유형자산에 대한 재평가모델의 조기도입 효과

The purpose of this study is to examine the improvement effect of debt ratio and the increasing rate of debenture issue limit on the owner's equity according to the early introduction of International Financial Reporting Standards and to examine the effects of the difference between the fair value of the revaluation asset and the book value of revaluation asset under cost model on the equity value. The improvement effect of debt ratio and the increasing rate of debenture issue limit were tested by using the difference of means for population. The extended model based Ohlson(1995) was developed to examine the effects of the difference between the fair value of the revaluation asset and the book value of revaluation asset under cost model. The main conclusions of this study are as follows:(1) The reduction rate of debt ratio after the introduction of revaluation model was average 73% at the Stock Market and average 66% at the Kosdaq Mark in the Korea Exchange though that was different according to the industry. The more firm's debt ratio was high, the more the reduction rate of debt ratio was high. (2) The increasing rate of debenture issue limit on the owner's equity was average 209% at the Stock Market and average 153% at the Kosdaq Mark though that was different according to the industry. The more firm's debt ratio was high, The more the increasing rate of debenture issue limit on the owner's equity was high. (3) The difference between the fair value of the revaluation asset and the book value of revaluation asset under cost model had positive price multiples in equity valuation model. The more the rate of revaluation asset on the total asset was high, the more the effects of the difference between the fair value of the revaluation asset and the book value of revaluation asset under cost model on the equity value was high.