자산처리 연구개발비와 비용처리 연구개발비가 신용등급에 미치는 영향

• 영문명: The Effects of Asset-counted R&D Expenditures and Cost-counted R&D Expenditures on Credit Ratings
• 발행기관: 한국무역연구원
• 저자명: 정세진(Se-Jin Jung) 김석진(Seok-Chin Kim) 임정대(Jeong-Dae Yim)
• 간행물 정보: 『무역연구』제14권 제1호, 571~584쪽, 전체 14쪽
• 주제분류: 경제경영 > 무역학
• 파일형태: PDF
• 발행일자: 2018.02.21

영문 초록

We investigate the relationship between research and development (R&D) expenditures and credit ratings for firms listed on the Korea Exchange from 2000 to 2016 using an ordered probit model. For the United States, Germany, and the United Kingdom firms, R&D expenditures are not allowed to be capitalized. Korean firms, however, may adopt two accounting methods for R&D expenditures: asset-counted or cost-counted R&D expenditures. Our empirical results are as follows. First, the R&D expenditures have a significantly positive impact on credit ratings. Second, interestingly, the asset-counted R&D expenditures positively affect credit ratings but cost-counted R&D expenditures do not. Overall, our empirical results provide a hint for the debate on capitalization of R&D expenditures. In particular, the finding that only asset-counted R&D expenditures related to future growth for firms have an impact on credit ratings suggests implications for properly reflecting R&D expenditures when credit agencies calculate credit ratings of firms.

목차

Ⅰ. 서론

Ⅱ. 선행연구

Ⅲ. 연구설계와 자료

Ⅳ. 실증분석결과

Ⅴ. 결론

키워드

Asset-counted R&D Expenditures Cost-counted R&D Expenditures Credit Ratings Ordered Probit Model