회계이익과 주가수익률을 이용한 보수주의 효과 검증에 관한 연구

This study is to verify the conservatism effects and scrutinize the structural changes of conservative degrees before and after the IMF crisis in Korea. The conservatism effects are measured with the accounting earnings which revealed in the financial statements complying accounting accural principle, price earning ratio, timeliness, persistence and cash flow earnings. The results are as followings. First, comparing with the price eaning ratio, accounting earnings reported in financial statements have a high skweness and kurtosis. This represents that accounting earnings are more conservative than price earnings. We have a same resultants in the cash flow earnings. The variance of negative abnormal returns is higher than positive abnormals. Second, the slope and R-square values of the firms with the negative abnormal returns is more higher than the firms with the positive abnormal returns. This shows that bad news are reflected more rapidly. Third, the firms with the negative abnormal returns have a higher regressive tendency than the firms with the positive abnormal returns. This result delineates that bad news are infiltrated in the accounting earnings more speedy. Fourth, after the IMF crisis in Korea, the accounting earnings reported in the financial statements have more conservative characteristics and the structural analysis also supports it. Accordingly we can affirm that the efforts to overcome the IMF crisis give rise to a good consequence.