기업혁신성, 초과이익 및 기업가치 관련성 분석 = Testing on The Relationship Between Innovation, Abnormal Earnings and Firm Value

국문 초록 (Abstract)

최근 일부 선행 연구는 초과이익과 기업가치 관련성에서 무형자산이 초과이익의 지속성 및 기업가치에 미치는 영향을 실증분석 하였다. 그러나 이들 연구는 무형자산 중 일부 계정인 R&D투자 효과 또는 회계처리 방법에 따른 초과이익의 지속성 변화 차원만을 주요 연구대상으로 수행되었다. 초과이익의 생성과 지속성 그리고 이에 대한 자본시장의 반응은 무형자산 계정인 R&D와 같은 계정에 의해 일부 영향도 받지만, 실질적으로 초과이익 생성 및 무형자산 투자의 근본적인 가치동인인 기업혁신성에 더 큰 영향을 받는다. 이것은 기업혁신성이 일반적으로 기술혁신 형태로 이루어지며, 기술혁신은 기업의 생산성 증가를 통해 달성되고, 생산성의 향상은 기업가치 증가로 연결되어지기 때문이다. 따라서 이러한 관계는 전체적으로 기업혁신성이 생산성 증가에 영향을 미치고, 이것이 초과이익의 지속성을 개선시켜기업가치 증가에 영향을 미친다는 논리적 추론이 가능하다. 특히, 기업혁신성 정보는 기존의 무형자산에 포함되어 있지 않은 차별적이고 증분적인 정보 내용을 포함하고 있다. 본 연구는 이러한 맥락에서 기업혁신성에 기초하여 초과이익 생성, 초과이익 지속성 및 기업가치 관련성을 실증분석 하였다. 실증분석 결과는 다음과 같다. 첫째, 기업혁신성과 초과이익은 통계적으로 유의한 관련성이 존재하였고, 또한 기업혁신성의 반영 유무에 따른 초과이익의 지속계수의 결과는 기업혁신성을 반영하지 않은 초과이익 지속계수보다 기업혁신성을 반영한 초과이익의 지속계수가 증가한 것으로 나타났다. 둘째, 본 연구는 기업혁신성을 반영한 초과이익과 주가와 유의한 관련성을 제시하였고, 더욱이 기업혁신성 증가한 기업군의 초과이익과 기업가치의 관련성이 통계적 유의한 결과를 보여주었다. 이는 기업가치 평가과정에서 기업혁신성에 따른 초과이익의 정보적 가치의 차별성이 존재함을 시사한다.

다국어 초록 (Multilingual Abstract)

This study examines value relevance of firm`s innovation through their effect on persistence of Ohlson`s (1995) abnormal earnings. This study aims to explore whether firm`s innovation, together with information from the financial statements, can explain a firm`s market value. However, unlike other present value models, the Ohlson (1995) model uses data obtained from annual financial statements only. The valuation model incorporates both the bottom line items of the two traditional financial statements (accrual earnings from the income statement and net total assets from the balance sheet). The model does however include an ``other information`` variable that is difficult to specify. Most recent empirical studies which use the Ohlson (1995) model, use dividends as a surrogate for the ``other`` information variable. However, these studies conclude that additional work is required to specify this variable fully. One possible specification that is omitted by the book values used in the Ohlson (1995) model is innovation. The results and findings from previous studies investigating the relationship between company performance and innovation predict that intellectual capital will increasingly become the ``pivotal factor in corporate growth and development``, and is ``becoming the preeminent resource for creating economic wealth``. The role of innovation in creating value has become crucial in achieving a competitive advantage in the market. This role is also highlighted by Drucker (1993:54), who states that ``innovation has become the key economic resource and the dominant and perhaps even the only source of competitive advantage. In this light, this article includes an innovation variable as part of the ``other`` information specification, and aims to test whether accrual accounting information and innovation to the explanation of share prices. This is evaluated by comparing two persistence metrics between abnormal earnings based on capitalizing firm`s innovation and pure abnormal earnings. We argue that if abnormal earnings computed by capitalized firm`s innovation are more persistent than pure abnormal earnings and that market participants evaluate more favorably such firm`s innovation that increase the persistence of abnormal earnings. Empirical findings support our expectation; i.e. the pricing multiples on firm`s innovation are greater for firms by capitalizing firm`s innovation than for firms with pure earnings. Table 10 and 11 tabulates the results of the four estimated models. This suggests that market participants evaluate more favorably firm`s innovation which increase earnings persistence through capitalization and that the role of innovation in accounting processes be taken into consideration when we evaluate value relevance of accounting information. The estimated coefficients for model 10 are in accordance with expectations, which is statistically different from zero. This result is fond in all models, and is probably due to the specificity of the industry we are dealing with, where Firm`s innovation seems to convey most of the prospects about earnings. However, controlling for abnormal earnings persistence, implies a sharp increase in the size of Firm`s innovation coefficients for firms where firm-specific information production is relatively high. In summary, the evidence in Tables 10 and 11 shows that firms with relatively high firm`s innovation information have higher valuation multiples on firm`s innovation. This paper contributes to the accounting literature in a number of ways. First, it provides some reassurance that differences in average returns are due to differences in firm`s innovation. Secondly, it proposes a the innovation-based model that is motivated by recent advances in the business literature, and demonstrates the value of more extensive controls for firm`s innovation.

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