K－IFRS도입과 자본비용, 회계정보의 기업가치관련성

This study examines whether there are difference of cost of capital, difference between BV and NI on value relevance, and whether there are difference of effect on firm value according to global and non－global firms since IFRS adoption in Korea. The samples are obtained from the KIS－VALUE and used consolidated financial statements listed on Korean Stock from 2007 to 2013. Our empirical results are summarized as follows. First, we found that cost of capital significantly decrease since IFRS adoption but we couldn't find evidence compare with non －global firm, cost of capital for global firm decrease significantly. Secondly, this study shows value relevance of BV in global firms have been significantly decrease compare with non－global firms, while value relevance of NI significantly increase since IFRS adoption. It is means information on NI have reliability in global firms than non －global firms with IFRS adoption. Also, global firms have negative sign to firm value(TQ：market value/book value) since IFRS adoption, it can be informed non－global firms have benefit than global firms with IFRS adoption. This results illustrates that IFRS adoption purpose by saying Korea discount resolve with reliable financial statements have achieved. <Key