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특허취득 및 디자인등록 공시에 따른 기업가치의 변화와 매출력 및 원가력의 매개효과
정무권(Moo Kwon Jung),김주영(Ju Young Kim) 한국경영학회 2008 經營學硏究 Vol.37 No.6
This study examines the effect of patent acquisition and design registration on firm value, sales, and costs. Especially, using a structural equation model(PLS), the paper investigates a mediating role of sales and costs on stock price of the firm. For empirical investigation, we use 544 sample of patent acquisitions and 599 sample of design registrations filed in DART(Data Analysis, Retrieval and Transfer System) and KIPRIS(Korea Intellectual Property Rights Information Service) over the period of 2001-2005. We measure the change of firm value as cumulative abnormal return(CAR), and the changes of sales and costs as abnormal sales growth(ASG) and abnormal cost growth(ACG), respectively. In addition, our paper uses financial status variables such as intangible asset ratio, market-to-book ratio, company size, debt ratio, advertising expenses, R&D expenditure, ROA, and listed market. Empirical results show that stock price reactions to the announcement of patent acquisition and design registration are positive and significant, and the reactions are more positive in patent acquisition. This implies that the firm value increases from both patent acquisition and design registration. Furthermore, we search factors or conditions under which the firm value increases by using multiple linear regressions. The firm value in the case of patent acquisition increases as the firm has lower market-to-book ratio and is listed in KOSDAQ, while the firm value in the case of design registration increases as the firm has more intangible assets and higher profitability. In addition, we find that ASG is significantly positive and ACG is significantly negative for the firms that announce patent acquisition and design registration. The mediating role of ASG and ACG on firm value is investigated by PLS. The results show that the effect of patent acquisition on firm value is mediated by ASG, while the effect of cost reduction on firm value is not statistically significant. When we compare patent acquisition with design registration, patent acquisition makes a larger cost reduction. Also, the overall effect(including indirect effect) of patent acquisition compared to design registration on firm value is significantly larger, even though the direct effect on firm value is not significantly larger. This study is expected to help foster inter-disciplinary research in that we consider the mediating role of sales and costs in analyzing the effect of patent acquisition and design registration on firm value. Sales and costs play the role of bridge points between business strategy and firm value, in order to find out a path from business strategy to firm value. Another contribution of this paper is that we employ financial accounting data instead of judgment data that has been used in Marketing and Business Strategy research. However, this paper has limitations due to data unavailability. For example, we were unable to utilize more specific information on patent acquisition and design registration in the cross-sectional analysis of CARs. In the follow-up research, we will further examine whether the firm`s public relations associated with patent acquisition and design registration have any differential effect on firm value.
정무권 ( Moo Kwon Jung ) 한국재무관리학회 2012 財務管理硏究 Vol.29 No.1
본 연구는 스톡옵션의 부여가 주주와 채권자의 부에 어떠한 영향을 미치는지를 부채의 대리인비용 측면에서 분석한다. 특히 채권자 부의 변화는 기업재무 분야의 국내외 연구에서 다루어지지 않은 위험관리 분야 기법을 이용하여 추정한다. 실증분석결과, 스톡옵션 부여 전 부채비율이 크게 증가(감소)한 기업은 주주와 채권자의 부가 모두 유의적으로 하락(상승)한 것으로 나타났다. 이는 레버리지가 크게 증가한 경우는 스톡옵션을 부여받은 경영자가 위험 프로젝트에 투자하여 채권자로부터 주주에게로 부의 이전을 초래할 가능성이 높은 것으로 인식되어 채권자 입장에서 부정적 반응을 보인 것으로 판단되며, 따라서 부채의 대리인비용 증가로 인해 주주의 부도 또한 하락한 것으로 추론된다. 반대로 레버리지가 크게 감소한 경우는 경영자가 부의 이전보다는 기업가치 증대를 꾀할 것이라는 신호로 인식되어 채권자와 주주의 부가 모두 상승한 것으로 해석할 수 있다. 주주와 채권자 부의 변화에 영향을 미치는 요인을 파악하기 위해 회귀분석을 실시한 결과, 부채비율과 관련된 변수이외에도 부채비율의 증감이 스톡옵션 베가, 무형자산증가율 등과 결합한 효과 역시 일관되게 영향을 미치는 것으로 나타났다. 이러한 결과는 스톡옵션 부여가 비록 경영자로 하여금 위험 사업을 추구하도록 하는 유인을 가지고 있다고 하나, 그 부여 전 부채비율의 증감에 따라 주주와 채권자의 부에 긍정적 또는 부정적 영향을 미칠 수 있다는 본 논문의 가설을 지지하는 것으로 보인다. This study analyzes how granting stock options affects the wealth of shareholders and creditors from the perspective of the agency cost of debt. The change in the wealth of creditor especially is estimated using the methodology being applied in the area of risk management. Our empirical findings show that the wealth of both shareholder and creditors significantly decreased (increased) for companies whose debt ratio greatly increased (decreased) before granting stock options. When the leverage ratio rose significantly, there is a high possibility that the management who has received stock options will pursue risky projects, making the wealth transfer from the creditors to the shareholders, therefore the creditors are likely to show a negative response. Thus it can be inferred that the increase in agency cost of debt will lead the wealth of shareholders to decrease. On the contrary, it can be interpreted that when the leverage dropped significantly, the management will aim to raise the corporate value rather than transferring wealth, which ultimately increases the wealth for both shareholders and creditors. A regression analysis shows that factors affecting the wealth include not only the debt ratio but also the change in debt ratio and its interaction with the stock option VEGA and intangible asset ratio. These results imply that granting stock option leads the management to seek after risky projects, but depending on the fluctuation in the debt ratio before granting, it may positively or negatively affect the wealth of shareholders and creditors.
박기환(Kee Hwan Park),정무권(Moo Kwon Jung),김세권(Sae Kwon Kim) 한국경영학회 2008 經營學硏究 Vol.37 No.6
We value design and development (D & D) projects by applying option analysis and draw some important implications for the D & D strategies of the mobile phone producers in Korea. Assuming that the value follows a mixed jump-diffusion process, we show that the uncertainties associated with the D & D project and the development cost are the two key variables to the valuation. In a market where the future outcomes are more unpredictable, our model implies that an aggressive strategy returns more because it keeps more options (i.e., models in the development process) in the pipeline against the future uncertain states of the world.