코스닥 IT기업의 개발비의 가치관련성

Value Relevance of Development Cost in IT Firms of KOSDAQ

This study aims to test the valur relevance of development cost particularly focusing on IT firms of KOSDAQ. Test period is from 2005 to 2007 and the samples are 2,271 year-firms including 1,692 firms that reported development cost in financial statements. The basic test model is a modified Ohlson(1995)'s lineae model. The empirical results show that there is the negative relation between stock price and development cost reported as asset. It means that development costs reported as asset is considered as expense in the market. It implies that development activities of KOSDAQ IT firms is not related to market-leading technologies or goods. Otherwise it might reflect the conservative valuation of market on the unstability of KOSDAQ market itself.