기업의 성장률변수와 기업특성이 기업가치에 미치는 영향

[Purpose]In this study, we validate whether an entity's financial growth rate affects its value in accordance with its characteristics. The growth rate is known to affect its corporate value, and in this study, we looked at whether these factors differ depending on its characteristics. [Methodology]The growth variables to be used as independent variables in this research model include sales growth, operating profit growth, total asset growth, and equity growth, and the characteristics of the entity are industry, enterprise size and reserved profit variables. In addition, the dependent variable, entrepreneurial value, used a one－year cumulative excess return. [Findings]Among the growth variables, significant variables were sales growth and total asset growth, while operating profit growth and equity growth were not significant. In addition, verification of the growth and corporate characteristics variables that may affect the value of an firm has shown significant relationship with the higher tech industry and the higher profit margin. However, the size of the entity did not affect it. [Implications]The study found that the entity's growth variables may have different effects on its value depending on its characteristics. In particular, It is meaningful in that it has been able to reveal that reserved profit can affect growth rates and corporate value.