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학술연구/단체지원/교육 등 연구자 활동을 지속하도록 DBpia가 지원하고 있어요.
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연구자들이 자신의 연구와 전문성을 널리 알리고, 새로운 협력의 기회를 만들 수 있는 네트워킹 공간이에요.
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The purpose of this study is to estimate the intangibles value using the factors of theoretical relative valuation approach. The method of this study is to calculate intangibles value and check the validity of the relative valuation approach by cross-sectional multiple regression and the rate of absolute errors instead of conventionally used methods based on industrial standards and capital market premium approach. The basic propostions of intangible asset valuation by relative valuation approach are as follows. First, empirical result is that PSR model is more suitable for theoretical thesis of relative valuation than PER and PBR. Second, in the dimension of calculated values of intangibles based on estimated PER, PBR and PSR only PSR model have positively value but not others. Third, to check the validity of PER, PBR and PSR we have tested the t-test that which model shows a quitely useful in forecasting the next period market value compare to estimated value using the rate of absolute errors. The result is that PSR model is more competitive to PER and PBR. In conclusion, it is likely that on can be alternative model the predictability and the validity of that to estimate value by applying the PSR.
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