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경영자 특성에 따른 R&D 투자와 기업가치 관련성: 벤처기업을 중심으로 (Relationship between R&D Investment and Firm Value by Characteristics of CEO: Focused on Venture Business)

  • 김이진;김정은;전성일
    • 중소기업연구
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    • 제41권1호
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    • pp.75-96
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    • 2019
  • 본 연구의 목적은 기업 내 최고의사결정권한을 가진 CEO의 특성이 R&D 투자 결정과 기업가치에 어떠한 영향을 미치는지를 검증하는 것이다. 구체적으로 CEO의 특성을 나이, 학력, 전공일치, 재직기간으로 측정하여, 이러한 특성이 연구개발투자 및 기업가치에 미치는 영향을 실증적으로 분석하였다. 2005년부터 2014년까지 코스닥 시장에 상장된 벤처기업을 대상으로 실증 분석한 결과는 다음과 같다. 첫째, CEO의 나이는 적을수록 R&D 투자를 보다 많이 하는 것으로 나타났으며, 나이가 적은 CEO의 R&D 투자는 기업가치와 유의한 양(+)의 상관성을 보이는 것으로 나타났다. 둘째, CEO의 학력은 높을수록 R&D 투자를 보다 많이 하는 것으로 나타났고, 교육수준이 높은 CEO의 R&D 투자는 주가와 유의한 양(+)의 관련성을 보였다. 셋째, CEO의 전공과 업종이 일치할수록 R&D 투자는 보다 많이 하는 것으로 나타났으며, CEO의 전공일치도가 높은 기업의 R&D 투자와 주가와의 가치관련성은 보다 높은 것으로 나타났다. 마지막으로 CEO의 재직기간은 길수록 R&D 투자에 보다 적극적인 태도를 보였으나, 재직기간이 긴 CEO의 R&D 투자는 기업가치와 유의한 음(-)의 관련성을 보였다. 이와 같은 실증 분석을 통해 벤처기업의 R&D 투자와 기업가치관련성은 CEO의 특성이 반영된다는 사실을 확인할 수 있었다. 본 연구는 CEO의 인구통계학적 특성을 반영한 R&D 투자가 자본시장에서 어떻게 평가 받고 있는지를 실증적으로 검증하였다는 점에 의의가 있다.

기술도입과 연구개발비 투자가 기업가치에 미치는 영향에 관한 연구 (The Effect of technology import and R&D investment on the value of the firm)

  • 정진호;김현;권정은
    • 기술혁신연구
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    • 제16권1호
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    • pp.191-213
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    • 2008
  • This study investigates the effect of technology import and R&D investment on the value of the firm in Korea. The result shows that the technology import announcement effect of firms with a low R&D investment is higher than that of firms with a high R&D investment. The evidence suggests that technology import can substitute the existing R&D capability of the firm. In addition, the result shows that there is an optimal level of technology import and R&D investment to maximize the value of the firm. In particular, firms with a low R&D investment and a large amount of technology import experience the highest announcement effect. The study concludes that an adequate allocation of fim's capital between R&D investment and technology import is needed for firm's optimal technology strategy.

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국민연금의 소유지분비율이 기업가치에 미치는 영향 연구: 스튜어드십 코드 도입과 R&D 투자를 중심으로 (Effect of National Pension Service's Shareholding Ratio on Firm Value: Focusing on Stewardship Code Implementation and R&D Expenditure )

  • 조대현;김영준
    • 문화기술의 융합
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    • 제9권3호
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    • pp.779-787
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    • 2023
  • 본 연구는 국민연금의 소유지분비율과 투자대상기업의 기업가치 간 관계에서, 투자대상기업이 R&D 투자를 늘리도록 독려하여 기업가치의 제고를 간접적으로 꾀할 수 있을 것으로 판단하여 R&D 투자 정도의 매개효과를 분석하였고, 2018년 7월 스튜어드십 코드의 도입에 따라 투자대상회사에 대한 R&D 투자 및 기업가치 향상 압박이 도입 전에 비해 더 커졌을 것으로 판단하여 위 매개효과에 스튜어드십 코드 도입이 미칠 조절효과를 분석하였다. 2016년부터 2021년까지의 한국 상장회사 자료들을 활용하여 분석한 결과, 국민연금의 소유지분비율과 기업가치 간 관계에서 R&D 투자의 부분적 매개효과가 존재하고, 국민연금의 스튜어드십 코드 도입은 소유지분비율과 R&D 투자와의 관계, 소유지분비율과 기업가치와의 관계를 모두 강화시켜 조절효과가 존재함을 확인했다. 이는 국민연금의 스튜어드십 코드 도입 전후에 따라 소유지분비율과 기업가치 간 관계에서 R&D 투자 정도의 매개효과가 달라지는, 조절된 매개효과가 존재하는 것으로 나타났다.

POSITIVE SOLUTIONS FOR A THREE-POINT FRACTIONAL BOUNDARY VALUE PROBLEMS FOR P-LAPLACIAN WITH A PARAMETER

  • YANG, YITAO;ZHANG, YUEJIN
    • Journal of applied mathematics & informatics
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    • 제34권3_4호
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    • pp.269-284
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    • 2016
  • In this paper, we firstly use Krasnosel'skii fixed point theorem to investigate positive solutions for the following three-point boundary value problems for p-Laplacian with a parameter $({\phi}_P(D^{\alpha}_{0}+u(t)))^{\prime}+{\lambda}f(t, u(t))=0$, 0$D^{\alpha}_{0}+u(0)=u(0)=u{\prime}{\prime}(0)=0$, $u^{\prime}(1)={\gamma}u^{\prime}(\eta)$ where ϕp(s) = |s|p−2s, p > 1, $D^{\alpha}_{0^+}$ is the Caputo's derivative, α ∈ (2, 3], η, γ ∈ (0, 1), λ > 0 is a parameter. Then we use Leggett-Williams fixed point theorem to study the existence of three positive solutions for the fractional boundary value problem $({\phi}_P(D^{\alpha}_{0}+u(t)))^{\prime}+f(t, u(t))=0$, 0$D^{\alpha}_{0}+u(0)=u(0)=u{\prime}{\prime}(0)=0$, $u^{\prime}(1)={\gamma}u^{\prime}(\eta)$ where ϕp(s) = |s|p−2s, p > 1, $D^{\alpha}_{0^+}$ is the Caputo's derivative, α ∈ (2, 3], η, γ ∈ (0, 1).

농촌지역 보건소 환경에 있어서의 건강가치관에 관한 일 조사연구 (A Study on Value Orientation of Health of Rural Health Center Milieu)

  • 김순자
    • 대한간호학회지
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    • 제5권1호
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    • pp.17-30
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    • 1975
  • The concept and definition of nursing and her role have been changing in accordance with the socio-cultural factors of the initial society. At present, nursing is conceptualized as a health care profession assisting man to restore, maintain and promote health by providing knowledge, wilt strength and resources through various processes of interaction. Man′s behavior, of individual and group activities for health inclusive, is driven by the initial man′s value orientation. The purpose of this study is to investigate the value orientation regarding health of rural health center milieu in order to give data for; 1. the planning for the delivery of community nursing service, 2. the health education plan at all level of nursing care activities, and 3. the planning of curriculum for nursing education. A hundred opinion leaders among the labor population residing in rural areas (P-group), hundred and six professional nurses at rural health centers (N-group) were indirectly interviewed through questionaries. And ninety five of N-group were interviewed likewise of their perceptions of P-group (NP-group) from July 15, to October 15, 1974. The result is as follows: 1. Maintenance of health is revealed to be the most valued component for man′s happiness in all the three groups. (P-group: 7.30 S. D.=1.31), (N-group :7.84 S. D. =49), and (NP-group : 5.93 S. D. =2.28) 2. The average value score of the maintenance of health revealed significant difference by P〈.001 level between each of the three groups. (Between N-group and P-group : T= -4.07 P and NP ; T=-6.93, N and NP: T=-9.35) 3. Basic health maintenance activities necessary for maintenance and promotion of personal health were moderately valued by all the three groups, P-group ; 3.74 (S. D. =.43) , N-group: 3.52 (S. D. =.34), NP-group: 3.07 (S. D. :.55) Among the 8 categories of basic health maintenance activities, "food intake" was highly valued by P-group (mean value score; 4.00 S. D=.51) , "exercise and rest" and "personal cleanliness" was highly valued by both P-group (4.02, 4.08) and N-group (4.08, 4.22). 4. The mean value score of basic health maintenance activities revealed significant difference by P〈.001 level between each of the three groups (between P-group and N-group: T=-4, 07, N-and NP: T=-6.93, P and NP T=-9.35) 5. Among the 30 questionaries, dynamic activities for health maintenance were more valued in comparison to passive activities in an tile three groups. 6. In N-group, correlation between the value of basic health maintenance activities and the personal health status personal revealed moderate significance. Correlation between the value of basic health maintenance activities and the age revealed low significance. 7. In group, correlation between the value of basic health maintenance activities and; perception of personal health status revealed non significance, between the age and sex revealed low sign affiance, and between the educational status revealed moderate significance. Recommendations are as follows ; 1. The efforts towards alteration of value orientation concerning health in general in community nursing practice de focussed be that of family Planning. 2. In order to prepare professional nurses competent in understanding individual and group, social science and behavioral science be strength ended in planning nursing curriculum. 3. Milieu of nursing experience during nursing education be Planned to begin at simple nursing problem and move towards complex, f. e. home care towards health crisis situation in order to achieve dynamic role mastery.

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Do Patents Lead to an Increase in Firm Value? Evidence from Korea

  • LEE, JANGWOOK
    • KDI Journal of Economic Policy
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    • 제42권3호
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    • pp.33-52
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    • 2020
  • Patents are widely used in the literature as a measure of firm-level innovation. It is regarded that patents improve a firm's operational environment and ultimately increase the value of the firm. However, the relationship between patents and firm value in Korea is under-explored in the literature due to the difficulty of constructing datasets. This paper examines whether patents in Korea increase the market value of a firm. To do this, I exploit novel data on firm-level patents and financial information of all listed Korean companies during the period of 1993-2015 and estimate the non-linear production-function type of Tobin's q equations on R&D, patents, and citations. Surprisingly, I find that patents and citations are weakly associated with firm value, while R&D is strongly associated with an increase in firm value. These results direct imply that policymakers in Korea should enhance patenting incentives to encourage firms to innovate.

사상체질음성분석기(四象體質音聲分析機)(PSSC)를 통한 한국인 성인여성(成人女性)의 체질별(體質別) 음향특성연구(音響特性硏究) - 단문(短文)을 중심으로 - (A Study on the Charateristics of the Korean Adult Female Sound According to Sasang Constitution Using PSSC with a Sentence)

  • 윤지영;윤우영;조성언;왕향란;전종원;김달래;유준상
    • 사상체질의학회지
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    • 제18권3호
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    • pp.75-93
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    • 2006
  • 1. Objectives and Methods Sasang Constitutional Medicine is the original Korean Medicine. The purpose of this study was to objectify the diagnosis of Sasang Constitution. 212 Women's sentences were analyzed into 228 factors like Pitch, APQ, Shimmer, Octave and Energy, etc. Women's sentences were classified into 3 categories: total group, under 54 years old group and over 55 years old group. 2. Results 1) In Total group Soyangin's Center feq.(3) was significantly high compared with Taeyangin and Taeumin groups. Taeumin's Pitch2 was significantly high compared with Soeumin and Taeyangin groups. Taeyangin's Pitch S.D. was significantly high compared with Soyangin group. Taeyangin's Octave6 was significantly high compared with Soeumin group. There were no significant differences among constitutional groups in APQ and Shimmer segment. On the point of Energy, Taeyangin's G Tot E(1), G# Tot E(1), G dev.(1), G# dev.(1), G Tot E(2), G# Tot E(2), G dev.(4) and G# dev.(4) were significantly high compared with other groups. Soyangin's A#S.D.(2) was significantly high compared with Taeyangin group. Taeyangin's A#S.D.(3) was significantly high compared with Taeumin group. Taeyangin's F S.D.(5), F# S.D.(5) and Max Average were significantly high compared with Soeumin group. Taeumin's Peak3 and Peak4 were significantly high compared with Taeyangin group. Taeumin's PeakValue1 was significantly high compared with Soeumin group. Taeyangin's PeakValue2 was significantly high compared with Soeumin group. Taeyangin's PeakValue3 and PeakValue5 were significantly high compared with Other groups. 2) In Under 54 years old group, there were no significant differences among constitutional groups in APQ, Shimmer and Octave segment. Taeumin's Center freq.(2) was significantly high compared with Taeyangin and Soyangin groups. Taeumin's Pitch(2) and Pitch(3) were significantly high compared with Taeyangin and Soeumin groups. Taeyangin's and Taeumin's Pitch S.D. were significantly high compared with Soyangin group. Taeyangin's and Soyangin's Octave2 were significantly high compared with Taeumin group. On the point of Energy, Taeyangin's and Soyangin's A# S.D.(2) were significantly high compared with Soeumin group. Taeyangin's and Soyangin's G# dev.(1), G# dev.(2) were significantly high compared with Taeumin group. Taeyangin's and Taeumin's F# S.D.(3) were significantly high compared with Soeumin group. Taeyangin's and Soyangin's Max Average were significantly high compared with Soeumin group. Taeumin's Peak3 was significantly high compared with Taeyangin and Soeumin groups. Taeyangin's and Taeumin's PeakValue2 were significantly high compared with Soeumin group. Taeyangin's and Soeumin's PeakValue3 were significantly high compared with Taeumin group. Taeyangin's and Soyangin's PeakValue5 were significantly high compared with Soeumin group. Taeyangin's and Soyangin's PeakValue9 were significantly high compared with Taeumin group 3) In Over 55 years old group, there were no significant differences among constitutional groups in Pitch, APQ, and Peak segment. Soeumin's F Shimmer(1) and F Shimmer(2) were significantly high compared with Taeyangin and Taeumin groups. Soeumin's G# Shimmer(1) and G# Shimmer(2) were significantly high compared with Soyangin group. Taeyangin's Octave5 and Octave6 were significantly high compared with Soeumin group. On the point of Energy, Soyangin's C S.D., F# S.D.(1), F# S.D.(2) and G dev.(2) were significantly high compared with other groups. Soyangin's F# S.D.(3) was significantly high compared with Taeumin and Soeumin groups. Taeyangin's and Taeumin's G# S.D.(2) and G# S.D.(3) were significantly high compared with Soyangin group 3. Conclusions From above result, there is the possibility of efficient standard guide for constitution diagnosis by analysis of voice

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기업의 무형자산이 기업가치에 미치는 영향에 관한 연구 : 코스닥 상장 중견기업을 중심으로 (A Study of the Effect of Intangible Asset on Firm Value : Focused on KOSDAQ-Listed Medium-Sized Companies)

  • 윤정희;서인희;최정일
    • 한국IT서비스학회지
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    • 제15권3호
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    • pp.1-14
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    • 2016
  • According to the growing importance of science and technology policy, investment in research and development (R&D) has been increased. In this context, a patent as one of outcome of firm's systematic R&D investment is the way to hold a dominant position in companies' technology competitiveness and also to protect technology right. This study attempts to find the effects of input resources and intellectual property production activity on company value. It conducted empirical analysis based on 238 KOSDAQ-listed and medium-sized firms. Using the previous research, this study configurated research variables about activity of patent production, company value, and input of resources. Through these variables, it aims to know the effect of input of resources and activity of patent production on company value. First, the result of regression analysis shows that R&D cost has the positive effect on a patent production and sales promotion cost positively affects on the registration of the trademark. Second, the output of regression analysis indicates that a patent has the positive effect on company value but a trademark has not. With regard to the input of resources, R&D cost has the influence on company value but sales promotion cost has not. This study attempts to find the effectiveness of company's intellectual property registration on its value and suggests a way that the systematic R&D investment contributes the growth of company value.

실측 O-D값과 중력모형 재현 O-D값의 일치비율을 이용한 개선 중력모형 개발 (Development of Advanced Gravity Model Using Accordance Rate Of Observed O-D Value and Derived O-D Value from Gravity Model)

  • 유영근
    • 대한토목학회논문집
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    • 제33권1호
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    • pp.287-295
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    • 2013
  • 본 논문은 중력모형의 예측 정확도 향상을 위해 개선 중력모형을 개발한 것으로 개선 중력모형은 잔차를 이용한 것이다. 기존 잔차를 이용한 연구에서는 잔차를 기준연도 실측 값에서 중력모형의 재현 값을 뺀 값으로 하였고, 이를 장래 중력모형 예측 결과 값에 더하여 장래 통행분포로 하였다. 이번 연구에서는 잔차를 중력모형 계수 추정과정에서 산출 하였는데, 산출결과, 이 잔차가 실측 통행분포량을 중력모형에서의 재현 값으로 나눈 값(재현 일치비율)임을 밝혔다. 재현 일치비율을 중력모형에서 산출된 장래 통행분포량에 적용하였는데, 사례분석 결과, 기본 중력모형, 잔차 부가 개선 중력모형 등에 비하여 상당히 높은 예측 정확도를 가지는 것으로 나타났다.

S3D 애니메이션 제작을 위한 입체 값 분석 기술 (A Study on depth analysis for S3D animation)

  • 김상훈;문석환
    • 디지털콘텐츠학회 논문지
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    • 제16권4호
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    • pp.645-650
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    • 2015
  • 본 논문에서는 완성도 높은 3D 콘텐츠가 부족한 상황에서 고품질의 3D 콘텐츠 제작을 위한 입체 값 분석을 통한 과도한 입체 장면 및 장면 전환 영상을 검출하여 3D 콘텐츠 제작 가이드라인에 맞는 안정적인 입체 영상을 제작할 수 있는 입체 값 분석 기술을 제안한다. 입력된 좌, 우 영상을 이용하여 탐색범위 제한을 통하여 깊이 맵을 구하고 상영되는 스크린 크기에 맞춰 전경 및 배경의 대상 물체의 돌출 영역과 후퇴 영역의 입체 값을 계산한다. 돌출과 후퇴영역이 3D 입체 영상 제작 가이드라인에 벗어나는 장면 및 이전 장면과 과도하게 입체 값 변화가 일어나는 장면을 검출한다. 입체 값 분석 툴을 통해 검출된 장면은 후반 작업에서 입체 값 조절을 통해 안정적인 3D 입체 영상을 제작하는데 도움을 줄 수 있다.