연구개발비 자산화에 관한 감독지침이 연구개발투자에 미치는 영향：제약산업을 중심으로

[Purpose]In September 2018, the Financial Supervisory Service of Korea announced the implementation of the supervisory guideline to set up the stage at which R&D expenditures can be capitalized as an asset for each drug type in order to resolve uncertainties in accounting for R&D expenditures of pharmaceutical companies. This study analyzed whether the implementation of supervisory guideline led to a decrease in R&D investment of those companies. [Methodology]Pharmaceutical companies with a record of R&D expenditures were analyzed by dividing them into changes in R&D expenditures recognized as an asset after the implementation of the supervisory guideline, the size of reported earnings, and the size of the companies. [Findings]R&D investment was decreased in the company whose ratio of capitalization of R&D expenditure increased in 2019. In addition, it was found that R&D investment decreased in 2019 in pharmaceutical companies with smaller net income than the R&D expenditure recognized as an asset, and in pharmaceutical companies whose size of assets is less than average showed a decline in R&D investment in 2019. [Implications]This study is the first empirical analysis whether the supervisory guideline on the capitalization of R&D expenditures of pharmaceutical companies issued in September 2018 has an effect on the reduction in R&D investment of pharmaceutical companies. The results of this study can be used as a reference for the policy on the accounting treatment of the R&D expenditures of the pharmaceutical companies.