코스닥 IT기업의 개발비의 가치관련성

• 영문명: Value Relevance of Development Cost in IT Firms of KOSDAQ
• 발행기관: 한국IT서비스학회
• 저자명: 김문현(Moon Hyun Kym)
• 간행물 정보: 『한국IT서비스학회지』한국IT서비스학회지 제8권 제3호, 67~81쪽, 전체 15쪽
• 주제분류: 경제경영 > 경영학
• 파일형태: PDF
• 발행일자: 2009.09.30

영문 초록

This study aims to test the valur relevance of development cost particularly focusing on IT firms of KOSDAQ. Test period is from 2005 to 2007 and the samples are 2,271 year-firms including 1,692 firms that reported development cost in financial statements. The basic test model is a modified Ohlson(1995)'s lineae model. The empirical results show that there is the negative relation between stock price and development cost reported as asset. It means that development costs reported as asset is considered as expense in the market. It implies that development activities of KOSDAQ IT firms is not related to market-leading technologies or goods. Otherwise it might reflect the conservative valuation of market on the unstability of KOSDAQ market itself.

키워드

Value Relevance Development Cost IT Firms Financial Statements