보수주의 회계가 미래수익성에 미치는 영향에 대한 시장의 평가

Prior research reveals that the accrual component of profitability is less persistent than the cash flow component, and that investors fail to fully appreciate their differing implications for future profitability(Sloan 1996). We investigate the roles of the conservative accounting practices in indicating the factor for the one-year ahead profitability. This paper also examines whether the levels of the conservative accounting practices influence investors' assessments of future profitability. Using the multiple regression and the Mishkin(1983)-test that Sloan(1996), Xie(2001), and Hanlon(2005) employed, we find that the accounting conservatism is positively correlated with the one-year ahead profitability and the degree that the present profitability is correlated with the one-year ahead profitability decreases as the accounting conservatism increases. we also find that the market irrationally estimates the accounting conservatism, or one-year ahead profitability implications of the accounting conservatism and consequently underprices the accounting conservatism and components of profitability. Our results suggest that generally the market irrationally estimates the conservatism, or one-year ahead profitable implications of the conservatism and consequently underreacts the profitability of accounting conservatism and the components of profitability in the market.