한국상장 서비스기업의 주가와 재무정보를 활용한 무형자산가치 분해 - 기술가치, 브랜드가치, 인적자원가치를 중심으로 -

초록

Lev et al. (2001) insist that the correlation between firms' BV(book value) and MV(market value) is decreasing gradually and that IAV(intangible asset value) is increasing in FV according as the ratio of MV over BV is getting bigger, which implies that IAF would be substituted for TAV(tangible asset value) by degrees in composing FV. IAV is a significant factor in deciding the stock price in the security market, IPO(initial public offering) and Merger & Acquisition. Furthermore, the value of every functional factor of IAV would influence investors to make decisions of investment. Accordingly, this study is induced to establish the valuation model of functional factors in IAV. For this analysis, we estimate the IAV of each firm on the basis of stock price in Korean stock market, then allocate it into R&D value, brand value and human resource value through the model. This study suggests a method how to assess the substitutional price of land and would contribute to widening the range of research from R&D or/and brand value in precedent studies to human resource value. Analysis shows that IAV is getting back after it recorded negative value in 2008 and its size order in service industries was R&D > brand > human resource during the year 2005~2010. Besides, IT Software Service industry prevailed over service industries in IAV, R&D value and human resource value, while in brand value it followed broadcasting & communication industry. It holds the internet- or mobile-related business fields, which made Korea be a globally strongest nation of internet. Unexpectedly, the study shows that all the service industries give R&D field the precedence of investment over other fields and they sustained the keynote even in the hard times of Financial Crisis. This suggests that investment in intangible asset, specially in R&D contributes to enhancement of firms' competitiveness and value.

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