공시지가 정보의 중요성과 기업특성별 기업가치 관련성

The purpose of this study is to examine whether the difference between the officially assessed land prices and the book value of land is important or not and to examine the effects of the difference between the book value of the land and the officially assessed land prices on the equity value resulting from firm's characteristics. The importances of the difference between the book value of the land and the officially assessed land prices were tested by using the difference of means for population. The difference of means for the faired samples was tested. The extended model based Ohlson(1995) was developed to examine the effects of the difference between the officially assessed land prices and the book value of land. The extend model was tested by using multiple liner regression analysis. The main conclusions of this study are as follows: (1) The difference between the officially assessed land prices and the book value of the land was larger than 5% and was statistically significant at the 1 percent in 2005 and 2006. (2) The decrease ratio of debt ratio was larger than 6% and was statistically significant at the 1 percent or 5 percent. The decrease ratio of debt ratio for the firm that debt ratio was larger than 200% was larger than 33% and was statistically significant at the 5 percent or 10 percent. (3) The increase ratio of the restriction of total amount of the corporate debenture was larger than 45% and was statistically significant at the 5 percent or 10 percent. (4) The difference between the book value of land and the officially assessed land price had positive price multiples in equity valuation model. The more the land to total asset ratio was high, the more the effects of the difference between the book value of land and the officially assessed land price on the equity value was high.