무형자산의 기업가치 관련성

Abstract

The purpose of this study is to examine the value relevance of intangible assets. The study investigates the importance of intangible assets based on theoretical backgrounds, and analyzes the prior researches and literatures concerning to it, where intangible assets positively associated with a firm's value. Using a regression based on the Ohlson (1995) model, empirical analysis has been performed for non-banking firms (3,015 firm-years) listed over Korean Stock Exchange during 2009-2014. Research results are as follows; First, the intangible assets have a positive impacts on the equity values, and intangible assets appeared as explanation of a firm's values which is relatively more important than tangible assets. Second, Among the components of the intangible assets, the computer software, the development costs and the other intangible assets have positive impacts on the equity values. All listed firms in Korea are required to report their financial statements in accordance with International Financial Reporting Standards (IFRS) from January 1, 2011. This further analysis examines the components of the intangible assets indicate after adoption of K-IFRS. The computer software has positive impact on the equity value whereas the development costs is not likely to affect the equity value after the adoption of K-IFRS. Third, the R&D expenses, the advertisement expenses and the education & training expenses have positive impact on equity value. In particular, advertising and R&D expenses reported in the income statements are significantly associated with equity values if they are capitalized into (intangible) assets by applying the Hall-Cummins-Laderman- Mundy's methods, while expenses of education & training are not.