Journal of Digital Convergence (디지털융복합연구)

The Society of Digital Policy and Management (한국디지털정책학회)
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Delisting risk of firm with a new technological innovation and research & development intensity

기술도입기업의 연구개발 집약수준에 따른 시장퇴출위험에 관한 실증연구

  • Lee, Po-Sang (Dept. of Finance & Tax Management, Songwon University)
  • 이포상 (송원대학교 금융세무경영학과)
  • Received : 2018.07.08
  • Accepted : 2019.10.20
  • Published : 2019.10.28
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Abstract

This paper analyzes the price movements and the possibility of delisting by research and development intensity of firm which made technological innovation disclosure in the Korean stock market. The sample consists of firms listed on the KRX which made technological information disclosure between January 2002 and December 2014. The results are summarized as follows. The higher R&D intensity is observed for the delisted firms group. The logit regression result shows that the research and development intensity is a significant predictor of the possibility of delisting. This shows that exposure to the risk of delisting may increase as the proportion and uncertainty of intangible assets in the assets of individual firms increases. This empirical result is expected to serve as a good guide line for the stakeholders.

본 연구에서는 한국거래소(KRX)에 상장 등록된 기업을 대상으로 기술도입 공시가 이루어진 기업의 연구개발(R&D) 집약수준에 따른 주가움직임을 분석함으로써 미래 기업가치의 변화를 살펴보고 공시사건 이후에 나타날 수 있는 자본시장에서의 시장퇴출 가능성에 대한 실증분석을 실시하였다. 2002년 1월부터 2014년 12월까지 유가증권과 코스닥시장에서 기술도입공시가 발생한 기업을 주요 분석대상으로 하고 있다. 연구결과 기술도입 공시기업들 중 연구개발 집약수준이 생산성 수준에 비하여 상대적으로 높을수록 공시이후 음(-)의 주가흐름이 이어지고, 나아가 시장퇴출 가능성이 증대되고 있음을 확인 하였다. 이러한 연구결과는 개별기업 단위의 자산에서 차지하는 무형적 자산 요소의 비중 및 불확실성이 증가함에 따라 자본시장 리스크(risk)에 노출 될 수 있음을 보여주고 있으며, 자본시장의 여러 이해관계자들의 투자의사결정에 유용한 정보를 제공해 줄 수 있을 것으로 사료된다.

Keywords

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