투자부동산이 기업가치에 미치는 영향: 자가사용 부동산에서 계정대체된 투자부동산을 중심으로

[Purpose]In the case of using owner－occupied property to generate rental income, it must be reported as investment property. The purpose of this paper is to verify whether the impact of such investment property on the firms value is different from the other investment property. [Methodology]A research model with Firms value as a dependent variable was established. The Firms value was measured by the value of Tobin Q. The study period was from 2011 to 2020 after the introduction of the KIFRS. The sample was targeted at manufacturing companies listed on the Korea Exchange that own both owner－occupied property and investment property. [Findings]As a result of empirical analysis, in the case of the Firms that owns both owner－occupied property and investment property, all property and investment property have a negative (－) effect on the Firms value. It can be seen that investement property reclassified from owner－occupied property and the other investment have different effects on the firms value. [Implications]Investment property held by a company has a negative (－) effect on the Firms value. However, it can be seen that there is a difference in market valuation even for the same investment property.