R&D 투자가 회계성과에 미치는 영향 = Corporate’s R&D Expenditure and Accounting Performance

다국어 초록 (Multilingual Abstract)

This study is to empirically analyze if there are some relevance between corporate’s R&D expenditures and its performance. 335 companies those are listed on Korea Exchange are selected for the sample survey over the period of 12 years from January 2001 to December 2012. The summary of this study is as follows: First, it is shown as R&D expenditures have a significantly negative correlation statistically with all accounting performance at current (t) and previous (t-1) timing. This result indicates that R&D expenditures are consistently reducing corporate’s accounting profit. R&D expenditures are depreciated or immediately expensed and thus accounting profit is decreased.
Second, R&D expenditures are not shown that there are significantly negative correlation on RAO, RAE and REE statistically, but shown there are significantly negative correlation on RSO statistically. From this result, we can see that performance of invested assets to R&D expenditure and performance for shareholders are affected on the current and the previous year, but the performance of sales are affected over several years.
Third, corporate’s age is shown that it has a significantly negative correlation statistically on other accounting performances except RSO at the significant level of 1%. This result indicates that young ages of corporates on Korea Exchange are more investing on R&D expenditures and the results are shown over several years.
Forth, GRO is shown that it has a significantly positive correlation statistically on all accounting performances over all periods. This result shows that the higher growth rate the corporate has, corporates invest the more investment on R&D expenditures. And we can see that the effects are shown over several years.
Fifth, LEV shows negative influence on accounting performance, but the significant level is shown differently at accounting performance and the periods, respectively.
Sixth, SIZ is shown that it has a significantly positive correlation statistically on all accounting performances over all periods. This result shows that the bigger the corporate is, the corporate increases investment on R&D expenditures. And we can see that the effects are shown over several years.
This study has some restrictions, thus it is necessary to conduct an in-depth study in future. First of all, it is the matter of accuracy in computation of expenditures. Despite of every effort for the sake of accuracy ad objectivity by using every available data, it was not possible to solve the matter completely due to no enough cases and lack of reliabilities of the data. Besides, this study has set the limits to a few of listed companies during a certain period which led to a sense of difference between sample companies. Therefore, it is necessary to study the relevance between R&D expenditures and corporate’s accounting performance more objectively by improving those matters.

참고문헌 (Reference)

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