재무상태와 보수주의가 손실기업의 가치에 미치는 영향

The purpose of this study examines the relevance of firm value and accounting loss according to the financial position and conservatism. Prior researches argue the low earnings response coefficient of loss firms as evidence that losses are less informative than profits about future prospects. Losses represent a case where current earnings signal that future earnings will be low enough to make the abandonment option attractive. However other researches publish that investors do not consider losses to be homogeneous and the causes and nature of the loss to assess its long term implications for firm value. So, I hypothesize that they appraise it differently by financial variables. In order to test these hypotheses, I use two variables that financial position and conservatism. And the sample consist of 539 loss firms listed on the korean stock exchange during 2008-2013 from KISVALUE program. The initial samples are 665 firms but we exclude 126 firms with financial business, issues for administration, non fiscal year in December, missing data observations. I find that investors respond to the magnitude of good financial position and high conservatism and exist the minus relevance of firm value and accounting earnings according to the financial position and conservatism of loss firms. In the result, this paper extend that investors do not consider losses to be homogeneous on the pricing of losses. In assessing whether a loss is a good indicator of the likelihood of exercising the abandonment option, investors consider information beyond loss earnings.