자산처리 연구개발비와 비용처리 연구개발비가 신용등급에 미치는 영향

The Effects of Asset-counted R&D Expenditures and Cost-counted R&D Expenditures on Credit Ratings

We investigate the relationship between research and development (R&D) expenditures and credit ratings for firms listed on the Korea Exchange from 2000 to 2016 using an ordered probit model. For the United States, Germany, and the United Kingdom firms, R&D expenditures are not allowed to be capitalized. Korean firms, however, may adopt two accounting methods for R&D expenditures: asset-counted or cost-counted R&D expenditures. Our empirical results are as follows. First, the R&D expenditures have a significantly positive impact on credit ratings. Second, interestingly, the asset-counted R&D expenditures positively affect credit ratings but cost-counted R&D expenditures do not. Overall, our empirical results provide a hint for the debate on capitalization of R&D expenditures. In particular, the finding that only asset-counted R&D expenditures related to future growth for firms have an impact on credit ratings suggests implications for properly reflecting R&D expenditures when credit agencies calculate credit ratings of firms.