재평가동기의 차이를 중심으로 살펴본 자산재평가정보의 유용성에 관한 실증연구

Revaluation of assets is purposed to improve usefulness of the financial statements by presenting assets in the balance sheet at fair value. However, the effectiveness of asset revaluation was much debatable, since firms had a complete discretion on whether to revaluate assets and the revaluation was mainly used to improve the firm's capital structure. Our study provides evidence on whether asset revaluation improves usefulness of the financial statements when the incentive to revaluate assets is to present assets at fair value rather than improving the capital structure of the firm. Empirical results reveal that a revaluation increase credited to revaluation surplus is positively related to firm value. However, a revaluation increase offset deficits has no association with firm value. Furthermore, a revaluation increase attributable to non- depreciable assets such as lands and forests is positively associated with firm value, while a revaluation increase attributable to depreciable assets has no significant relation with firm value. These results are consistent with the argument that asset revaluation improves usefulness of the financial statements when it is done properly to present assets value at fair value.