엔터테인먼트산업의 무형자산과 가치관련성

[Purpose] This study empirically examines the high value relevance between intangible assets and firm value in the entertainment industry. Through this, it aims to confirm whether intangible assets play a significant role in the assessment of firm value. [Methodology] This study applies Ohlson’s (1995) firm valuation model to empirically analyze whether accounting information related to intangible assets has value relevance. To do this, intangible assets and other intangible assets were separately added as independent variables, distinct from net assets per share. Additionally, net assets per share and earnings per share were differentiated by excluding accounting information related to intangible assets. [Findings] The empirical analysis was conducted on a sample of 432 firm－year observations from publicly listed companies in the domestic entertainment industry from 2012 to 2023, yielding the following results. First, the net assets of companies within the entertainment industry were found to have value relevance, while the value relevance of earnings accounting information was relatively low. Second, intangible assets and other intangible assets of companies in the entertainment industry were found to have a strong correlation with firm value. [Implications] Based on the empirical analysis of the value relevance of intangible assets and other intangible assets, which are considered key assets in the entertainment industry, this study is expected to contribute to investors and other information users in the industry. It will also aid in forecasting the growth potential of the entertainment industry in the future.