산업 차이에 따른 개발비 지출이 기업가치에 미치는 영향

In the era of the 4th industry revolution, management environment requires the development and commercialization of knowledge assets, and the foundation for corporate value is shifting from tangible assets to intellectual property. In particular, the creation, protection, management and utilization of intangible assets such as patents are emerging as important strategies for corporate management. Development expenses may have a different impact on corporate value, depending on whether they have potentials for generating future benefits and whether the firms are in high-tech industry or in low-tech industry. Therefore, this study uses various methods to measure corporate value and empirically analyzes whether development expenses are differently reflected to corporate value according to industrial differences(high-tech or low-tech industry)This study found that in case of high-tech firms, development expenses as intangible assets have more positive impact on corporate value than in case of low-tech firms. This suggests that more development expenses of high-tech firms are a good strategy for dealing with uncertainties caused by the 4th industry revolution and have a positive effect on corporate value. The results of the study contributes to the efficiency of the capital market.