BSC를통한 지식자산 및 기업가치 창출 = 국내상장 대기업의 BSC(Balanced Scorecard)도입을 중심으로

다국어 초록 (Multilingual Abstract)

This paper examines whether BSC increases knowledge assets and the relationship between the knowledge assets and firm value. The importance of knowledge assets for contribution to the firm value is increasing in line with the increasing pace of information dissemination and globalization. In the information ages where knowledge assets significantly influence the value of firms, it is difficult to create value of firms consistently using the financial evaluation system. An evaluation system that can manage financial and knowledge assets together is needed to create firm’s future value. An evaluation system focused on short-term and historical financial indicators is not effective. BSC supports firm’s constant value creation with a strategic evaluation system, which strengthens the awareness on value creation. This system can be used to propel business plans and investments related to the value of firms. In the Korean financial market, as examined in this study, many firms are introducing the BSC methodology as the strategic knowledge assets managements evaluation system. In addition, among 208 firms, which are the upper 500 firms in sales, listed on KOSDAQ and the Korea Securities Exchange, 120 firms (57.7%) use BSC to evaluate performance and to make strategic plans. In total, 72 firms, a 60% of the total of firms who use BSC, introduced BSC after the year 2002. Therefore, it can be concluded that BSC in Korea has reached a regular diffusion period. During the diffusion period of BSC in the Korean market, there are many difficulties of introducing and using BSC among firms, which have low receptive capacity on a new evaluation system. Conservative organization culture and weak management’s willingness to change prevent success of BSC. This study attempts to examine whether the BSC system improves the effective knowledge assets management and firm value creation. The hypothesis in this paper is that introduction and wide use of BSC can increase the size of knowledge assets, consequently improving ability to create firm value . To measure the knowledge assets (called “invisible asset”), we use the excess profit presented in the valuation model of Ohlson (sum present value of future excess profit) and the concept of knowledge assets process from knowledge expense. By measuring the future excess profit of firms, we can compare the relative size of the knowledge assets among firms. We used excess profits of the enterprise valuation model of Ohlson as the knowledge assets in order to compare the knowledge asset size as firm’s value premium. To measure the knowledge assets by each type (education & information, marketing, and research & development) from the perspectives of BSC, we assume that expenses generated from each asset type is capitalized because they create future firm’s value. The BSC model creates a relationship between the enterprise value and the increase of knowledge assets. We can understand this relationship as a coefficient of the excess profits in the Ohlson valuation model, and as a coefficient of the knowledge asset expense from the asset process. From the results of analysis, BSC firms have remarkably larger knowledge assets than firms that do not use BSC. It has been shown that the firms that have used BSC for a longer period have benefited from an increase in their knowledge assets. From this analysis, it is shown that BSC increases knowledge asset size in marketing, R&D, and education & information. Furthermore, it is shown that the knowledge asset of R&D is increased largely in the maturing stage after the BSC system introduction. It is shown that the relationship between the firm’s value and the knowledge assets becomes close by the BSC introduction and maturity. In early time of BSC introduction, the Market and the Research knowledge assets become close with the firm’s value. But, as BSC becomes widely accepted, all kinds of knowledge assets become close with the firm’s value. This paper has many of meanin

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