기술성장상장기업의 연구개발비 지출에 대한 연구

Abstract

The Technology Growth Listing (TGL) is a system implemented to discover and foster innovative companies. Therefore, compared to general IPO companies, TGL companies focus on research and development even after listing. While IPOs have a three-year grace period for delisting, TGL has been extended to five years. The delisting regulations for IPO and TGL are the same. TGL companies have innovative technologies when listed, but most of them have not yet succeeded in commercializing. Therefore, TGL companies are often reported losses even five years after listing. In order to maintain listing, TGL companies must first avoid delisting requirements (profitability requirements). In other words, TGL companies must spend enormous amounts of R&D expenses to develop innovative technologies, but they have no choice but to reduce R&D expenditures to maintain their listing. Accordingly, this study examined the trend in the proportion of R&D expenditures by TGL companies until the delisting grace period. We also examined at trends in the proportion of R&D expenditures by distinguishing between capitalized and expensed R&D expenditures. As a result of the analysis, it was found that the proportion of total R&D expenditure decreased as time passed after listing. The proportion of capitalized R&D expenditures did not significantly decrease. However, the proportion of R&D expenses treated as expenses decreased significantly. This phenomenon was especially noticeable in the fifth year of listing, which was the last year of the delisting grace period. In order for TGL, which was implemented to create an innovation ecosystem and secure industrial and national competitiveness, to achieve its original purpose, institutional arrangements for delisting requirements are necessary.