회계정보를 이용한 기업가치평가 모형에 관한 연구

Different from the previous market－based accounting studies, recent research on firm valuation using accounting information focuses on the role of accounting information in the measurement perspective. The paper of the main interest is how to measure firm value using accounting information if accounting is an appropriate measurement system.The purpose of this paper is construct model to measure firm value using accounting information. A regression analysis specifies the dynamics of an information set that includes net earnings, operating assets, accounting method. The analyses in this paper are based on a model of a firm valuation using accounting information, neo－classical setting. According to the firm valuation model of Feltham and Ohlson(1995), conservative accounting is an important variable to be seriously considered to determine the accurate firm value. The influence of accounting information variables on firm value could be understood if there is the relation between firm value and conservative accounting.The empirical results are as follows:Firstly, there is the relation between accounting information variables and firm value. That is, the hypotheses of this paper are that there is “＋” relation between net earning and firm value, and “＋” relation between net operating assets and firm value.Secondly, there is the relation between accounting method variables and firm value.The hypotheses of this paper are that there is (－) relation between depreciation method and firm value, (＋) relation between inventory method and firm value.In sum, the firm valuation model considering accounting information variables has validity and accounting method has a meaningful effect on firm valuation. This paper concludes by arguing that the model provides useful insights into variables that may influence the empirical relationship between firm value and accounting data.