K-IFRS이후 주당영업이익과 주당순이익의 가치관련성

Korean companies have adopted the Korean International Financial Reporting Standards (K-IFRS) since 2011. K－IFRS requires parent companies with subsidiaries to prepare and disclose the separate financial statements in addition to the consolidated financial statements. This study empirically examines value relevance of OIPS and EPS between the consolidated and the separate financial statements, compares value relevance of OIPS and EPS in the consolidated financial statements and the separate financial statements, respectively. Also this study examines value relevance change of OIPS and EPS since 2011. The samples used in this study consist of non－financial firms listed in the Korea Stock Exchange Market which are required to prepare the consolidated financial statements. The Ohlson(1995) model was used to test the research questions. The results show that value relevance OIPS and EPS has not significant difference between the consolidated and the separate financial statements, and value relevance of OIPS has greater than that of EPS in the consolidated financial statements. It implies that market perceives EPS more useful information than OIPS in the consolidated financial statement. Lastly, value relevance of OIPS and EPS is increased in 2012 than 2011 in the consolidated financial statements and the separate financial statements, but not significantly.