This study is to investigate the effects of intangible assets such as research & development and advertisement on firm values of normal business and venture business listed in the KOSDAQ market, and to examine the information effects of intangible assets on the normal business and venture business. Because the linear model of Fe1tham-Ohlson(1995) has a limitation to evaluate growth firms, we apply the analytical model of Hand(2000a) derived from the log linear model of Ye-Finn(1999) to measure the information effects of intangible assets. We have assumed that expenditure of intangible assets affects firm values positively, and gives different influence on the two businesses, normal business and venture businesses respectively. The sample data for the empirical analyses consist of annual earnings data of firms listed on KOSDAQ market from 1999 to 2003 year, and comprises 1,827 firm-year samples.