COVID19 이후 변화된 회계정보의 가치관련성

Starting with COVID19, the transition to the 4th industrial era accelerated. Previous studies examined how the increased economic uncertainty caused by COVID19 affected the stock market and accounting information. As COVID19 is accompanied by social structural changes, investors may not make the same decisions as before COVID19, although economic uncertainty has decreased since COVID19. This study analyzed at how capital market participants use accounting information after COVID19 compared to before COVID19 through value relevance. In addition, technology-oriented companies received intensive attention after COVID19. Therefore, it was analyzed whether the higher the value of intangible assets, the greater the value relevance of net assets after COVID19 compared to before COVID19. As a result of the analysis, the value relevance of net income after COVID19 has not changed significantly compared to before COVID19, while the value relevance of net assets has increased significantly. In addition, companies with high intangible asset value had a significantly higher value relevance of net assets after COVID19 than before COVID19. In particular, the value relevance of net assets of companies with high intangible asset values compared to companies with low intangible asset values has widened significantly since COVID19. This means that investors are actively using information on net assets that can predict the company’s growth potential and future competitiveness rather than short-term profitability in a situation where the change to the fourth industry is rapidly progressing. In particular, for companies with high intangible asset values, investors are actively reflecting information on net assets in investment decisions.