벤처기업과 상장·일반기업에 대한 회계손실의 주가관련성 분석

This study examines the value-relevance of accounting earings, losses and net assets according to the sign of earnings information and also investigates whether there is a significant difference in value relevance and explanatory power. The implication of this study is to review the liquidation option hypothesis that value-relevance of accounting losses are temporary phenomena and accounting losses are less related to stock prices than accounting earnings in KOSDAQ market. Our specific main findings are as follows: First, the value-relevance of accounting losses in listed firms and non-venture firms of KOSDAQ is less than that of accounting earnings and the explanatory power is also lower, which supports the firm liquidation option hypothesis. Second, accounting earnings as well as accounting losses are shown as irrelevant while net assets are shown as more relevant in case of loss venture KOSDAQ firms. Therefore, the value of venture KOSDAQ firms is recognized as abandonment option value rather than as solvency value. Finally, further analysis by partial liner regression shows that we cannot find the value-relevance of earnings information in all KOSDAQ venture firms but we can find the value-relevance of net assets in listed firms and KOSDAQ non-venture firm which the stock price of KOSDAQ venture firm are more significantly influenced by net assets rather than earnings information.