S-Space College of Business Administration/Business School (경영대학/대학원) Institute of Management Research (경영연구소) 경영논집 경영논집 vol.37 (2003)
한국의 상장, 코스닥 기업에 있어서의 지적자본의 측정에 대한 탐색적 연구
Exploratory Research of Knowledge Capital Measurement in Korea Stock Market
- Issue Date
- 서울대학교 경영대학 경영연구소
- 경영논집, Vol.37 No.1, pp. 45-72
- Intellectual Capital; Intellectual Capital Multiples; Market Value/Book Value Ratio; Intrinsic Value Perspective
- 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.