코스닥 IT기업의 개발비의 가치관련성 = Value Relevance of Development Cost in IT Firms of KOSDAQ

다국어 초록 (Multilingual Abstract)

This study aims to test the valur relevance of development cost particularly focusing on IT firms of KOSDAQ. Test period is from 2005 to 2007 and the samples are 2,271 year-firms including 1,692 firms that reported development cost in financial statements. The basic test model is a modified Ohlson(1995)'s lineae model.
The empirical results show that there is the negative relation between stock price and development cost reported as asset. It means that development costs reported as asset is considered as expense in the market.
It implies that development activities of KOSDAQ IT firms is not related to market-leading technologies or goods. Otherwise it might reflect the conservative valuation of market on the unstability of KOSDAQ market itself.

참고문헌 (Reference)

1 곽수근, "회계학 연구의 새로운 지평:Feltham-Ohlson 모형" 서울대학교 경영연구소 1999

2 박상현, "주요 선진국의 유비쿼터스 IT R&D 현황 분석" (2) : 53-75, 2005

3 김문현, "자본화된 개발비의 기업가치 관련성에 관한 실증 연구" 16 : 57-71, 2001

4 최문기, "융합시대의 IT R&D 방향" 25 (25): 25-31, 2008

5 최정호, "광고비 및 연구개발비 지출이 기업 가치에 미치는 영향-토빈의 q에 의한 실증적 분석" 103-124, 1994

6 Bublitz,B., "The information in Discretionary Outlays:Advertising,Reserach,and Development" 108-124, 1989

7 Lev,B., "The Capitalization,Amortization,and Value-Relevance of R&D" 21 : 107-138, 1996

8 International Accounting Standards, "Intan gible Assets" 38 :

9 이현무, "IT 벤처기업의 경영성과 영향요인에 관한 연구" 대한경영학회 19 (19): 1059-1092, 2006

10 조상섭, "IT 기술과 IT 산업 관련 주식가치에 관한 분석" 2003

11 김영운, "IT ROI에 의한 투자 타당성 평가 방법론 연구" 한국전자거래학회 11 (11): 53-68, 2006

12 Gibson, C., "Financial Statement Analysis" South-Western 1995

13 Ohlson,J.A., "Earnings,Book Values,and Dividends in Security Valuation" 11 : 661-687, 1995

14 Hirschey N., "Amortization Policy for Advertising and Research and Development Expenditures" 12 : 326-335, 1985

15 Statement of Financial Accounting Standards, "Accounting for Research and Development Costs" Financial Accounting Standards Board