본 연구에서는 1982년부터 1995년까지의 기간동안 한국기업의 가치평가과정에서 잔여가치를 추정하여 연구개발비집중정도가 잔여가치에 미치는 영향을 조사하였다. 구체적인 연구내용과 결과는 다음과 같다. 첫째, Penman의 잔여가치계산모형을 Ohlson의 기업가치평가모형에 적용하여 잔여가치를 추정하였다. 둘째, 잔여가치를 예측구간 T＝3부터 T＝10까지의 구간에서 각각 기대잔여가치와 실현잔여가치로 나누어 각 잔여가치에 연구개발비집중도가 미치는 영향을 조사하였다. 그 결과 연구개발비의 집중정도가 기대잔여가치와 실현잔여가치 모두에서 양(＋)의 영향을 미치는 것으로 나타났다. 셋째, 잔여가치에 미치는 산업효과를 고려하여 각 산업별로 연구개발비가 잔여가치에 미치는 영향에 차이가 있는지를 검증하였다.
This study is an examination of the role of th R&D intensity to terminal value for Korean corporations over the period of 1982 to 1995. This study contains the following： First, The excess of market value over book value is defined as abnormal earnings, then abnormal earnings is divided into the present value of forecasted abnormal earnings up to a finite horizon and the present value of forecasted abnormal earnings beyond finite period-terminal value. I investigated the use of an Penman Model and the Ohlson model to estimates terminal value. Second, we considered the model using varying lengths of forecast period from 3 years to 10 years. Then, By imposing theoretical values of book value of equity and sum of abnormal earings derived the expected terminal value(denotes as EXPTV), by ex post observation used the realized terminal value(denotes as RELTV). We examined the relation the expected terminal value between R&D intensity. The result shows a positive association between expected terminal value and R&D intensity over all horizon. And the relation the realized terminal value between R&D intensity was investigated. Also, the result shows a positive association between realized terminal value and R&D intensity over all horizon. Third, in an analysis and classification of the high-tech industry versus the low-tech industry for industry effect. The R&D influencing to terminal value of low-tech industry was less variance than that of the high-tech industry.
I. 서론
II. 선행연구
III. 연구모형 및 가설설정
IV. 실증분석
V. 결론
참고문헌
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