재무분석가 존재에 따른 손상차손의 가치관련성에 관한 연구

The recently-introduced international financial reporting standards is characterized as principle-oriented accounting, central role of consolidated financial statement, fair value evaluation expansion and public disclosure. The new standards highlights the relevance of purpose over the reliability of historical cost principle and accounting practice based on fair value assessment may imply a manager's own discretion. In this recognition, this research examine the value relevance of impairment loss according to the existence and non-existence of an analysts. The empirical analysis of this research was performed from 2007 to 2011 for 895 firm-years listed on the Korea Exchange which had reported impairment loss. As a result, it was found that the per-share impairment loss amount of firms reporting impairment loss without an analysts had a negative effect on their stock prices. In this research, assets were divided into tangible and non-tangible assets for examination. A significant negative value was found only in the examination of differences in interaction terms and stock prices of firms without an analysts which had had impairment loss in non-tangible assets. Therefore, as for impairment loss in non-tangible assets relatively vulnerable to a manager's own arbitrary judgment, an analysts is deemed to play a role of external auditor. In addition, as the existence of an analysts affects impairment loss amount and value relevance, it was verified herein that corporate accounting practices and corporate value were influenced by outside factors.