중소기업 무형자산 및 기업부동산과 주가와의 가치관련성에 관한 연구

This research analyzed the effect of intangible asset and corporate real estate information on stock value of medium and small firm in Korea based on 1,874 KOSDAQ-listed, KONEX-listed, K-OTC-listed companies for the period 1995 to 2015 in terms of market efficiency, using Feltham and Ohlson (1995)'s model. And This research compared and analyzed the effect of intangible asset and corporate real estate information on stock value between large firm and medium and small firm. The aim of this research is to expand research related to value relevance of other information and provide empirical tools for stock manager and Chief Executive Officer of medium and small firm. The main findings were as follows. First, intangible asset and corporate real retention information exerted a significant positive (+) effect on stock price. This means that intangible asset and corporate real information influences on stock price positively. Second, in large firm both possession real estate and investment real estate information appeared to have significant positive (+) effects on stock price while in medium and small firm possession real estate information appeared to have significant positive (+) effects on stock price, but investment real estate information appeared to have insignificant negative (-) effects on stock price. This means that possession real estate information influences on stock price positively, but investment real estate information does not influences on stock price positively. Third, in large firm earnings on dispositions of corporate real estate appeared to have significant positive (+) effects on stock price, while appeared to have significant negative (-) in medium and small.