K-IFRS 도입에 따른 자산재평가의 공시효과와 정보적 가치에 대한 결정요인

This study analyzes the informativeness of the asset revaluation announcement in accordance with K-IFRS. Korean regulations regarding asset revaluations are categorized into those dealing with ‘plan’ announcements and ‘result’ announcements. Therefore, the informativeness of asset revaluations are analyzed by using the changes in stock prices, with such uniquely Korean characteristics as plan and asset announcements in mind. In addition, various determinants which could impact the announcement effect of asset revaluations are analyzed. The specific research focus of this study is as follows; first, to determine whether investors discriminately recognize the informativeness of asset revaluations by their type. Second, to determine whether investors differently recognize the informativeness of asset revaluations by the characteristics innate to revaluation margins. Third, to determine whether the announcement effect of asset revaluations differs by earnings management. For an empirical analysis, this study use 233 samples from 2009～2011 whose revaluation announcements still exist and analyzed their size-adjusted abnormal returns from 11 days before & after the announcement date. Also, for 210 of those samples, a regression analysis is performed on the determinants of the changes in the stock prices around the revaluation announcement dates. The analytic results of this study can be summarized as follows; first, the changes in the stock prices 11 days before & after the revaluation plan announcement date show a statistically significant positive value, whereas the changes in the stock prices 11 days before & after the revaluation result announcement show none.