The study has been made for verifying the impact of R&D investment on the firm value in connection with a process of R&D fund raising, application of R&D expenses and facilitating R&D outcome by means of investigating those listed in Kosdaq. The verification model extended from the Ohlson(1995) model is used for the study and the following result has been obtained. First, with regard to the effect of a process of R&D fund raising on the firm value, a government funding indicates that it has no meaningful effect on the final public subscription price and the initial market price. It is also proved not to have any effect on the sales growth rate of IPOs. Therefore, though a government funding does not have any effect in a short term, it promotes R&D investment for a company itself with which it contributes to creating productivity and outcome in a long term. Secondly, in relation to the effect of application of the R&D expenses on the firm value, the development expenses indicate to have positive effect on the final public subscription price and the initial market price of IPOs, but the ordinary R&D expenses does not have any meaningful effect. Accordingly, the development expenses give relatively more informative effects in describing the enterprise value than the ordinary R&D expenses do. The development expenses have a positive and significant impact on a newly listed company's corporate performance, the growth rate of the sales, whereas the ordinary R&D expenses don't have any impact. It explains that the development expenses on an accounting process are the expenditure for a specific product and/or technology as well as the expenditure capable of reasonably predicting the sufficient future benefit in order to retrieve the amount disbursed. Thirdly, in regard to the effect of spreading and promoting R&D on the firm value, it appears that the industrial property right and the advertising expenses have no significant effect on the final public subscription price and the initial market price of IPOs. It indicates that the derived information has already reflected on the total R&D expenses of a corporate as industrial property right and the advertising expenses are mostly generated by R&D investment.