성장성과 자본이용효율성에 따른 기업가치평가특성

The purpose of this study is to examine the relationship between firms' growth characteristics and the price multipliers of valuation components. This study uses PEER(price-to excess earnings ratio), and EROE(excess return on equity) as identifying variables on the firms' growth characteristics. In order to test the hypothesized relationship, multiple regression models are employed. The empirical tests are based on financial data of some listed-firms in Korean Stock Exchange during the period between 1987 and 1999. Main results from the empirical tests are summaries as follows; First, when firms' growth characteristics are classified by PEER and EROE combination, price multipliers of net book value do not vary among groups, but there are differences in price multipliers of excess earnings among groups. Second, there is a difference in explanatory power of valuation model among the groups classified by firms' growth characteristics.