중소기업의 투자활동과 성장기회가 기업가치에 미치는 영향

Abstract

Investment is commitments of resources made in the hope of realizing benefits that are expected to occur over a long period of time in the future. Investment decisions may be tactical or strategic. A tactical investment decision generally involves a relatively small amount of funds and does not constitute a major departure from what the firm has been doing in the past. Strategic investment decisions may involve large sums of money and may also result in a major departure from what the company has been doing in the past. In this paper, we examine how small and medium-sized firm values are influenced by new strategic investment. Firm strategic investments include both intangible assets and tangible assets input. Intangible assets are defined as identifiable non-monetary assets that cannot be seen, touched or physically measured, which are created through time that are identifiable as a separate asset. Intangible assets are typically expensed according to their respective life expectancy. Tangible assets are distinguished from intangible assets such as trademarks, copyrights, and Goodwill, and natural resources. Also includes accounts receivable of a concern. Tangible and intangible assets are recorded separately on the balance sheet. Physical assets are depreciated over their useful life; intangibles are amortized. This study interprets value of accounting information of intangible and tangible assets that has become common in a balance sheet using Ohlson Model. Ohlson(1995) has proposed to redefine the Stock Dividends through the assumption on clean surplus relation and to differentiate the surplus into such components as normal surplus and excess surplus, thereby developing a valuation model that integrates the surplus, book value and stock dividends together. According to prior study, Wi(2006) analyze the relationship between the success of R&D project about new contents and firm value in small and venture business, As a result, he found statistically significant average abnormal returns(AAR) at event day. And the meaningful average cumulative abnormal returns (ACAR) are observed during event period. and Kim and Shin(2006) examined the value relevance of R&D expenditures using a regression model. Empirical analysis has been performed for non-banking venture firms listed over KOSDOQ. Kim and Kim(2006) examined whether new investments in long-term operating assets have predictive power for future abnormal earnings. They are motivated that investments in long-term operating assets such as intangible assets are likely to generate positive net present values, provided that firms management rationally makes capital budgeting decisions. Jung(2004) investigated the effect of technology outsourcing on the value of the firm in Korea. The result shows that the technology outsourcing in the high growth industries gives positive effects on the value of the firm. However, prior researches have primarily focused on R&D. Therefore, we investigate the empirical relation between firm value and tangible as well as intangible assets investments. And we test the investment opportunity hypothesis that growth industries gives positive effects on the value of the firm. Acceptance of a large strategic investment will involve a significant change in the company's expected profits and in the risks to which these profits will be subject. The future success of a business depends on the investment decisions made today. Managers are generally aware of this is indicated by the requirement that important investment decisions must be approved by the chief operating executive. In spite of this fact, the procedures used to help management make investment decisions are often inadequate and misleading. Capital budgeting is a many activity that includes searching for new and more profitable investment proposal to predict the consequences of accepting the investment, and making economic analysis to decide the profit potential of each investment proposal. In fact, the generation of positive net present values is theoretically equivalent to the generation of future abnormal earnings. Thus firm's new investments in long term operating assets are likely to affect future abnormal earnings. This research hypotheses were as follows. Hypothesis 1 : The tangible assets investment will increase the firm value. Hypothesis 2 : The intangible assets investment will increase the firm value. Hypothesis 3 : The investment in the high growth industries gives positive effects on the firm value In order to test these hypothesis, we select 952 small and medium-sized firms during 2003～2007 periods from KISVALUE program. The initial sample for this study was the 1098 firms but we exclude 146 firms with financial business, issues for administration, non fiscal year in December, missing data observations. We establish the following empirical basic regression models to examine our hypothesis. model 1：[수식] model 2：[수식] where V is firm value as the sum of market value of common stock. ; BBV is book value except capitalized R&D costs; RD is research and development costs; RDC and RDE are capitalized R&D costs and R&D expense; BREV is total revenue except R&D expense; INV is tangible assets investment ; Y is control variable by year. To eliminate the effects of scale, we normalize the firm value, R&D costs, total revenue, tangible assets investment by the book value. The variables included in the model are chosen on the basis of the results of previous studies. <Table 2> shows summary the descriptive statistics for the main variables used in our analysis. It shows that the means of firm value, intangible assets investment and tangible assets investment are 1.253, 0.018 and -0.027. The standard deviation of firm value, intangible assets investment and tangible assets investment are 6.232, 0.063 and 0.900. <Table 3> reveals correlation coefficients among the main variables for the whole sample period. Firm Value is positively significant with R&D but is not significant with tangible assets investment. <Table 5> presents the results from the regressions of model 1. Those are summarized as follows : The R&D variable has a significant at 1% level and positive coefficient of 12.02. It implies that the R&D investment affect firm value. On the contrary, the tangible assets investment(INV) variable is not significant <Table 6>. reports the results from the regressions of model 2. we can find that the coefficient on capitalized R&D expenditure(RDC) is positive and significant at 1% level and the coefficient on non-capitalized R&D(RDE) is positive and significant at 5% level. But the coefficient on INV is not significant. Thus, we can accept the first hypothesis that the R&D investment will be related to firm value but we can't accept the second hypothesis that the tangible assets investment will be related to firm value. For testing the investment opportunity hypothesis, we establish the following empirical model 3. model 3：[수식] where D is the control variable of the high growth industries. and are the coefficient of the R&D and tangible assets investments in all industries. and are the coefficient of the R&D and tangible assets investments in the high growth industries. Table 7 indicate that is not significantly positive and is not significantly negative. Our primary findings are summarized as follows：First, R&D investments is positively related to the value of the firm but tangible assets investments is not related to the value of the firm. Second, capitalized R&D expenditure is statistically significant at 1% level and non-capitalized R&D investments are statistically significant at 5% level. Third, according to the test of investment opportunity hypothesis, there is no differences of two industries.