국제회계기준 도입에 따른 중소기업의 가치관련성에 미치는 연구

The purpose of this study is to analyze both the features of Small and Medium size Enterprises(SMEs) and those of conglomerate enterprises after the introduction of the International Financial Reporting Standards(IFRS) in an effort to understand how the introduction of consolidated financial statements differently affects value relevance for SMEs compared with previously used financial statements, Samples of this study are derived from 4,150 enterprises listed on Korea Exchange from 2007 to 2014 and they have been verified by using multiple regression analysis. Here are abstractions of results of the study. First of all, It has been analyzed whether the size of enterprises influences value relevance. Both Earning Per Shares(EPS) and Book-value Per Share(BPS) of SMEs affect their stock prices. Second, It has been analyzed whether the introduction of IFRS influences the value relevance. Both EPS and BPS of the enterprises that introduced IFRS affect their stock prices. Third, It has been analyzed whether the introduction of IFRS influences value relevance based on the sizes of the enterprises. As for SMEs, both before and after IFRS introduced, their EPS affects their stock prices. Fourth, by studying value relevance of the accounting data by dividing the enterprises into SMEs and conglomerates. It turns out that the accounting data of the enterprises introduced IFRS involves their value relevance to their stock prices as for both of cases for conglomerates and SMEs,