>본 연구에서는 우리나라 증권시장에 상장된 12월말 결산기업을 대상으로 연구개발비 관련 재무자료와 자본시장 관찰자료간의 관련성과 이익예측 정확성이라는 두 가지 사안을 분석함으로써 연구개발비의 자본화에 대한 공시정보가 투자자에게 기업가치 관련성으로 가지는지를 조사하였다.실증연구에서 사용한 표본은 12월말 결산기업 중 몇 가지 요건을 충족하는 기업의 1999년부터 2006년까지의 자료를 선정하였으며, 표본기업은 257개였다. 분석결과를 요약하면 다음과 같다.첫째, 연간 자본화된 연구개발비가 주식수익률과 양의 관련성을 가지고 있었다.둘째, 대차대조표에 보고된 연구개발자산 누적액과 주가와의 관련성에 관한 실증분석에서는 유의적인 관련이 있음이 증명되었다. 셋째, 연구개발비의 자본화 관련자료는 후속기간의 보고이익에 양의 영향을 미치는 것으로 나타났다. 이와 같은 연구결과는 연구개발비의 자본화변수는 자본시장변수 및 미래이익과 유의한 관련성을 가지고 있음을 시사한다. 즉 현대기업에 있어서 그 중요성이 점차 증대되고 있는 연구개발비의 자본화가 투자자에게 목적적합한 정보를 포한한다. 이로 인해 본 연구에서는 현행 기업회계기준에서의 연구개발비를 둘러싼 회계처리가 적합하다는 결론을 내린다.
>At these days, environment of management are changing rapidly though all over the world. So most of companies must have superiority in the globalized competition.There's no way to survive in the competition not to invest on the R&D activities. Information about R&D expenditures became important due to its continuous increase in the invest activity.This study examine the relevance to investors of public information on capitalization of R&D expenditures by analyzing both association of financial data with capital market observables and earning forecast accuracy.Samples are chosen among manufacturing companies (except financial companies) listed in the period from 1999 to 2006 of which the fiscal year end is in December.The main results of the empirical study are as followings.1. Annually capitalized R&D expenditures are positively associated with stock returns.2. Cumulative R&D asset reported on the balance sheet is significantly associated with stock price.3. R&D capitalization data are positively associated with subsequent reported earnings, and R&D expenses of the firms that immediately expensed all of their R&D expenditure are positively associated with subsequent reported earnings.
>At these days, environment of management are changing rapidly though all over the world. So most of companies must have superiority in the globalized competition.There's no way to survive in the competition not to invest on the R&D activities. Information about R&D expenditures became important due to its continuous increase in the invest activity.This study examine the relevance to investors of public information on capitalization of R&D expenditures by analyzing both association of financial data with capital market observables and earning forecast accuracy.Samples are chosen among manufacturing companies (except financial companies) listed in the period from 1999 to 2006 of which the fiscal year end is in December.The main results of the empirical study are as followings.1. Annually capitalized R&D expenditures are positively associated with stock returns.2. Cumulative R&D asset reported on the balance sheet is significantly associated with stock price.3. R&D capitalization data are positively associated with subsequent reported earnings, and R&D expenses of the firms that immediately expensed all of their R&D expenditure are positively associated with subsequent reported earnings.