코스닥시장에서 특허권 취득이 기업가치에 미치는 영향에 관한 연구

[Purpose]Since the outbreak of the COVID－19 pandemic, the importance of patents held by firms have been increasing. Accordingly, the present study aimed to examine the effects of patent acquisition on corporate value. In addition, it was examined how assets industrial property rights, industrial property rights, development costs, and R&D expenditure affect corporate value. [Methodology]To this end, independent T－test and multivariate regression analyses were conducted on a total of 6,326 samples listed on the KOSDAQ market from 2016 to 2021. Specifically, the number of domestic patents and the number of patent rights including overseas patents were used as independent variables. [Findings]The results of the empirical analysis presented that the average corporate value of firms with a large number of patents is lower than that of those with a small number of patents. These results were the same and statistically significant in the results of industrial property rights, development costs, and R&D costs. Moreover, the number of patents held by firms negatively affects corporate value. Nonetheless, industrial property rights, development costs, and R&D expenditures positively influence corporate value. [Implications]The results confirm that patent rights, which have been over 35% of the past, can negatively affect corporate value, and are expected to help the government’s support policy for firms to acquire patents in the future.