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Korean Academic Society of Business Administration
[ Article ]
korean management review - Vol. 49, No. 6, pp.1523-1547
ISSN: 1226-1874 (Print)
Print publication date 31 Dec 2020
Received 17 Jul 2020 Revised 26 Aug 2020 Accepted 28 Aug 2020
DOI: https://doi.org/10.17287/kmr.2020.49.6.1523

상장기업 무형자산 시장가치 측정 및 영향요인 분석: 지분이 인수된 기업을 중심으로

Hee Jang Oh
(First Author) Senior Research Fellow, Korea Management Policy Institute ohj@ynu.ac.kr
Measurement of Market Value of Intangible Assets of Listed Companies and Analysis of Influencing Factors: Focused on Acquisition of Shares


Copyright 2011 THE KOREAN ACADEMIC SOCIETY OF BUSINESS ADMINISTRATION
This is an open access article distributed under the terms of the Creative Commons Attribution License 4.0, which permits unrestricted, distribution, and reproduction in any medium, provided the original work is properly cited.

Abstract

In this study, the market value of intangible assets of companies that acquired shares from 2011 to 2019 was measured through three models(OIVts, OIVtc, OIVsc) using transaction price, market capitalization, and book value. Also, the OIVsc of all listed companies was calculated for comparison purposes. As a result of the analysis, it was found that the degree of recognition of intangible assets was discriminated according to the purpose and target of the equity acquisition, and the kinds of investment. This phenomenon suggests that if more faithful to the recognition and evaluation of intangible assets, it would have made it possible to provide more relevant and meaningful information for corporate valuation. And, the size of the OIVsc by year ranged from 0.8093 to 9.1730, and it has increased with the recent year. This is analyzed that management activities are appropriately transformed in knowledge economy environment. These research results can be provided as data to improve awareness of intangible assets, financial and accounting reporting system. And the three model and concept of measuring the market value of intangible assets used in this study is expected to be used as a useful tool for research in the field of intangible assets.

Keywords:

intangible assets, intangibles market values, human capital, technology, brand, credit, acquiring shares, transaction amounts, financial determinant

Acknowledgments

This work was supported by the Ministry of Education of the Republic of Korea and the National Research Foundation of Korea(NRF-2019S1A5B5A07089043).

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∙ The author Hee Jang Oh is major research areas are intangible assets and valuation, and he is also interested in information systems and economic analysis. He graduated from the Department of Business Administration at Yeungnam University and obtained a Ph.D in business administration(major in accounting) at the same graduate school. As a member of Andong Information College, Yeungnam University, and Korea Management Policy Institute' has published ‘An Empirical Study on the Information Contents of Commercial Paper Rating Changes on Common Stock Prices’, ‘Has the Quality of Credit Rating Improve after the IMF Bailout?’, ‘The Effect of Corporate Name Changes on the Stock Price(with Yong Ha Hyon)’, ‘Sustainable Branding Strategy and Financial Performances’, et cetera in the ｢Korean Management Review｣.