지원사업
학술연구/단체지원/교육 등 연구자 활동을 지속하도록 DBpia가 지원하고 있어요.
커뮤니티
연구자들이 자신의 연구와 전문성을 널리 알리고, 새로운 협력의 기회를 만들 수 있는 네트워킹 공간이에요.
논문 기본 정보
- 자료유형
- 학술대회자료
- 저자정보
- 저널정보
- 한국로고스경영학회 한국로고스경영학회 학술발표대회논문집 Proceedings of the 3rd International Joint Conference among KALM, MMDIC, and MECS in 2005
- 발행연도
- 2005.7
- 수록면
- 98 - 107 (10page)
이용수
초록· 키워드
오류제보하기
The purpose of this study employs an extended version of the valuation model developed by Ohlson(1995). In the Ohlson model, firm value is determined using abnormal earnings, book value and other information. The extended version adds the sales growth rate and the ratio of R&D expenditure and industrial property rights to book value of beginning assets as independent variables.
The analysis is based on firm level data on sales, R&D expenditure and industrial property rights of 539 venture firms and 1,162 non-venture firms in the KOSDAQ over the period 1999-2003.
This study takes a new look at relations between the value of venture firms and their assumed determinants, the growth and the earnings potential in addition to financial information for valuing non-venture firms. The sales growth rate is used as the proxy of the growth and the ratio of R&D expenditure and industrial property rights to book value of beginning assets is used as the proxy of earnings potential.
The empirical findings of this study are as follows; The sales growth rate and the ratio of R&D expenditure and industrial property rights to book value of beginning assets are positively related to the stock prices of venture firms, suggesting that these variables are important determinants of stock prices. The coefficients of these variables for venture firms are larger than those for nonventure firms, indicating that these variables represent the characteristics of venture firms and are more value relevant for venture firms than for nonventure firms.
The results of this study suggest that one should reflect information on growth and earnings potential as well as abnormal earnings and net book value in the KOSDAQ venture firm valuations. Therefore, in order to determine the value of venture firms preparing the IPO, the sales growth and the research and development expenditure on top of the information for non-venture firm valuation should be considered.
The analysis is based on firm level data on sales, R&D expenditure and industrial property rights of 539 venture firms and 1,162 non-venture firms in the KOSDAQ over the period 1999-2003.
This study takes a new look at relations between the value of venture firms and their assumed determinants, the growth and the earnings potential in addition to financial information for valuing non-venture firms. The sales growth rate is used as the proxy of the growth and the ratio of R&D expenditure and industrial property rights to book value of beginning assets is used as the proxy of earnings potential.
The empirical findings of this study are as follows; The sales growth rate and the ratio of R&D expenditure and industrial property rights to book value of beginning assets are positively related to the stock prices of venture firms, suggesting that these variables are important determinants of stock prices. The coefficients of these variables for venture firms are larger than those for nonventure firms, indicating that these variables represent the characteristics of venture firms and are more value relevant for venture firms than for nonventure firms.
The results of this study suggest that one should reflect information on growth and earnings potential as well as abnormal earnings and net book value in the KOSDAQ venture firm valuations. Therefore, in order to determine the value of venture firms preparing the IPO, the sales growth and the research and development expenditure on top of the information for non-venture firm valuation should be considered.
목차
ABSTRACT
Ⅰ. INTRODUCTION
Ⅱ. The Examination of Previous Studies
Ⅲ. Establishing Study Model and Examination of Analysis Data
Ⅳ. The result of Empirical analysis
Ⅴ. Conclusion
REFERENCES
참고문헌 (0)
참고문헌 신청함께 읽어보면 좋을 논문
논문 유사도에 따라 DBpia 가 추천하는 논문입니다. 함께 보면 좋을 연관 논문을 확인해보세요!
-
벤처기업-대기업의 협력전략이 성과에 미치는 영향 : 벤처기업의 성장단계를 중심으로
대한경영학회지
2003 .02
-
The Making of a New Organizational Population : Venture Firms in Korea
한국사회학회 사회학대회 논문집
2003 .12
-
VENTURE NOW
벤처다이제스트
2008 .01
-
Venture Now
벤처다이제스트
2004 .01
-
Venture Now
벤처다이제스트
2004 .01
-
VENTURE NOW
벤처다이제스트
2008 .01
-
VENTURE NOW
벤처다이제스트
2008 .01
-
Venture Now
벤처다이제스트
2004 .01
-
Venture Now
벤처다이제스트
2006 .01
-
Venture Now
벤처다이제스트
2004 .01
-
VENTURE NOW
벤처다이제스트
2008 .01
-
venture
벤처다이제스트
2006 .01
-
Venture Now
벤처다이제스트
2004 .01
-
Venture Now
벤처다이제스트
2004 .01
-
Venture Now
벤처다이제스트
2004 .01
-
Venture Now
벤처다이제스트
2004 .01
-
VENTURE NOW
벤처다이제스트
2008 .01
-
Venture Now
벤처다이제스트
2004 .01
-
VENTURE NOW
벤처다이제스트
2008 .01
-
Venture Now
벤처다이제스트
2004 .01
이 논문의 저자 정보
이 논문과 함께 이용한 논문
증권시장 상장이 신약개발 바이오벤처기업의 기술사업화 성과에 미치는 사례연구
김주영
,
하규수
벤처창업연구
2019
.02
신규상장 업무관련 서비스에 따른 주간사의 평판이 투자자의 투자의사결정에 미치는 영향 : 외국인투자자와 소액주주를 중심으로
김나연
,
황국재
서비스경영학회지
2018
.12
벤처캐피탈의 투자회수 결정요인에 관한 연구
이진호
,
박영석
한국증권학회지
2018
.12
Retrieving spilled knowledge : The effects of knowledge spill-ins on entrepreneurial firms
박상찬
,
김상준
,
최승호
한국경영학회 융합학술대회
2018
.08
IPO 기업의 우리사주지분율이 이익조정에 미치는 영향
신연욱
,
김기범
국제회계연구
2018
.04
최근 본 자료
댓글(0)
0
UCI(KEPA) : I410-ECN-0101-2009-325-017134351