투자부동산의 기업가치 관련성에 관한 연구: 자가사용부동산을 중심으로

초록

The K-IFRS requires to be classified as investment property if company has real estate that is not used for its own purposes. Such information is communicated to stake-holders in the capital markets. and stake-holders reflect this information in decision making. When an investment property is leased to a subsidiary, it is excluded from the investment property under the consolidated financial statement in K-IFRS. Because, leasing investment property to subsidiary it is for self-use, not for own purposes. This study analysis the value relevance of investment property and real estate value when since the introduction of K-IFRS. For the analysis, we use a Ohlson(1995) model that was widely used in firm's value analysis. And we analyze each to see the difference between separate financial statements and consolidated financial statements. The analysis results for the period from 2011 to 2016, on which K-IFRS was applied, were as follows. First, analyzing the separate financial statements, investment property of the company has a negative(-) significant effect to firm's value. Investment dummy1(InvDummy1: if the investment property on the separate financial statement is larger than the investment property on the consolidated financial statement) and Investment dummy2(InvDummy2: if the investment property on the separate financial statement is lower than the investment property on the consolidated financial statement) has a negative(-) significant effect to firm's value. It means that stake-holders in the capital market are perceived negatively about the investment property of the enterprise. Especially investment property used by the subsidiary is recognized as negative. Second, analyzing the consolidated financial statements, investment property of the company has a negative(-) significant effect to firm's value. And investment dummy1(InvDummy1: if the investment property on the separate financial statement is larger than the investment property on the consolidated financial statement) has a negative(-) significant effect to firm's value. Investment dummy2(InvDummy2: if the investment property on the separate financial statement is lower than the investment property on the consolidated financial statement) has not significant effect to firm's value. But it is a negative(-) effect to firm's value. It means that stake-holders in the capital markets has a negative perception for investment property(exactly not used for its own purposes). And thus negative if not only investment property on separate financial statements but also investment property on consolidated financial statements. As a result, Stake-holders in the capital market are generally perceived as negative by investment property held by the company has property for investment, not for own purpose. This is because the investment property is intended for investment, not for the purpose of use by the firm. Stake-holders in the capital market are negatively perceived by the firm to be unrelated to the intrinsic purpose of the business. And although the firms are categorized as investment purpose in the financial statement, the use of self-employed investment properties by the subsidiary companies is recognized as negative in the capital market.

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