혁신이 기업가치에 미치는 영향

This study examined the impact of innovation on corporate value for manufacturing companies continuously listed on the Korea Stock Exchange and KOSDAQ market from 2001 to 2019 in order to examine the relationship between innovation and corporate value. The main empirical analysis results are as follows. First, it was confirmed that the R&D ratio and the education and training ratio, which are the innovation input indicators, have a positive relationship with firm value. However, it was confirmed that education and training above a certain level had a negative relationship with firm value. This refers to the existence of an inverse U-shaped relationship between firm value and education and training activities for innovation, showing that excessive innovation impairs firm value. Second, it was demonstrated that the number of patent applications and innovation performance, which are the indicators of innovation output, had a positive effect on firm value. Third, it was confirmed that the degree of influence of innovation on firm value increased monotonically as the group went from low to high firm value. In addition, it was demonstrated that there is a significant difference in the degree of this effect between the quantiles.