[논문]기업의 빅데이터 투자가 기업가치에 미치는 영향 연구

권영진; 정우진

doi:10.13088/jiis.2019.25.2.099

기업의 빅데이터 투자가 기업가치에 미치는 영향 연구
The effect of Big-data investment on the Market value of Firm 원문보기

지능정보연구 = Journal of intelligence and information systems, v.25 no.2, 2019년, pp.99 - 122

권영진 (한양대학교 일반대학원 경영정보시스템) , 정우진 (연세대학교 정보대학원 바른ICT연구소)

초록
AI-Helper

IDC(International Data Corporation) 사(社)의 최근 보고서에 따르면, 2025년에는 2016년에 생성된 데이터의 10배에 달하는 163제타바이트의 데이터가 생성될 것이고 그 주체의 비중은 소비자에서 기업으로 이동하고 있다고 한다. 이러한 소위 '빅데이터의 물결'은 도래하고 있고 그 파장은 산업 전반적으로 영향을 미칠 것이다. 따라서, 방대한 데이터를 효과적으로 관리하는 것은 기업의 관점에서 그 어느 때보다 더 중요하다. 하지만, IT 투자에 대한 효과를 측정한 선행 연구는 다수 존재함에도 불구하고 빅데이터 투자 효과를 측정한 선행 연구는 거의 전무한 실정이다. 따라서, 해당 투자 효과를 정량적으로 분석한다면 기업의 의사 결정을 도울 수 있을 것이다. 본 연구는 효율적 시장 가설을 이론적 바탕으로 둔 사건연구방법론(Event Study Methodology)을 적용하여, 기업의 빅데이터 투자가 시장 투자자들의 반응에 미치는 영향을 측정하였다. 또한, 보다 심층적으로 이 효과를 분석하기 위해서 5가지 하위 변수를 설정했고 그 내용은 기업 크기 구분, 산업 구분(Finance와 ICT), 투자 구축 완료 구분, 벤더 유무 구분이다. 분석 결과, 91개 기업은 빅데이터 투자 공시 이후 시장 가치가 평균 0.92% 상승한다는 사실을 확인하였다. 특히 Finance 기업, non-ICT 기업, 시가 총액이 작은 기업, 빅데이터 전문 벤더 기업을 통해 투자한 기업, 그리고 빅데이터 시스템이 구축 완료됐다는 공시에 해당하는 기업의 시장 가치가 두드러지게 상승한다는 사실을 알 수 있었다. 본 연구는 빅데이터 투자 효과를 측정한 선행 연구가 거의 전무하다는 점에서 학문적인 의의를 지니고, 빅데이터 투자를 고려 중인 기업 의사 결정자들에게 실질적인 참고 자료가 될 수 있다는 점에서 실무적인 시사점을 갖는다.

Abstract ▼ AI-Helper

According to the recent IDC (International Data Corporation) report, as from 2025, the total volume of data is estimated to reach ten times higher than that of 2016, corresponding to 163 zettabytes. then the main body of generating information is moving more toward corporations than consumers. So-called "the wave of Big-data" is arriving, and the following aftermath affects entire industries and firms, respectively and collectively. Therefore, effective management of vast amounts of data is more important than ever in terms of the firm. However, there have been no previous studies that measure the effects of big data investment, even though there are number of previous studies that quantitatively the effects of IT investment. Therefore, we quantitatively analyze the Big-data investment effects, which assists firm's investment decision making. This study applied the Event Study Methodology, which is based on the efficient market hypothesis as the theoretical basis, to measure the effect of the big data investment of firms on the response of market investors. In addition, five sub-variables were set to analyze this effect in more depth: the contents are firm size classification, industry classification (finance and ICT), investment completion classification, and vendor existence classification. To measure the impact of Big data investment announcements, Data from 91 announcements from 2010 to 2017 were used as data, and the effect of investment was more empirically observed by observing changes in corporate value immediately after the disclosure. This study collected data on Big Data Investment related to Naver 's' News' category, the largest portal site in Korea. In addition, when selecting the target companies, we extracted the disclosures of listed companies in the KOSPI and KOSDAQ market. During the collection process, the search keywords were searched through the keywords 'Big data construction', 'Big data introduction', 'Big data investment', 'Big data order', and 'Big data development'. The results of the empirically proved analysis are as follows. First, we found that the market value of 91 publicly listed firms, who announced Big-data investment, increased by 0.92%. In particular, we can see that the market value of finance firms, non-ICT firms, small-cap firms are significantly increased. This result can be interpreted as the market investors perceive positively the big data investment of the enterprise, allowing market investors to better understand the company's big data investment. Second, statistical demonstration that the market value of financial firms and non - ICT firms increases after Big data investment announcement is proved statistically. Third, this study measured the effect of big data investment by dividing by company size and classified it into the top 30% and the bottom 30% of company size standard (market capitalization) without measuring the median value. To maximize the difference. The analysis showed that the investment effect of small sample companies was greater, and the difference between the two groups was also clear. Fourth, one of the most significant features of this study is that the Big Data Investment announcements are classified and structured according to vendor status. We have shown that the investment effect of a group with vendor involvement (with or without a vendor) is very large, indicating that market investors are very positive about the involvement of big data specialist vendors. Lastly but not least, it is also interesting that market investors are evaluating investment more positively at the time of the Big data Investment announcement, which is scheduled to be built rather than completed. Applying this to the industry, it would be effective for a company to make a disclosure when it decided to invest in big data in terms of increasing the market value. Our study has an academic implication, as prior research looked for the impact of Big-data investment has been nonexistent.

주제어

표/그림 (5)

표 Prior Studies related to Bigdata Investment
표 Variable Description
표 Example of Announcement
표 Market Reaction Result – Market Model
표 Market Reaction Result – Market-adjusted Model

질의응답

핵심어	질문	논문에서 추출한 답변
	데이터 분석을 통한 경제적 부가가치가 증명된 사례는 무엇인가?	이미 과거 연구에서 데이터 분석을 통한 경제적 부가가치는 증명된 바 있다. 예를 들어, 미국내 제조 기업의 데이터 분석 시행 여부와 그 효과를 비교 분석한 McKinsey의 2016년 보고서에 의하면, R&D 영역에서 데이터 분석을 실행한 기업이 약 10-30%의 비용 절감효과를 보았고, 공급사슬관리 (SCM, supply chain management) 영역에서 10-15%의 기업들이 비용절감효과를 본 것으로 나타났으며, 그 중 소매 기업은 해당 기간 동안 최대 19%가 영업 이윤이 증가한 것으로 나타났다. 또한, 데이터 기반 의사결정 정도와 기업의 생산성, 성과 간의 상관 관계를 분석한 Brynjolffson et al. (2011)의 연구에서, 데이터 기반 의사 결정 정도가 높은 기업이 그렇지 않은 기업에 비해 생산성이 대략 5~6%가 더 높았고, 자기자본이익률(ROE) 상승과는 정(+)의 상관 관계에 있는 것으로 나타났다.
	효율적 시장 가설의 이론적 전제는 무엇인가?	효율적 시장 가설의 이론적 전제는 모든 이용 가능한 정보가 이미 주식 시장의 주가에 반영되어 있다는 것이다 (Fama, 1970). 즉, 현재의 특정기업 주식 가치에는 새로운 공시에 대한 시장 투자자들의 평가가 반영되어 있지 않다.
	빅데이터 시장의 규모는 어떻게 변화하고 있는가?	그럼에도 불구하고 빅데이터 시장의 규모는 꾸준히 상승하고 있고, 앞으로도 상승세가 지속될 것으로 예상된다. OnAudience.

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