특허출원이 회사채 신용등급에 미치는 영향

다국어 초록 (Multilingual Abstract)

In this study, we investigate the effects of patent applications on corporate bond ratings of Korean listed firms. Using an ordered probit regression, we show that firms with higher patent counts and greater patents to R&D investments are likely to have significantly higher bond ratings. This finding remains robust while considering the differences of firms with patenting versus without patenting, and adopting alternative variables measured by industry-adjusted numbers of patent applications. We further explore two possible channels through which patent applications affect corporate bond ratings. First, patent applications provide expectations for increased cash flows with debt market. Second, patent applications enable improved redeployability of assets held by firms. Through a series of analyses, this study sheds lights on the real effects of patenting activities on the debt market via firms’ bond ratings.

참고문헌 (Reference)

1 노민영, "환위험이 신용등급에 미치는 영향" 한국회계학회 23 (23): 343-377, 2014

2 노정희, "확정급여형 퇴직급여채무 대비 연금자산의 적립수준이 회사채 신용등급에 미치는 영향" 한국증권학회 46 (46): 305-342, 2017

3 김석진, "혁신이 부도위험에 미치는 영향" 한국경영학회 38 (38): 773-797, 2009

4 김병기, "코스닥 상장기업의 특허에 관한 연구" 대한경영학회 32 (32): 195-218, 2019

5 전진규, "재벌 내 계열사의 중심성과 신용등급에 관한 실증연구" 한국재무학회 32 (32): 33-53, 2019

6 김민서, "재량적 발생액의 신용평점 및 재무평점 관련성" 한국회계학회 22 (22): 105-131, 2013

7 정세진, "자산처리 연구개발비와 비용처리 연구개발비가 신용등급에미치는 영향" 한국무역연구원 14 (14): 571-584, 2018

8 김문태, "외국인투자자의 소유와 사외이사의 특성이 신용평가에 미치는 영향" 한국회계학회 32 (32): 29-58, 2007

9 김유진, "외국인 주요주주의 특성과 회사채 신용등급" 대한경영학회 31 (31): 1509-1526, 2018

10 하석태, "신용등급과 미래이익에 대한 주가 정보성 - KIS 신용평점을 중심으로 -" 한국회계학회 30 (30): 47-74, 2021

11 권용현, "신규상장기업의 신용평가/신용평점이 상장 이후의 기업성과에 미치는 영향에 관한 연구" 한국금융공학회 19 (19): 83-120, 2020

12 손수정, "산업별 특허 프리미엄(Patent Premium) 분석" 한국지식재산연구원 6 (6): 159-184, 2011

13 강윤식, "기업지배구조 수준이 회사채 신용평가에 미치는 영향" 한국재무관리학회 33 (33): 1-28, 2016

14 정세진, "기업의 현금보유가 신용등급에 미치는 영향" 한국재무관리학회 35 (35): 295-326, 2018

15 신민식, "기업의 자산구조가 담보 채널을 통하여 자본구조에 미치는 영향" 한국산업경영학회 31 (31): 85-109, 2016

16 신민식, "기업의 신용등급 변화가 자본구조결정에 미치는 영향" 한국재무관리학회 27 (27): 27-59, 2010

17 손성규, "기관투자자의 주주행동주의가 자본시장에 미치는 영향- 신용평점을 중심으로 -" 한국경영학회 47 (47): 1515-1540, 2018

18 이윤경, "경영자능력이 기업의 재무평점 및 신용평점에 미치는 영향" 한국회계정책학회 21 (21): 1-23, 2016

19 김영환, "경영권 방어수단, 사회적 책임활동, 신용평점에 관한 연구" 한국산업경제학회 33 (33): 639-661, 2020

20 Harhoff, D., "The Role of Patents and Licenses in Securing External Finance for Innovation" European Investment Bank 2009

21 Hall, B. H., "The Patent Paradox Revisited: An Empirical Study of Patenting in the U.S. Semiconductor Industry, 1979-1995" 32 (32): 101-128, 2001

22 Bushee, B. J., "The Influence of Institutional Investors on Myopic R&D Investment Behavior" 73 (73): 305-333, 1998

23 Ashbaugh-Skaife, H., "The Effects of Corporate Governance on Firms’ Credit Ratings" 42 (42): 203-243, 2006

24 Blume, M. E., "The Declining Credit Quality of U.S. Corporate Debt: Myth or Reality?" 53 (53): 1389-1413, 1998

25 Alp, A., "Structural Shifts in Credit Rating Standards" 68 (68): 2435-2470, 2013

26 권준엽, "Startup Financing with Patent Signaling under Ambiguity" 한국증권학회 46 (46): 32-63, 2017

27 Arora, A., "R&D and the Patent Premium" 26 (26): 1153-1179, 2008

28 Cohen, W. M., "Protecting Their Intellectual Assets: Appropriability Conditions and Why U.S. Manufacturing Firms Patent (or Not)" National Bureau of Economic Research 2000

29 Mann, R. J., "Patents, Venture Capital, and Software Start-Ups" 36 (36): 193-208, 2007

30 Conti, A., "Patents as Signals for Startup Financing" 61 (61): 592-622, 2013

31 Wagner, S., "Patents and the Survival of Internet-Related IPOs" 39 (39): 214-228, 2010

32 Frey, C. B., "Patents and Corporate Credit Risk" 29 (29): 289-308, 2020

33 Long, C., "Patent Signals" 69 (69): 625-679, 2002

34 Lanjouw, J. O., "Patent Quality and Research Productivity : Measuring Innovation with Multiple Indicators" 114 : 441-465, 2004

35 Hochberg, Y. V., "Patent Collateral, Investor Commitment, and the Market for Venture Lending" 130 (130): 74-94, 2018

36 임정대, "Patent Applications and the Cost of Debt: Evidence from Korea" 한국재무학회 34 (34): 107-144, 2021

37 Tong, X., "Measuring National Technological Performance with Patent Claims Data" 23 (23): 133-141, 1994

38 Connolly, R. A., "Market Value and Patents : A Bayesian Approach" 27 (27): 83-87, 1988

39 Hall, B. H., "Market Value and Patent Citations" 36 (36): 16-38, 2005

40 Levitas, E., "Managing Liquidity in Research-intensive Firms : Signaling and Cash Flow Effects of Patents and Alliance Activities" 30 (30): 659-678, 2009

41 Shleifer, A., "Liquidation Values and Debt Capacity : A Market Equilibrium Approach" 47 (47): 1343-1366, 1992

42 Chava, S., "Lending to Innovative Firms" 6 (6): 234-289, 2017

43 Hall, B. H., "Is There a Role for Patents in the Financing of New Innovative Firms?" 28 (28): 657-680, 2019

44 Gu, F., "Innovation, Future Earnings, and Market Efficiency" 20 (20): 385-418, 2005

45 Heeley, M. B., "Innovation, Appropriability, and the Underpricing of Initial Public Offerings" 50 (50): 209-225, 2007

46 Aghion, P., "Innovation and Institutional Ownership" 103 (103): 277-304, 2013

47 Czarnitzki, D., "Innovation Indicators and Corporate Credit Ratings : Evidence from German Firms" 82 (82): 377-384, 2004

48 Eisdorfer, A., "Innovate to Survive : The Effect of Technology Competition on Corporate Bankruptcy" 40 (40): 1087-1117, 2011

49 Lee, S. H., "Impact of Investment Efficiency on Credit Rating" 89 : 113-133, 2020

50 Romer, P. M., "Endogenous Technological Change" 98 (98): 71-102, 1990

51 Bhojarj, S., "Effect of Corporate Governance on Bond Ratings and Yields : The Role of Institutional Investors and Outside Directors" 76 (76): 455-475, 2003

52 Francis, B., "Do Banks Value Innovation? Evidence from US Firms" 41 (41): 159-185, 2012

53 Hsu, P. H., "Corporate Innovation, Default Risk, and Bond Pricing" 35 : 329-344, 2015

54 Myers, S. C., "Corporate Financing and Investment Decisions When Firms Have Information That Investors Do Not Have" 13 (13): 187-221, 1984

55 Williamson, O. E., "Corporate Finance and Corporate Governance" 43 (43): 567-591, 1988

56 Ederington, L. H., "Classification Models and Bond Ratings" 20 (20): 237-262, 1985

57 Jaffe, A. B., "Characterizing the ‘Technological Position’ of Firma, with Application to Quantifying Technological Opportunity and Research Spillovers" 18 (18): 87-97, 1989

58 Hirschey, M., "Are Scientific Indicators of Patent Quality Useful to Investors?" 11 (11): 91-107, 2004

59 Cheng, M., "Analyst Following and Credit Ratings" 25 (25): 1007-1044, 2008

60 Kim, S., "An Empirical Study of Value-Relevance of Patent Data of Korean Electronic Firms" 33 (33): 3-24, 2010

61 Min, I., "Advanced Panel Data Analysis" Jiphil 2019

62 Lee, G., "A Study on the Impact of Intangible Assets on the Firms Market Value" 62 : 47-72, 2015