연구개발비가 기업성과에 미치는 영향에 관한 연구 ; 코스닥 상장기업을 중심으로

Abstract

We can not emphasize the importance of R&D expenditures too much because creating advanced technology is essential for the survival and growth of a firm. No one will dispute the fact that a company spends R&D expenditures as it expects greater future economic profits than the invested amount. However, there is controversy over the accounting process of R&D expenditures, as we are uncertain of the future economic profits resulting from R&D expenditures, and in many cases it is hard to find a direct relationship between R&D expenditures and future profits. It is also difficult to estimate the durable period of future profits. This paper empirically explores the determinants of corporate R&D expenditures in Korea. Specifically, I investigate in cross-section if a firm's sales ratio and price earning ratio(PER) affect its R&D expenditures. The major findings of this study can summarized as follows. First, I document a positive relation between three-year lagged sales ratio and R&D expenditures, and a significant positive relation between three-year lagged PER and R&D expenditures. This evidence is consistent with the implication that firms are encouraged to increase R&D expenditures when they believe return exceeds the cost of investment. Second, the theory also predicts that firms with high debt ratios tends to decrease their R&D expenditures, because R&D expenditures can evaporate in financial distress. Third, firm's size has significant relation between sales ratio and the level of R&D expenditures. Fourth, this study informed that venture businesses are far more influenced by R&D expenditures than general firms. Finally, it was found that strategic importance of the R&D activity had significant influence on the intention of using the relatives of the R&D expenditures and business performance of corporations. As analyzed the outcomes, the R&D expenditures had significant influence on as much as the top management support and effort of organization management in the manufacturing. And We found that the R&D expenditures had significant influence a research worker training support and strategic importance of the R&D activity and that it affected the performance of corporations in the long run.