중소기업 지식자산정보의 부실예측 유용성 = The Usefulness of Intellectual Assets Information on the Failure Forecast of Small and Medium Businesses

다국어 초록 (Multilingual Abstract)

The intellectual assets play a major role in creating firm-value. As corporations actively allocate resources on intellectual assets to maximize value, the importance of intellectual assets is gradually increasing. The conventional accounting system in general does not allow capitalizing resources spent on creating intellectual assets but requires them to be treated as costs. This in turn keeps management from investing in intellectual assets and results decrease in competitive power of the company. This study attempts to measure intellectual assets and tests the usefulness of intellectual assets information on the failure prediction of medium and small businesses. The results are as follows. First, the intellectual asset measured by NCI model constitutes average 30 percent of tangible assets. When the intellectual asset is incorporated on balance sheet, amounts of assets and capital increase by 21% and, 58% compared to those of conventional balance sheet, respectively. The debt to equity ratio is improved from 224% to 132%. Second, multiple logistic regression results seem to indicate that the intellectual assets ratio [(total assets-intellectual assets)/total assets] shows significant positive relationship with company failure. This result is as expected. The results of this study seem to justify arguments that accounting standard-setters should enact the accounting standards requiring the measurement and disclosure of intellectual assets and that credit rating companies and financial institutions should take intellectual assets positively into their considerations.