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논문 기본 정보

자료유형
학술저널
저자정보
저널정보
한국유통과학회 유통과학연구 유통과학연구 제17권 제1호
발행연도
2019.1
수록면
89 - 94 (6page)

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Purpose - In recent digital information society, the most important factor of to increase the firm value of the distribution company is not the activity to increase the sales through the general advertisement of the unspecified majority by purchasing the finished product, but to grasp the needs of the consumers and to develop a new distribution platform that connects producers and consumers directly through consumer-tailored advertisements centering on e-commerce. Therefore each company in the distribution industry is spending a lot on research and development investment to innovate the distribution technology and distribution system, and the research and development investment expenditures can affect firm value. The purpose of this study is to analyze the impact of research and development investment expenditures in the distribution industry on market value of the firm. Research design, data, and methodology – As a research method, the sample firms are those which are listed on korea stock exchange market from 2011 to 2017 and the research model is Ohlson(1995) model, which is a representative valuation model using accounting information. This study analyzes the effect of distribution company’s research and development investment expenditures and advertising expenditures on market value of the firm Results - The results of empirical analysis show that research and development investment expenditures for developing new distribution technology and advertising expenditures for promoting sales in the distribution company are all positively related to the market value of firm. Therefore, in describing market value of the distribution company, it is shown that the research and development investment expenditures and advertising expenditures together with the net asset and net profit are the important accounting information that explains the market value of firm. This result show that investment expenditures on research and development for the innovation of distribution technology of distribution company creates intangible intellectual assets and increases market value of the firm. Conclusions - The result of this study shows that research and development investment expenditures for the new distribution technology as well as the spending for the advertisement in the future is a very important investment expenditures that can increase the market value of the distribution company.

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참고문헌 (16)

참고문헌 신청
Syed Zulfiqar Ali Shah / 2008 / Firm size, sector and market valuation of R&D expenditures / Applied Financial Economics Letters 4(2):87~91 Crossref Bubiltz, B. / 1989 / The Information in Discretional Outlays : Advertising, Research and Development / The Accounting Review 64:108~124 google schola Dennis Chambers / 2016 / Managerial Discretion and Accounting for Research and Development Costs / Journal of Accounting, Auditing & Finance 18(1):79~114 Crossref Keith W. Chauvin / 1993 / Advertising, R&D Expenditures and the Market Value of the Firm / Financial Management 22(4):128~140 Crossref Collins, D. W. / 1999 / Equity Valuation and Negative Earnings : The Role of Book Value of Equity / The Accounting Review 74(1):29~61 google schola

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