한국의 상장, 코스닥 기업에 있어서의 지적자본의 측정에 대한 탐색적 연구

Abstract

Many studies on definition or measurement of intellectual capital are published, but most

studies have not focused on market value/book value ratio. In Korea, the differences exist

between market value and book value. Thus we must investigate the reasons which influence

the differences between market value and book value. This study thus tries to overcome the

shortcomings of previous studies by introducing firm characteristics perspective and intrinsic

value perspective, and investigates the reasons which influence the differences between

market value and book value in Korea stock market.

And this research designs an exploratory research model, consisting of independent

variables and market value/book value ratio as a dependent variable. Independent variables

are firm size, type of industry, type of stock market, net profits per stock, etc. Survey data of

this study were obtained from 423 firms in Korea stock market including KOSDAQ market.

Major research method are ANOVA, t-test, correlation, regression, multiple regression.

Major findings are as follows; first, market value/book value ratio in KOSDAQ is greater

than in Korea stock exchange market, second, market value/book value ratio is different by

the type of industry, third, correlation coefficient between firm size and market value/book value ratio shows -0.37308, and finally firm characteristics values and intrinsic value variables

can explain 40.92% of the variance of market value/book value ratio.