제약·바이오기업의 자본화 연구개발비 관련 재무제표 재작성이 가치관련성에 미치는 영향

[Purpose] This study extends prior research that 2018 theme audit review improved value relevance of capitalized R&D and analyzes whether it is associated with restatements of capitalized R&D. [Methodology] The study uses listed companies in pharmaceutical and bio industries from 2017 to 2020 and conducts value relevance test where capitalized R&D and expense R&D are added to investigate their effects and net assets and net income excludes them, respectively. Financial restatements in 2017 and auditor changes are directly checked through audit reports after 2017. [Findings] The value relevance of capitalized R&D is significant for firms that restate financial statements, but it was not significant in 2019 and 2020. In addition, the significant results are only found in financial restatements related to auditor change, confirming that the impact is limited. [Implications] Evidence that the improvement of value relevance from error correction of capitalized R&D is short－term and limited suggests that continuous monitoring by supervisory authorities is needed to enhance the usefulness of R&D expenses.