위험회피회계 적용방식이 수출기업의 가치 대용변수에 미치는 영향

This study analyzes the effects of hedge accounting on companies’ Tobin's Q, an index for their market value. Korean government allowed firms to use fair-value hedge accounting instead of cash-flow hedge accounting and to use hedge accounting for non-derivative financial goods if cases are suitable for predefined conditions. We review if there are any differences in firm's market value between using cash-flow hedge accounting and using fair-value hedge accounting especially for export-oriented companies. By the comparison of hedge accounting methods, we check if a firm can get positive effects on its market value 1)by introducing hedge accounting for derivative financial goods, or 2) by changing current cash-flow hedge accounting to fair-value accounting. We use financial statement during 2000-2010 for 250 firms whose export ratio was over 50% of total sales. The result of regression between Tobin's Q and other explaining variables of firm value including derivatives, doesn’t show the usage of derivatives on foreign exchanges have positive effects on firm value. However, we can clarify the effect when we confine the target companies with certain level of dept rate and revenue change rate. In details, it shows that accounting subjects for cash-flow hedge accounting has more clear and positive effects on firm value than the accounting subjects for fair-value hedge accounting, 8.49% vs. 3.27%. It implies firms cannot get any positive market feedback from changing current cash-flow hedge accounting to fair-value accounting. We assume the differences come from the incompleteness of public announcement on the derivative usages. IFRS does not require firms to clearly distinguish investment and fair-value hedge. Neither the standards have a regulation to indicate the based asset or the relationship between based asset and derivatives. The financial information users could not get the details of fair-value hedge accounting because the format or content of public announcement is not sufficient.