This paper empirically studies R&D investment and firm value in game companies. Found the following results First, the empirical results show that negative relation between R&D investment absolute scale and firm value. On the other hand, an increase in R&D intensity has simultaneously positive relations with firm value. On an existing research, we can conjecture that game companies should increase its R&D intensity rather than R&D investment absolute. Couldn´t find significant results when it comes to long term performance of R&D. In light of these, can be inferred that R&D investments affect more short term than long term firm value in game industry.

ABSTRACT
 1. 서론
 2. 세계 게임시장 현황과 선행연구
  2.1 세계 게임시장 패러다임
  2.2 연구개발 투자관련 선행연구
 3. 연구자료, 연구방법론
  3.1 연구자료
 3. 실증분석 결과
  3.1 연구개발 투자와 기업가치
 4. 결론
 참고문헌

• 전호진(Department of Finance & Insurance, Seoul Cyber University) | Ho Jin Jeon Corresponding author