코스닥 기업의 특허권이 경제적 부가가치(EVA)에 미치는 영향

Abstract

This study examines the effect of patent rights (PAT) on the future firm value of KOSDAQ firms. The research seeks to determine whether there is a positive association between PAT and economic value added (EVA), after other intangible assets such as development cost (DEVEL), R&D expenditures (RND), advertising costs (AD), and training/education costs (TRC), and other control variables including firm performance, firm size, and debt ratios, have been considered. The test sample consists of 640 firms that were listed in the Korea Exchange between the years 2007-2010. The results of the study suggest that there is a positively significant relationship between EVA and PAT; however, in case of DEVEL, RND, AD, and TRC, no such association has been detected. This implies that, as long as the rights to patents resulting from research and development activities are guaranteed, the markets tends to view holding patent rights as future economic benefits.