Journal of the Korea Academia-Industrial cooperation Society (한국산학기술학회논문지)

The Korea Academia-Industrial cooperation Society (한국산학기술학회)
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The Influence on Enterprise Value of R&D Costs of KOSDAQ pharmaceutical companies

코스닥 제약기업의 연구개발비 무형자산화 비중이 기업가치에 미치는 영향

  • 조영란 (성균관대학교 약학대학) ;
  • 이상원 (성균관대학교 약학대학)
  • Received : 2019.07.09
  • Accepted : 2019.11.01
  • Published : 2019.11.30
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Abstract

This study examines the ratio of R&D expenses in intangible assets for pharmaceutical companies, and determines whether these expenses affect the firm value among companies listed on the KOSDAQ. The research subjects included annual R&D expenses of 39 pharmaceutical companies listed on the KOSDAQ between 2011 and 2017. The survey was achieved via "Panel Data Model" with "Tobin Q" as an independent variable, and the ratio of R&D expenses in intangible as a dependent variable. Results of the study conclude that the ratio of R&D expenses in intangible assets of KOSDAQ pharmaceutical companies negatively influence the Tobin Q (Enterprise Value). A large proportion of intangible assets indicates increased R & D investment, and the operating profit is likely to be low due to the high debt ratio, thereby negatively impacting the enterprise value. This study further investigates whether the existing researches are based on researches that identify the total value of R & D expenditure. Results determine a significant relationship between enterprise value and R & D expenditure.

본 연구는 제약기업대상 연구개발비 무형자산비중을 살펴보고, 무형자산화 비중이 기업 가치에 영향을 미치는지 코스닥제약기업 중심으로 살펴보았다. 연구대상은 2011년부터 2017년까지 코스닥에 상장된 연도별, 기업별 연구개발비 회계자료가 있는 제약기업 39개를 표본으로 종속변수로 토빈Q, 독립변수로 연구개발비 무형자산화 비중으로 설계하여 패널데이터모형으로 분석하였다. 결론은 코스닥제약기업은 연구개발비 무형자산화 비중이 토빈Q(기업가치)에 부정적인 영향을 미치는 것으로 나타났다. 연구개발비 무형자산비중이 클수록 코스닥 제약기업에서는 기업가치가 낮아질 수 있다는 시사점을 제공한다. 즉, 코스닥 제약기업에서는 부채비율이 높을수록 투자규모를 늘리는 현상을 반영하기에 무형자산 비중이 커진다고 해서 기업가치가 증가하지 않는다는 것으로 설명할 수 있다. 본 연구는 기존 연구들은 연구개발비 총액을 기업 가치와 관련성을 규명한 연구들이 대부분인 반면, 연구개발비를 좀 더 세분화해서 '무형자산화 비중'만을 놓고, 코스닥 제약기업의 기업 가치에 영향을 미치는지 여부를 연구했다는 데 그 의의가 있다.

Keywords

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