연구개발비와 기업가치의 관련성

[Purpose]We examined the impact on firm value depending on whether a company’s research and development expenses were capitalized as reported through notes in the financial statements. We analyzed whether research and development costs are recognized as assets is positive for firm value or not. [Methodology]We use 1,315 firms listed on the KOSPI and KOSDAQ markets from 2009 to 2022 and examined the impact of the proportion of research and development costs recognized as assets and research and development costs recognized as expenses on firm value measured by Tobin’s Q. [Findings]Even after controlling for certain variables that affect firm value, we find that the current year’s research and development expenditures (total amount) is positive for firm value. In the results of this breakdown, no relationship was found between research and development costs treated as assets and firm value, but research and development costs treated as expenses were positively related to firm value. These results were more evident as foreign ownership increased, and the positive relationship was maintained with the firm value of the next (t＋1) and next (t＋2) periods. [Implications]This study confirmed that the impact on firm value is differentiated depending on the financial statement recognition method of research and development expenses, and at the same time empirically confirmed that investment in research and development is positive in both the short－term and long－term aspects of firm value. As investments in research and development continue to increased over inndustries, this study provides implications for both capital market participants and companies.