연구개발 지출의 수익성, 지속성, 자본화, 가치관련성의 추세

초록

Research and development(R&D) activities aim to generate future profits and hence constitute an important value creation process. This paper discusses time trends of value relevance of R&D with a specific focus on its relation to R&D attributes (i.e., profitability, persistence, and capitalization). Analyzing 18,969 Korean listed companies between 2000 and 2014, we document a clearly evolving trend of the following R&D attributes. First, we find that R&D investment is on average positively related to future operating profits, and that the relation becomes stronger over time. In contrast, the relation between R&D and future earnings volatility becomes weaker over time, collectively suggesting a more positive value implication of R&D activities in recent years. Nevertheless, we do not find a significant change in persistence of R&D investment but a decreasing trend in R&D capitalization, indicating that the R&D is less likely to create values in recent years. With these changes of R&D attributes, we do not find a clear time trend in terms of value relevance of R&D. In sum, this paper provides a set of empirical evidence for R&D attributes related to value relevance.

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