기술도입과 연구개발비 투자가 기업가치에 미치는 영향에 관한 연구

Abstract

This study investigates the effect of technology import and R&D investment on the value of the firm in Korea. The result shows that the technology import announcement effect of firms with a low R&D investment is higher than that of firms with a high R&D investment. The evidence suggests that technology import can substitute the existing R&D capability of the firm. In addition, the result shows that there is an optimal level of technology import and R&D investment to maximize the value of the firm. In particular, firms with a low R&D investment and a large amount of technology import experience the highest announcement effect. The study concludes thatan adequate allocation of firm's capital between R&D investment and technology import is needed for firm's optimal technology strategy.