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기업지배구조관점에 근거한 R&D 정보의 가치관련성

Value Relevance of R&D Information based on Corporate Governance Perspective

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초록

본 논문에서는 올슨모델을 이용하여 자산 혹은 비용으로 회계처리되는 연구개발비의 가치관련성을 살펴보고, 연구개발비와 주가와의 관계에 지배구조 변수를 투입하여 지배구조의강약에 따라 연구개발비의 가치관련성이 어떻게 변화하는지를 분석한다. 본 연구의 실증분석 결과를 보면, 자산화된 R&D는 부정적인 투자자의 반응이 부분적으로나타났고, 비용화된 R&D는 투자자의 긍정적인 반응이 나타났다. 투자자는 자산화한 연구개발비에 대해서는 경영자의 이익조정의 산물이라고 인식하여 부분적으로 부정적인 반응을 하였지만, 연구개발비를 비용으로 처리한 것에 대해서는 비록 연구개발비의 자산화를 위한 엄격한 조건을 통과는 못하였지만 투자자는 이를 자산으로 인식하여 유의한 양의 반응을 나타내었다. 본 연구의 핵심주제인 기업지배구조의 영향력에 있어서는, 기업지배구조가 강한 기업일수록 연구개발비가 자산화 혹은 비용화되는 경우를 막론하고 부분적이지만 그 가치관련성이 유의한 양의 계수를 나타냄으로서, 투자자는 개별기업의 지배구조 정도에 기초하여 연구개발비를 주가에 반영하였다.

Abstract

This study analyzes the relationship between R&D information and stock prices. It studies whether R&D expenditures have positive effects on share prices. The main point in this study is to analyze the effects of corporate governance on the value relevance of R&D information. According to the empirical results of this study, the value relevance of R&D information was positively significant when the R&D expenditure was accounted for as expenses. It implies that investors perceive the R&D expenses as assets producing future economic benefits to the firm. However, when the R&D expenditure was accounted for as assets, negative response of investors was marginally significant, indicating that investors perceive CEO behaves based on opportunism. The main results of this paper are that as corporate governance becomes stronger, R&D expenditures accounted for as assets had marginally significant positive influences on the share prices indicating the monitoring effects of corporate governance on CEO’s decision makings. Under strong corporate governance, R&D expenditures accounted for as expenses had also marginally significant positive influences on the share prices.

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