웹트래픽을 이용한 국내 닷컴기업과 금융기업의 시장가치 평가

In this paper, web traffic and accounting information are examined to value Internet firms and financial firms. Web traffic is hypothesized to be an important economic indicator for Internet and financial firm value because without traffic and a critical mass of visitors it is impossible to build customer relationship that can be converted to future sales revenues. Web traffic measures used in this study consist of unique visitors, visit, reach, total page views, page views/visit, site duration/visit. The study builds upon and extends previous studies. The results from the linear regression on data for 30 Korean Internet firms and 21 financial firms, respectively, show that web traffic is value-relevant for explaining market values of Internet and financial stocks after controlling for accounting information. It is concluded that while financial measures still is of importance in the pricing of Internet and financial stocks, web traffic provide more information.