전자공시시스템이 개별기업의 정보반영에 미친 영향에 관한 연구

This study is to observe the character of DART system, the internet-based disclosure system, as compared with that of paper-based disclosure system, whether it could help for firm-specific information to be reflected to the decision making of investors more sufficiently. Till now, many of preceding studies regarding the information effect or information asymmetry have focused to the quality side of information which had been provided by firms. However, no matter how firm may prepare information of excellent quality, if the channel of that good information delivery would be blocked or have some problem, that information would be difficult to play the role as information. Therefore, this study is meaningful in this respect that it inspects whether the development of public announcement system for the providing of business information could reduce all sorts of cost produced in the course from information provider to information user, and in result, could be a help to it to be a suitable information. The observing results whether the rate of reflection of individual firms' information was raised, compared with the macroscopic index at the time of decision making of information users, confirmed that the reflection rate of firm-specific information was raised compared to the condition before the introduction of the relevant system, according as the stock price synchronicity was lowered after the introduction of DART system. It confirmed that the improvement of the communication system, which is the delivery route of firms' public announcement information, through DART system, achieve the role of complementary goods to make the information effective as information. Owing to that fact, it also confirmed that the usefulness of firms' information, in the side of information users, was raised.