본 연구는 외국인투자자와 국내 기관 및 개인투자자 등 투자주체별로 회계정보와 주가와의 관련성이 차이를 보이는지를 실증적으로 분석하였다. 투자주체별 투자실적이 차이를 보인다는 점에 근거하여 이러한 투자실적 차이의 원인을 회계정보 활용능력의 차이로 보았기 때문에 투자주체의 성격에 따라 회계정보와 주가와의 관련성이 차이를 보일 것으로 예상하였다. 자본시장 개방 첫해인 1992년에는 외국인의 국내 투자가 거의 없었으므로 본 연구는 1993년부터 2002년까지 제조업을 영위하는 거래소상장기업을 대상으로 연구를 수행하였다. 회계이익의 질을 통제하기 위해 통제변수로 재량적 발생과 회계변수의 상호관계를 포함하여 분석하였다. 연구 결과에 의하면, 외국인지분율이 높을수록 회계정보와 주가는 유의적으로 양(+)의 관계를 갖는 것으로 나타났다. 회계이익의 질을 통제한 후에도 이러한 가설은 지지되었다. 또한 개인지분율이 높을수록 회계정보와 주가는 유의적으로 음(－)의 관계를 갖는 것으로 나타났다. 이러한 연구결과는 외국인투자자가 개인투자자에 비해 투자의사결정 요인으로 회계이익 등의 실적지표를 더 많이 활용한다는 것을 보여줌으로써, 투자주체별 수익률의 차이가 회계정보의 분석과 활용의 차이에 기인한다는 간접적인 증거를 제공한다. 외국인 투자자는 투자의사결정시 국내의 기관투자자나 개인투자자에 비해 회계정보 활용과 분석능력이 더 뛰어나기 때문에 높은 수익률을 실현한다는 것이다. 국내의 기관투자자나 개인투자자들도 외국인투자자와의 수익률 차이를 좁히기 위해서는 투자의사결정 과정에서 회계정보의 분석능력 및 활용도를 높여야 할 것이다.

This study empirically analyzed whether the association between accounting information and stock price was different in investor groups such as foreign investors, domestic institutional investors and domestic individual investors. We predicted that the association between accounting information and stock price was different according to the characteristics based on the different investment results in investment groups. Manufacturing companies listed on Korea Stock Exchange was selected as sample in the period of 1993 through 2002. We additionally analyzed the association including discretionary accruals in the empirical models as a control variable. Research results show that the association between accounting information and stock price is significantly positive as foreign investors' equity ratio is high. This association is still significant after controlling the quality of earnings. As domestic individual investor's equity ratio is high, the relationship between accounting information and stock price is significantly negative. This results imply that foreign investors use accounting information more than domestic individual investors in their investment decisions, and supply an indirect evidence that difference in profitability of investors results from the degree of utilization and analysis of accounting information. That means since foreign investors is superior in the ability of use and analysis of accounting information to domestic investors, they realize higher return in investment in stock. Domestic institutional and individual investors are required to improve their abilities of use and analysis of accounting information in their investment decision to narrow the profitability difference.

This study empirically analyzed whether the association between accounting information and stock price was different in investor groups such as foreign investors, domestic institutional investors and domestic individual investors. We predicted that the association between accounting information and stock price was different according to the characteristics based on the different investment results in investment groups. Manufacturing companies listed on Korea Stock Exchange was selected as sample in the period of 1993 through 2002. We additionally analyzed the association including discretionary accruals in the empirical models as a control variable. Research results show that the association between accounting information and stock price is significantly positive as foreign investors' equity ratio is high. This association is still significant after controlling the quality of earnings. As domestic individual investor's equity ratio is high, the relationship between accounting information and stock price is significantly negative. This results imply that foreign investors use accounting information more than domestic individual investors in their investment decisions, and supply an indirect evidence that difference in profitability of investors results from the degree of utilization and analysis of accounting information. That means since foreign investors is superior in the ability of use and analysis of accounting information to domestic investors, they realize higher return in investment in stock. Domestic institutional and individual investors are required to improve their abilities of use and analysis of accounting information in their investment decision to narrow the profitability difference.

foreign investors, domestic institutional investors, domestic individual investors,the association between accounting information and stock price, quality of earnings