특허공시가 기업가치에 미치는 영향에 관한 실증적 연구 = (An) Empirical Study on the Effect of Public Patent Announcement on Corporate Value

다국어 초록 (Multilingual Abstract)

This study analyzes the effect of patent application and public announcement of patent right on the stock price. The results of the event study and cross-sectional regression analysis with 57 companies as samples, which applied and acquired public announcement of patent right from Jan. 2000 to Dec. 2003 as follows.
First, public announcement as a result of corporate R&D have direct proportion with 10% level of significance on the 9th day before announcement, and some positive effect on the day of announcement.
Second, it is analyzed that the patent application as a result of corporate R&D has positive effect on the corporate value. On the day of application, average abnormal return ratio is 0.0124, 1% level of significance showing proportional relation with 1% and 5% level of significance on a day before and after application. The stock price went up by 3.39% during 10 days after application.
Third, hypothesis of "corporate asset size direct-proportionally affects information effect of patent announcement" depends on asset size. In the case of the corporate with large asset size, it shows significant direct proportion on the day of public announcement. In the case of the corporate with small asset size, it does not show significant direct proportion. Although it shows direct proportion via cross-sectional regression analysis, it is not significant.
Forth, the ratio of the amount of investment on R&D to the sales shows direct proportion to information effect on patent only in the case of group of the corporate with large asset size. The abnormal stock-earning ratio of the corporate with the higher ratio of R&D investment to the sales stands higher than that with lower ratio of R&D investment to the sales. It shows that it has positive effect when intensive R&D investment.
Fifth, the R&D investment on specific patent development does not have direct proportion to information effect of public patent announcement. This means that the size of the amount of investment on the specific patent development does not affect information effect.
Sixth, as a result of the study on the hypothesis of "international patent application affect public patent information effect in direct proportion", international patent application does not have interactive effect. It turned out to be the fact that international patent application cannot control information effect of patent announcement.
This study indicates that patent announcement with patent registration affects the market value of the corporate in direct proportion. This may be compared to the studies with reverse results showing that patent announcement has direct proportional effect on the stock price (Kim, Min-Jo & Chung, Hyung-Chan, 1995 and Park, Jun-Su 2004) and the stock price went down after patent acquisition announcement (Korea Stock Exchange, 1994). This study suggests that valuable information can be reflected more immediately and aggressively in the society with advanced information technology. For the corporate and investor, it is necessary to pay attention to the fact that it affects corporate value when patent application starts.
This study shows that the effect has direct proportion to the ratio of R&D to the sales and the expectation that the more asset size and investment on specific patent development, the more expected value is not significant. Accordingly, it is necessary that the existed recognition change.
The limit of this study as follows
First, this study could not generate various analyses due to the insufficient sampling (57). The fact that just a few companies have registered patent and less than 30 group examples when divided by the asset size may affect the result of the statistics
Second, this study could not consider the change of the economic environment during the R&D period.
Third, this study could not analyze the national and international market size of the new product as a result of the patent because of the insufficiency of the public announcement information.
This study has limit since the information value as a result of patent announcement could be explained by the factors that were not tested in this study.
It is suggested that this study be complemented by the further detailed studies appended with various factors like productivity, financial profit and value-added.

목차 (Table of Contents)

• 목차 = i
• 제1장 서론 = 1
• 제1절 문제제기 및 연구의 목적 = 1
• 제2절 연구의 범위와 방법 = 3
• 제3절 연구의 구성 = 4
• 제2장 연구개발비와 특허권에 대한 이론적 고찰 = 6
• 제1절 연구개발 활동의 개념과 연구개발비 회계처리 = 6
• 1. 연구개발 활동의 개념 = 6
• 2. 연구개발비의 회계처리 = 9
• 제2절 특허권의 본질과 회계처리 = 13
• 1. 특허권의 정의와 본질 = 13
• 2. 기업자산으로서의 특허권과 회계처리 = 16
• 제3절 선행연구검토 = 18
• 1. 국외의 선행연구 = 18
• 2. 국내의 선행연구 = 20
• 3. 선행연구와 본 연구의 차이점 = 22
• 제3장 실증분석을 위한 연구의 설계 = 24
• 제1절 연구가설의 설정 = 24
• 제2절 연구모형 = 28
• 1. 사건연구 모형 = 28
• 2. 횡단면 회귀분석 = 30
• 3. 표본의 선정과 자료수집 = 32
• 제4장 실증분석 결과 및 논의 = 34
• 제1절 특허공시와 특허출원시의 정보효과 = 34
• 1. 표본기업의 기초통계량 = 34
• 2. 특허공시의 정보효과 = 35
• 3. 특허출원의 정보효과 = 38
• 제2절 정보효과에 대한 영향요인 분석 결과 = 40
• 1. 상관관계분석 결과 = 40
• 2. 회귀분석 결과 = 42
• 제3절 연구가설의 검증 = 45
• 제5장 결론 = 48
• 제1절 요약 및 시사점 = 48
• 제2절 연구의 한계점 및 향후 연구과제 = 49
• 참고문헌 = 51
• 부록 = 55
• ABSTRACT = 68