회계이익과 장부가액의 상대적 가치관련성에 관한 실증연구

The purpose of this paper is to examine the value relevance of accounting information. More specifically, we compare the value relevance of book value versus reported earnings. Our work is motivated by Ohlson(1995), Burgstahler and Dichev(1997), Collins, Maydew and Weiss(1997), Barth, Beaver and Landsman(1998), Hayn(1998) and Ho and Sohn(2000). Using a sample of 142 firms listed in the Korean Stock Exchange during 20 years (1981-2000), we investigated the following research questions: (1) Is the value relevance of book value and earnings increasing or decreasing over time? (2) Is there any trend in the relative value relevance of book value versus earnings? (3) What are the factors affecting the degree of relative value relevance of book value over earnings or vice versa? The value relevance of book value or earnings is measured by its explanatory power (R square) for the stock price. Our results show that (1) the overall value relevance of both book value and earnings has increased over 20 years period, (2) the incremental explanatory power of book value has increased, while that of earnings has decreased, (3) the overall value relevance of accounting information as well as the relative value relevance of earnings have increased after the financial crisis (1997), and (4) the value relevance of book value is higher for the smaller firms and those with negative earnings.