바이오․의료기업의 R&D 투자가 기업가치에 미치는 영향：COVID－19 전후를 중심으로 = An Impact of Bio․Medical Firm’s R&D Investment on Market Value：Analysis of the Pre－ and Post－COVID－19

다국어 초록 (Multilingual Abstract)

[Purpose]This study aims to empirically analyze the impact of research and development (R&D) investment on corporate value in the context of the COVID－19 pandemic, a unique external shock. The study seeks to clearly identify the changes in the impact of R&D expenditure on corporate value when compared to the general economic environment and to propose investment strategies for companies in response to these changes.
[Methodology]The study compares the periods before and after the COVID－19 pandemic (2018－2019 and 2020－2021), analyzing financial data from a total of 306 bio－medical companies. Regression analysis was conducted using independent variables such as R&D investment, company size, and return on assets (ROA), with Tobin’s Q used as a proxy for corporate value. Through this, the relationship between R&D investment and corporate value was empirically tested, and the impact of the COVID－19 pandemic on the effectiveness of R&D investment was evaluated.
[Findings]The analysis showed that R&D investment in bio－medical companies positively influenced corporate value both before and after the pandemic. Notably, the impact of R&D investment on corporate value increased slightly after the COVID－19 pandemic, reflecting the short－term ripple effect that the pandemic had on the bio－medical industry. However, as this study was based on data from only the first two years after the pandemic, there are limitations in assessing the long－term impact of R&D investment on corporate value. While significant results were found for the short－term effects post－pandemic, further long－term data is required to better understand this relationship.
[Implications]This study provides empirical evidence of how R&D investment affects corporate value in the context of external shocks such as the COVID－19 pandemic, offering valuable insights for investment strategy formulation during pandemic times. From a policy perspective, enhancing R&D investment during crises like the pandemic is crucial for strengthening the competitiveness of bio－medical companies. In the future, it will be important to continue supporting R&D investments to ensure long－term growth and resilience in the industry.