국제회계기준의 도입이 기업가치를 제고하는가?: 이익품질과 가치관련성에 대한 분석

Korea adopted International Financial Reporting Standards(hereafter “IFRS”) to provide higher quality of accounting information. We examine the effect of earnings management with mandatory IFRS adoption in Korea on accounting transparency by means of the analyses of various accruals. Also, We assesse value relevance of changes of net assets and net income by comparing the effects on capital stock valuation before and after mandatory IFRS adoption. We examine the differences of earnings management with mandatory IFRS adoption. We find that several discretionary accruals decrease after mandatory IFRS adoption. This result indicates that IFRS provides high-quality accounting information. By the way, we can't find the evidence of the difference of earnings management based on real activities. Secondly, for the period after IFRS adoption we find net income and changes of net income are less relevant to capital stock valuation. This result suggests that value relevance of net income and changes of net income decreases after IFRS adoption. Possible explanations to these findings are that market reacts to signals about noise of earnings quality, or adjustment of stock price follows as found in previous studies.