결합재무제표 정보의 가치관련성

The purpose of this study is to examine the value-relevance of the information being presented on combined financial statements. This study empirically examines the impact of combined earnings and combined net asset on the market value of individual firms included the combined accounting entities. The empirical model in this study is based on the Ohlson's model. The model shows the determinants of firm value are the book value of equity, current abnormal earnings, and information about future abnormal earnings which is not reflected in current abnormal earnings. The sample is consisted of the korean listed companies that included in the large business group presenting the combined financial statements during 2005 to 2007. The result of the empirical test shows that combined earnings and combined net assets that are presented on combined financial statements are not significantly associated with firm's market value. But earnings and net assets that are presented on individual firm's financial statements are significantly associated with firm's market value. The market value means the value of the future cash flows created by firm. So, The findings in this study imply that combined earnings and combined net assets are not value-relevant. Based on the findings, this study conclude that combined financial statements are not useful to investors. The requirement of presenting combined financial statements in Korea, therefore, may have to be abolished.