회계이익의 질이 가치평가오류와 주가급락에 미치는 영향

Investors consider accounting earnings as more important information than any other performance indicator, and not only the investors but also managers or analysts consider it as the most core performance indicator. However, many studies show that quality of accounting information is different from each other depending on firms and its low quality of accounting information can cause information asymmetry and stock crash. Accordingly, we study that the effect of valuation error and the possibility of stock crash through Korean capital market as the measurement of information risk measured with accrual quality. Moreover, we study the process that if the accrual quality effect on valuation error leads to stock crash. To sum up this study, as the accrual quality is lower, the valuation error happens more. The possibility of stock crash gets higher when the accrual quality is lower and the valuation error occurs a lot. Lastly, we have the result that valuation error has mediated effect through the mediated regression analysis method with the purpose to examine the possibility of stock crash. Also, it shows that the accrual quality effects on the valuation error lead to the high possibility of stock crash. This result has meaning as a prediction model for the stock crash which is considered as investors’s huge wealth losses and it also supports the prior study result that the quality of accounting information could be used as a proxy variable of information risk. Moreover, this study is meaningful in verifying the structural connectivity among the three variables such as accrual quality, valuation error and the possibility of stock crash.