제약․바이오 기업에 대한 연구개발비 회계처리 감독지침이 신용평점에 미치는 영향

[Purpose]Recently, the need for investor protection has increased due to growing volatility and a surge in stock prices of pharmaceutical and bio companies. Furthermore, industrial uncertainties widened owing to accounting issues such as pharmaceutical and bio companies’ recognition of development cost as asset. Under these circumstances, the Financial Services Commission and the Financial Supervisory Service released the “Supervisory Guidelines for Accounting Method of R&D Expenses in Pharmaceutical and Bio Companies” in September 2018 to resolve uncertainties and enhance transparency in their accounting. [Methodology]This study investigated how the market evaluates of pharmaceutical and bio companies’ recognized amount of R&D expenses through credit ratings. This study analyzed pharmaceutical and bio companies listed on Korea Stock Exchange (KSE) and the KOSDAQ market during 2016 and 2021. This study used the KIS credit score for the credit rating based on the credit rating model developed by Korea Investors Service. [Findings]The results are summarized as follows. The verification variable (After) and the dependent variable, the credit score variable (Score), showed a statistically significant positive (＋) value only in KOSDAQ companies. This indicates that supervisory guidelines for R&D expense accounting method of pharmaceutical and bio companies have a more significant effect on KOSDAQ companies than relatively large companies listed on Korea Stock Exchange. [Implications]This study is meaningful in that it empirically analyzed the effectiveness of the supervisory guidelines by examining the relationship between the guidelines and pharmaceutical and bio companies. Thus, useful information for the improvement and enactment of future accounting standards is provided by verifying the effect of the supervisory guidelines reflecting the unique characteristics of the industry.