국제회계기준의 도입이 투자효율성에 미치는 영향

This paper analyzes the effect of adoption of the K-IFRS on investment efficiency. Prior studies have provided evidence that higher earnings quality increases investment efficiency because it reduces the information asymmetry through better contract conditions and monitoring. it has adopted IFRS from 2011 in order to enhance the transparency of accounting information in Korea. Therefore, the quality of accounting information by adoption of K-IFRS is improved, investment efficiency is also expected to increase. By investigating the association between applying of K-IFRS on investment efficiency targeting publicly listed non-financial enterprise, I find that the size of the difference between the actual investment and the expected investment becomes smaller since adoption of K-IFRS. I also find that the possibility of the over-investment and the under-investment is decreased. The evidence of this study shows that adoption of K-IFRS improve the quality of accounting information and reduce information asymmetry to increase the efficiency of company’s investment. This paper contributes the literature by examining the effect of applying K-IFRS on the company’s investment decision-making aspects.