IFRS 도입 이후 순영업자산 변화 구성요소의 미래이익 예측력

According to valuation theory, changes in net operating assets (NOA) are a key determinant of future earnings. In particular, increases in NOA may lead to diminishing marginal returns associated with asset growth and ultimately result in a decline in future returns on assets. However, changes in NOA represent a comprehensive construct that incorporates accruals and can be decomposed into a growth component that contributes to earnings generation and an efficiency component that may impair asset productivity. This study examines whether the components of changes in NOA possess independent information content with respect to future earnings and whether the use of disaggregated accounting information improves the prediction of future earnings. Accordingly, I conduct an empirical analysis of firms listed on the KOSPI and KOSDAQ markets over the period from 2011 to 2019, following the mandatory adoption of IFRS. The results indicate that the growth and efficiency components of changes in NOA are either not significantly associated with changes in future earnings or show directions inconsistent with theoretical expectations. In contrast, the earnings prediction score (D-score) constructed from these components shows a significantly positive association with the likelihood of future earnings increases. These findings suggest that the disaggregated components of changes in NOA contain incremental information content regarding future earnings and that prediction measures based on such components provide economically meaningful insights