코스닥시장에서 연구개발 관련 지출이 기업가치평가에 미치는 영향에 관한 연구 = An Invertigation of the Effects of R&D Expenditure on Equity Value in Korea Securities Dealers Automated Quotation

다국어 초록 (Multilingual Abstract)

The purpose of this study is to examine the effects of R&D expenditure on equity value in Korea Securities Dealers Automated Quotation.
Two extended models based on Ohlson(1995) were developed. First model is consisted of firm value as independable variable, book value of owner's equity, development cost, net income except development costs, and cash dividend as dependable variable. Second model is consisted of firm value as independable variable, book value of owner's equity, ordinary research and development expenses, net income, and cash dividend as dependable variable.
Two extended models were tested using ordinary least squares method. The main conclusions of this study are as follows:
(1) Development costs has a positive impact on equity value. The coefficient of development costs in regression model 1 for venture firms is larger and more significant than that of development costs in regression model 1 for general manufacturing firms. This means that development costs is useful in the investment decision making of investors in Korea Securities Dealers Automated Quotation.
(2) Ordinary research and development expenses has not a positive impact on equity value. This means that current standards that research costs and ordinary development costs shall be accounted for current period expense are reasonable for investors.

목차 (Table of Contents)

• I. 서론 = 1
• 1. 연구의 목적 = 1
• 2. 연구범위와 방법 = 2
• 3. 논문의 구성 = 3
• II. 연구개발 관련 지출과 기업가치의 관계 = 4
• 1. 이익 근원학설과 연구개발 관련 지출의 관계 = 4
• 2. 연구개발의 회계학적 의미 = 5
• 3. 연구개발비에 대한 회계처리 규정 = 7
• 1) 기업회계기준 = 10
• 2) 국제회계기준 = 13
• 3) 미국의 회계기준 = 15
• 4) 영국의 회계기준 = 17
• 4. 선행연구의 검토 = 18
• 1) 국외의 연구 = 18
• 2) 국내의 연구 = 24
• 5. 가설 설정 = 31
• III. 연구 설계 = 33
• 1. 연구모델의 유도 = 33
• 2. 변수의 정의와 표본 선택 = 37
• 1) 변수의 정의 = 37
• 2) 표본 선택 = 38
• IV. 실증분석 = 40
• 1. 기술 통계 = 40
• 2. 분석 결과 및 해석 = 46
• V. 결론 = 54
• 참고 문헌 = 56
• (Abstract) = 59