특허성공률이 기업가치에 미치는 영향

다국어 초록 (Multilingual Abstract)

Through the research and development(R&D), companies can acquire intangible assets such as patents that are internally generated. However, most of the intangible assets generated internally are not reflected on the financial statements so it could weaken the relationship between the financial information and firm value.
This study examined whether the information of acquisition process of patent, one of the internally generated intangible assets, could be useful to the valuation of the firm value. It also analyzed the influence of the R&D investment ratio on the firm value. In addition to that, this study analyzed how the information about acquisition process of patents would impact the actual size of the impact of the R&D investment ratio on the firm value. The results are as follows.
First, the patent approval rate has a positive influence on the firm value. The information about acquisition process of patent is not immediately reflected in the accounting statements but it increases the expectations for the future profit that increases the firm value. Second, the firm value increases as the R&D ratio increases. This result shows the importance of internally generated intangible assets for companies in order to survive. Third, the impact of the R&D ratio on firm value gets weak as the patent approval rate increases. This indicates that the patent approval will have only adjusting effect on the firm value.
Based on the results, it is concluded that the information about the acquisition process of internally generated intangible assets should be recorded in financial statements as a footnote.

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