연구개발비와 광고비의 기업가치에 대한 영향 = The Effects of the R&D and Advertising Expenditures on the Corporate Value

다국어 초록 (Multilingual Abstract)

This paper focuses on the effects on the corporate value of R&D expenditure and advertising expenditure for 2001-2006. The dependent variable is the market value of the firm being measured in year-end stock price and the number of the stock. The independent variable are cash flows, growth rates of the sales, standard deviation of the monthly returns of the stock, advertising and R&D expenditures. Our results ase follow. First, in the full sample analysis, advertising and R&D expenditures, cash flows, growth rates of the sales, standard deviation are significant. But, in the samples of large firms, mid-firm, small firms, advertising and R&D expenditures, standard deviation are significant Second, in the sample of venture companies, the significance of the R&D expenditures is not consistent. This means that the effect of the R&D expenditures on the venture company may be limited. But, in the sample of the non venture companies, R&D expenditures are consistent and significant. Third, the standard deviation are significant, however the direction of the effect is against hypothesis. It needs to study more to explain this problem.

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