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Abstract ▼ AI-Helper

Recently, as a determinant factor of the firm value, the intangible asset which includes a knowledge asset and a brand asset is perceived as an important asset. Therefore, this thesis will observe the estimation and the measurement method of intangible assets, and analyzes empirically about the firm...

Recently, as a determinant factor of the firm value, the intangible asset which includes a knowledge asset and a brand asset is perceived as an important asset. Therefore, this thesis will observe the estimation and the measurement method of intangible assets, and analyzes empirically about the firm value relevance of intangible assets with Ely and Waymire"s model(1999) about the firms whose net incomes are surplus in the KOSDAQ market from the year of 2000 to 2003. Moreover, this study actually proves and analyzes about the firm value relevance of a non－venture business and a venture business which are classified by the difference of listing condition of KOSDAQ. The analyzing result shows that intangible assets have positive effect on the firm value relevance. On the other hand, in the KOSDAQ　as a domestic capital market, it is able to insist that the intangible asset book value on a balance sheet is useful accounting information which could explain the value of a firm. Also, the empirical analysis, a venture business and a non－venture business which are classified by firms" characteristic of KOSDAQ, has positive effect on the firm value relevance similarly to the former experiment. This is able to be interpreted that the classification of firms characteristic does not make nay difference.

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