K-IFRS의 자산재평가가 기업가치와 재무분석가의 이익예측 정확도에 미치는 영향

초록

This study analyzes the association of the asset revaluation of K-IFRS(Korea International Financial Reporting Standards) with firm value and the relevance of accounting information. This study examines the abnormal stock returns around the public disclosure dates of the results of asset revaluation for firms listed on Korea Stock Exchange which disclosed the results of asset revaluation following K-IFRS asset revaluation model. The public disclosures of the results of asset revaluation are mandated by Korea Exchange(KRX) in 2009 and assumed that they are the first public disclosure dates of the results of the asset revaluation. Compared to such disclosure dates as annual report release dates or proxy statements dates used in previous studies, these KRX mandated disclosure dates presumably control for the effects of confounding economic events on stock returns. Analyses show that K-IFRS asset revaluation have the effects on abnormal stock returns, after controlling for the effects of firm characteristics. These findings suggest that K-IFRS asset revaluation provides relevant information for the valuation of firms. Further, to evaluate if K-IFRS asset revaluation enhances the relevance of accounting information, this study investigates the accuracy of analysts' earnings forecasts in relation to asset revaluation. For firms who revalued assets in 2008 and whose 2009 accounting and analysts' earnings forecast data are available, analysts' earnings forecast accuracy is positively associated with asset revaluation. This finding suggests that K-IFRS asset revaluation and fair value presentation of accounting information enhances the relevance of accounting information, and thus reduces the asymmetry of information about the firm among interested parties.

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