기업의 공시수준과 회계이익의 정보효과에 관한 연구

Disclosure is being used as one of the most useful information in approaching company's accounting information. According to increase in the amount of disclosure, the information that investors can use will be increased. So, as the whole amount of information that investors can use climbs up higher, the investors can more effectively use the accounting information of various corporations. As a result of this, the market environment will be improved better. Once again, the increase of disclosure means the increase of whole amount of information investors can effectively use, and by using those information, we can expect the expansion of the market efficiency. In this study, we are going to study these disclosure's functions from financial accounting aspect. If there are relations between earnings and stock price that are caused by the amount of information being provided in the market, we expect that higher disclosure frequency will cause increase of informativeness in accounting earings. On the other hand, if excessive disclosure information exposed to the market, that high disclosure frequency might decrease informativeness in earnings. To verify this hypothesis, in this study, we will use disclosure frequency of various corporations as a substitution of corporate disclosure level and calculate disclosure proxies by various methods. We will find out if the disclosure's quantity influences earnings informativeness by verifying the relations between RET and disclosure frequency of corporations that have been listed in the stock market from the year 2003 to 2010. We believe this study can help verify market efficiency, first of all. For the second, this study can help check changes in current stock market which is being provided more and more information gradually. Finally, we hope the result of this study can contribute to practical disclosure and research by diagnosing informativeness of earning information concerned with disclosure of capital market in Republic of Korea.