기업특성에 따른 자산재평가와 기업가치

Asset revaluation has been early adopted from 2008 by the Fast Track Program. It is done in accordance with the regulation(No. 1016) in K-IFRS, allowing firms to have discretion in choosing between “Cost Model” and “Revaluation Model” in the tangible asset after acquisition. Also K-IFRS allows firms to have discretion in choosing between recognize in financial statements and public announcement with comments. This study examines whether there are any difference in financial characteristics between companies which took part in asset revaluation and companies which did not asset revaluation in Korean Stock Exchange for 2008-2011. And this study verify overall whether revaluation surplus has positive sign on stock price and difference sign on stock price according to firm's characteristic. The results are like followings. First, PBV and EPS, FORE(foreign ownership) in firms that undergo asset revaluation are lower, DEBT and SIZE are bigger than firms that did not undergo asset revaluation or did not recognize in financial statements. Second, revaluation surplus has positive sign on relevance of stock price. Thirdly, the revaluation surplus reacts differently depending on firm's characteristic; debt ratio, profit or loss, foreign ownership.