제약·바이오 기업의 연구개발비 회계처리 감독지침이 신규상장 기업들의 공모가 저평가에 미치는 영향

Abstract

[Purpose]This study analyzes the impact of the supervisory guidance issued in 2018 on the accounting treatment of research and development expenses on firm valuations.
 [Methodology]We empirically analyze the impact of the guidance on uncertainty in firm valuations by examining the change in the underpricing of initial public offerings before and after the issuance of the supervisory guidance on accounting for research and development expenses for firms that went public between 2005 and 2020.
 [Findings]We find that the public offering undervaluation of pharmaceutical and biotechnology companies decreased after the issuance of the supervisory guidance. This result appears to be due to the fact that the issuance of the supervisory guidance on accounting for R&D expenses reduced the uncertainty of accounting for R&D expenses in pharmaceutical and biotechnology companies, which led to a decrease in the discount in the public offering price. In addition, the increase in IPO undervaluation due to impairment losses also decreased after the introduction of the guideline, which can be interpreted as the guideline reducing managerial discretion in recognizing impairment losses and reducing the uncertainty of firm value.
 [Implications]The finding that supervisory guidance on accounting for R&D expenses in the pharmaceutical and biotechnology industries mitigates IPO underpricing has policy implications that regulations that limit managerial discretion in accounting for these industries can enhance market efficiency.