회계정보 주가설명력의 산업별 차이분석

To compose assets and generate earnings it is very diverse in each modern industry. The role of intangible assets in each industry has a difference in knowledge and information-oriented society. Therefore, even when the equity and/or earnings are the same, we can expect that the usefulness of accounting information will have many differences in each industry. This study identifies differences of accounting information usefulness in each industry through explanatory power of stock prices, analyzing value-relevance of assets by use in each industry, then examine how improve the usefulness of accounting information. In order to demonstrate that, we conduct following steps. First, figure out explanatory power of stock prices of the equity and earnings by industries. Second, divide the equity into intangible assets, operating assets and financial assets, then analyze explanatory power of stock prices with each asset and earnings, and identify value-relevance of each asset. Third, carry out capitalization of intangible expenditure. As a result of this study, explanatory power of stock prices of accounting information is different in the listed firms of the Korea Exchange that belong to each categorized industry. In particular, value-relevance of intangible assets are substantially higher than operating assets or financial assets. Compare equity and adjusted earnings after capitalized intangible expenditure with previous one, we found that the usefulness of accounting information is improved by capitalizing R&D expenses or advertising expenses or educational training expenses differently in each industry.