의생명기업의 무형자산 개발비가 기업가치에 주는 영향

Abstract

This study was introduced as the medical company’s intangible asset development expense how impact on the company’s enterprise value. The analysis model was used multiple regression analysis model. The dependent variable was measured as in Tobin’s Q for measuring the value of the company. And the interest variables were measured as Total research and development expenses, intangible asset development expense, and research expense. In addition to such as intangible assets and firm size variables found to influence the corporate value in the previous study were selected as control variables. The result of the multiple regression analysis, total research and development expenses (TRD) and intangible asset development expense(NPPER) were appeared to influence significant positive(＋) to the enterprise value(Tobin’s Q). The research and development (R&D) was appeared to influence significant negative(－) to the enterprise value(Tobin’s Q). This result means that the intangible asset development expense(NPPER) was influence positive(＋) to the medical company’s enterprise value. And presents evidence that the medical company’s endogenous growth(intangible asset development expense) was a significant role in the increase of the enterprise value.