. However, this study has proved the value relevance of individual disclosure information on R & D expenditures in addition to the corporate value relevance of R & D expenditures.