인건비 정보의 기업가치 관련성에 관한 실증연구

This study examines the value-relevance of labor-related costs in stock valuation. A model is analytically developed to do the stated research objective using a Ohlson's (1995) framework. The data used are company's stock price and financial statements listed in Korea stock market during 1991∼2000. After sample screening, the sample size used in analysis is 3,316(company,year). The response variable is market price and predictor variables are extra(residual) income and labor cost information year t and t-1. All variables are deflated by book value of each year total net asset. The study finds that on average the labor-related costs are value relevant(parameter estimator 1.867, and Adj R2 0.147). While analysis doesn't show that yearly labor-related costs are value-relevant consistently, the parameter's signal estimated is showed mostly (nine out of ten) (+) as expected in the model and showed statistically significant in three year out of ten. The results as such show that labor-related cost information can be one of the value-relevant information to price the stock and certain portion of labor-related costs can be considered investment in human capital. The findings suggest that labor-related costs should be considered selectively asset(human capital) accumulation item and investors may need accounting information on human resources to help improve investment decisions.