중소기업의 연구개발성과와 지식재산 및 기업가치 간의 비교에 관한 연구

Study on the Comparison of the R&D Performance of SMEs with the Intellectual Property and Value: Case of KOSDAQ

This study compared of the R&D performance of SMEs with the intellectual property and value. For this, the performance score for R&D activity of SMEs was derived through factor analysis with financial variables related to growth and profitability. For grouping (i.e., high, middle and low group) based on the scores of SMEs, the conceptual cluster analysis which classifies the scores into several clusters considering the goodness was applied. This study compared and analyzed the differences among patent application, audit claims, patent registration and stock return as a R&D performance. In empirical study, the patent, financial and stock price data of 50 stocks which are chip companies based on market capitalization among 997 stocks on KOSDAQ market were collected and analyzed. The results show the differences among the number of patent and stock return rate by group. Also, SMEs include on high group have many patents and are high in term of stock return compared to low group. Our results are expected to analyze the relevance between the intellectual property holding and the increasing effect enterprise value for SMEs.