기술경영전문대학원 박사학위 논문심사를 아래와 같이 안내합니다.

1. 학 과: 기술경영전문대학원

2. 학 생 명:김주만 (20145360)

3. 논문

(국문) 제무적 제약하에 있는 기업의 R&D가 기업 가치에 미치는 영향 연구

(영문) The Impact of R&D Investment and Financial Constraints on Firm Value

4. Abstract

This paper investigates the relationship between R&D investment and firm value in financially constrained firms. This study explore how the R&D investment of such firms affects their market value. I discover that (with the exception of a few extremely constrained groups) the greater a firm’s financial constraints, the greater the positive impact of R&D on firm value. This paper postulate that the reason for these results is that the managers of financially constrained firms are under more pressure to select positive NPV-value-creating R&D projects than are the managers of financially flexible firms. In addition, this study further examines the effects of competition on this result. The finding of the study is that the impact of R&D investment increases as competition increases, with the exception of a few highly concentrated industries.

Moreover, I show that the effect of R&D on the value of financially constrained firms with dividend payout policy is much stronger than that on the value of firms without dividend payout policy. It was expected that financially constrained firms tend to avoid paying out dividends. Nevertheless, recent studies on dividends show that dividend policy of financially constrained firms could be utilized positively to provide positive signal to financial market. By extending those studies, the results show that the managers of financially constrained firms are more likely to use dividend payments to provide positive impact of R&D performance on their firm value than are the managers of financially unconstrained firms. Thus, this study suggest that dividend policy of R&D firms with financial constraint could be utilized to provide the positive signal to the financial market.

5. 심사위원장: 양태용

6. 심사위원: 이덕희, 한승헌, 양인선, 엄재용

7. 심사일시: 2020년 6월 10일(수요일), 14시

8. 심사장소: N5 동 2113 호