개발비 지출이 기업가치와 신용등급에 미치는 영향

• 영문명: An Empirical Research on the Firm Value and Credit Rating of Development Expenses
• 발행기관: 강원대학교 경영경제연구소
• 저자명: 진동민(Dong Min Jin)
• 간행물 정보: 『아태비즈니스연구』제9권 제4호, 119~135쪽, 전체 17쪽
• 주제분류: 인문학 > 문학
• 파일형태: PDF
• 발행일자: 2018.12.30

영문 초록

Currently, Korean firms are making a lot of effort to invest in research and development (R&D) by spending a lot of development costs in order to cope with the 4th industrial revolution. On the other hand, the capital market of Korea, which is the main source of funding, has caused a lot of cost of capital for firms by its reorganization mainly with safe assets in the experience of foreign exchange crisis at the end of 1997, the sub-prime mortgage crisis in 2007 and the bankruptcy of Lehman Brothers in September 2008. Thus, this study empirically analyzed the effect of development expenses on credit rating and firm value. The credit rating was measured by commercial paper(CP) credit rating which is sensitive for investors in terms of risk because it is issued only by the credit of the firms. Firm value was defined as Tobin s Q, which has been widely used in prior studies. The results of the analysis are summarized as follows; Firstly, development expenses did not affect credit rating. Development expenses are recognized as intangible assets for uncertainty of economic benefits and long-term investment. Thus, it seems that there is no effect of development expenses on CP credit rating as CP credit rating is evaluated by short-term credit rating.

목차

Abstract

Ⅰ. 서론

Ⅱ. 이론적 배경

Ⅲ. 연구 방법

Ⅳ. 연구결과

Ⅴ. 결론

References

키워드

Commercial Paper Credit Rating Development Expenses Tobin s Q