K-GAAP과 K-IFRS에 따른 자산재평가 기업의 특성 및 가치관련성 비교연구

The purpose of this study is to analyze the characteristics and motivations on the companies that have performed asset revaluation in 2008～2009 according to K-GAAP No.5 and the companies that have performed asset revaluation in 2010～2011 according to K-IFRS No.1016 as the international accounting standards have phased in wholly. First, in 2008～2009 when K-GAAP No.5 was applied, companies with low credit rating, high debt ratio, low ROA, large scale, and low foreign ownership performed asset revaluation. Through the additional analysis the companies with bad credit ratings have been improved by the asset revaluation but the companies with good credit ratings was not improved. So it could be explained that the companies with vulnerable financial structure were using accounting standards by aggressive accounting choice. In 2010～2011 when K-IFRS No.1016 was applied, there is no significant differences between the companies that have performed asset revaluation and the companies not performed asset revaluation to the variables related with the financial structure and credit ratings. And the companies that have performed asset revaluation did not show improvement on their credit ratings through the additional analysis. Second, by the regression analysis it was found that when the K-GAAP No.5 was applied in 2008～2009, only the companies that have good credit ratings and low in debt ratio show the value relevance of the revaluation information. On the other hand, in 2010～2011 when K-IFRS No. 1016 was applied, asset revaluation companies showed significant positive (+)value relevance. This outcome implies that the financial information of the asset revaluation based on K-GAAP No.5 and K-IFRS No.1016 shows preferential response in the market participants.