The main purpose of this study is to verify the effects of R&D investment firm value of manufacturing companies of periodⅠ(2000-2007) and periodⅡ(2009-2016). This study discussed ways to increase firm value through comparing high technology industry R&D and low technology industry R&D. This study analyzed the relationship between R&D and firm value as a result of the changes in the financial environment. Compared with before the global financial crisis and after the global financial crisis, this study tried to increase the responsiveness and to help companies contribute to firm value through efficient R&D. The differences from the previous studies ar as follows. First, this study is to verify of the effect of R&D on firm value among all manufacturing industry, high technology industry and low technology industry from 2000 to 2007. Second this study is to verify of the effect of R&D on firm value among all manufacturing industry, high technology industry and low technology industry from 2009 to 2016. Third, this study used the latest data in the selection of sample subjects rather than previous studies. The analysis period of this study is 8 years from 2001 to 2007 and 8 years from 2009 to 2016. Subject of analysis is a manufacturing companies listed on the KOSDAQ market. The total number of sample companies from 2001 to 2007 was 614 manufacturing companies which 376 belonging to high technology industry and 238 belonging to low technology industry. The total number of sample companies from 2009 to 2016 was 619 manufacturing companies which 367 belonging to high technology industry and 252 belonging to low technology industry. This study analyzed descriptive statistics, correlation, regression by SPSS. The main result from this study are as follows: First, in the period from 2000 to 2007, it is shown that R&D of all manufacturing companies is positively influences their firm value and that R&D of companies belonging to high technology industry and that R&D of companies belonging to low technology industry is not influences their firm value; and second, in the period from 2009 to 2016, it is shown that R&D of all manufacturing companies is positively influences their firm value and that R&D of companies belonging to high technology industry and that R&D of companies belonging to low technology industry is positively influences their firm value.According to the analysis results in the low technology industry where the R&D had no significant effect on firm value before the financial crisis changed that R&D is positively influences firm value after the financial crisis. The theoretical implication of this study main results is that the more recently the influence of R&D on firm value has a stronger influences on firm value in the low technology industry. And this study is verified influences between other variables and firm value, the limitations are also mentioned.