企業革新關聯 支出과 企業成果와의 關聯性 = Innovation-related Expenditures for Innovation and Business Performance

다국어 초록 (Multilingual Abstract)

This study Identifies five measures frequently employed in the analysis of corporate performance and examined their relationships with the firm's R&D expenditures over different periods
Two measures of profitability, ROI and ROE, shows a weak ability to reflect the financial gains from R&D investment Conversely, performance measures based on market capitalization showed a direct and significant relationship with changes in R&D Market value measures used in the study are excess value and Tobin's q. Their relationship with R&D expenditures remained strong over the entire sample period of seven years It is inferred is that accounting measures of corporate financial performance are unable to capture the effects of R&D expenditures on the firm value
Empirical evidence from this study shows that excess value and Tobin's q respond positively to changes in R&D The outcome confirmed of the preceding argument on the long-term view of the market about a firm's performance Tobin's q reflects the market's prediction of the returns generated per dollar of investment in corporate assets Excess value also employs market value data and is, in fact, part of the construct of the q ratio As a result, both measures reflect rational market reaction to the quantity of signals emanating from R&D announcements

목차 (Table of Contents)

• Ⅰ. 序論
• Ⅱ. 革新, 企業價値 및 成果測定
• Ⅲ. 實證分析
• 1. 資料의 蒐集
• 2. 分析모델
• Ⅳ. 分析結果의 解釋
• 1. 相關關係 분석
• 2. 年度別 橫斷回歸 分析
• Ⅴ. 結論