기술도입과 연구개발비 투자가 기업가치에 미치는 영향에 관한 연구
The Effect of technology import and R&D investment on the value of the firm
0
조회
0
다운로드
6
인용
0
참고문헌
키워드
초록
This study investigates the effect of technology import and R&D investment on the value of the firm in Korea. The result shows that the technology import announcement effect of firms with a low R&D investment is higher than that of firms with a high R&D investment. The evidence suggests that technology import can substitute the existing R&D capability of the firm. In addition, the result shows that there is an optimal level of technology import and R&D investment to maximize the value of the firm. In particular, firms with a low R&D investment and a large amount of technology import experience the highest announcement effect. The study concludes thatan adequate allocation of firm's capital between R&D investment and technology import is needed for firm's optimal technology strategy.
Abstract
This study investigates the effect of technology import and R&D investment on the value of the firm in Korea. The result shows that the technology import announcement effect of firms with a low R&D investment is higher than that of firms with a high R&D investment. The evidence suggests that technology import can substitute the existing R&D capability of the firm. In addition, the result shows that there is an optimal level of technology import and R&D investment to maximize the value of the firm. In particular, firms with a low R&D investment and a large amount of technology import experience the highest announcement effect. The study concludes thatan adequate allocation of firm's capital between R&D investment and technology import is needed for firm's optimal technology strategy.
참고문헌 (26)
- 김광두, "국제경쟁력 강화를 위한 기술혁신 연구" (1980), 국제경제연구원
- 김찬웅, "사건연구에서의 주식성과 측정", 증권학회지, pp.301~326 (1997), 제20집
- 정형찬, "한국 주식시장에 적합한 사건연구 방법론의 고안", 재무관리연구, 9(2), pp.273~312 (1997)
- 조영무, "연구개발비가 이익과 시장가치에 미치는 영향", 한국회계학회 발표논문집, pp.83~112 (1998)
- 조성표, "硏究開發支出의 多期間 利益效果 分析", 경영학연구, 30(1), pp.289~315 (2001), 한국경영학회
- 정진호, "기술도입이 기업가치에 미치는 영향", 기술혁신연구, 12(1), pp.49~66 (2004), 기술경영경제학회
- Basant R., "The Effects of R&D, Foreign Technology Purchase, and domestic and International Spillovers on Productivity in Indian Firms", The Review of Economics and Statistics, 78(2), pp.187~199 (1996)
- Bertschek, I., "Product And Process Innovation as A Response To Increasing Imports and Foreign Direct Investment", Journal of Industrial Economics, 63(4), pp.341~351 (1995)
- Braga, N., "Technological Import and Technological Effort: An Analysis of their Determinants in Brazilian Firms", The Journal of Industrial Economics, 34, pp.421~432 (1991)
- Chan, S. J. Martin, "Corporate Research and Development Expenditures and Share Value", Journal of Financial Economics, 26, pp.255~276 (1990)
- Chuang and Lin, "Foreign Direct Investment, R&D and Spillover Efficiency: Evidence From Taiwan’s Manufacturing Firms", Journal of Development Studies, 35(4), pp.117~137 (1999)
- Deolalikar, A.B., "Technology Production and Technology Purchase in Indian Industry: An Econometric Analysis", Review of Economics and Statistics, 71(4), pp.687~692 (1989)
- Fan, C. S., "Foreign Direct Investment aAnd Indigenous Technological Efforts: Evidence From China" (2007), Economics Letters
- Hirschey, M., "Amortization Policy for Advertising and Rsearch and Development", Journal of Accounting Research, pp.326~335 (1985)
- Hu, Z., "R&D and Technology Transfer: Firm-Level Evidence from Chinese Industry", Review of Economics and Statistics, 87(4), pp.780~786 (2005)
- Kathuria, V., "Impact of FDI on R&D strategies of firms in the post-1991 era", IIMB Management Review, (1), pp.17~28 (2005)
- Lee,J., "Technology imports and R&D efforts of Korean manufacturing firms", Journal of Development Economics, 50(1), pp.197~210 (1996)
- Pillai,P.M., "Technology transfer, adaptation and assimilation", Economic and Political Weekly, 14 (1979)
- Scholes, M., "Estimating Betas from Nonsynchronous Data", Journal of Financial Economics, 5, pp.309~327 (1977)
- Odagiri,H., "R&D Expenditures, Royalty Payments and Sales Growth in Japanese Manufacturing Corporations", Journal of Industrial Economics, 32(4), pp.61~71 (1983)
- Ozawa,T., "Macro Economic Factors Affecting Japan's Technology Inflows and Outflows: The Postwar Experience", pp.222~254 (1985), International Technology Transfer: Concepts, Measures, and Comparisons
- Sougiannis,T., "The Accounting Based Valuation of Corporate R&D", The Accounting Review, 69, pp.44~68 (1994)
- Szewczyk, "The Valuation of Corporate R&D Expenditure; Evidence from Investment Opportunities and Free Cash Flow", Financial Management, 25(1), pp.105~110 (1996)
- Twiss, Brian, "Managing Technological Innovation" (1974), Longman
- Veugelers, R., "Domestic R&D in the Presence of Multinational Enterprises", International Journal of Industrial Organisation, 8(1), pp.1~15 (1990)
- Zhao,H., "Technology Imports and Their Impact on The Enhancement of Chinas Indigenous Technological Capability", Journal of Development Studies, 31, pp.585~602 (1995)