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논문검색

코스닥시장에서 회계정보의 매매관련성에 관한 연구

원문정보

Value Relevance of Accounting Information in KOSDAQ

윤성용, 박종혁, 이호섭

피인용수 : 0(자료제공 : 네이버학술정보)

초록

영어

This thesis examines whether accounting information-earnings and book values-has the value relevance in the KOSDAQ. The study is motivated by previous studies which have examined the value relevance of accounting information. Prior researches have focused on KSE(Korea Stock Exchange). But, prior researches have not examined the value relevance of accounting information in KOSDAQ. So, this study examined the value relevance of accounting information which is disclosed by firms on KOSDAQ and whether accounting information between firms on KOSDAQ and KSE has the discriminative value relevance, underlying the expectation that KOSDAQ firms will have higher future profitability than KSE firms. In other words, book-value multiples of KOSDAQ firms is higher than book-value multiples of KSE firms and earnings multiples of KOSDAQ firms is lower than earnings multiples of KSE firms. The value relevance of accounting information is examined by a valuation framework presented by Ohlson(1995), which expresses the stock-price as a function of both earnings and book values of equity. The results indicate that accounting information of KOSDAQ has significant explanatory power for stock price over the 2005-2007 period. KOSDAQ firm are divided by Venture firms and Small to Mid size firms. KOSDAQ Venture firms have the discriminative value relevance, compared with KSE firms. But, KOSDAQ Small to Mid size firms have not the discriminative value relevance, compared with KSE firms.

목차

Ⅰ. 서 론
 Ⅱ. 선행연구 및 이론적 배경
  1. 회계이익과 주가와의 관련성
  2. 초과이익평가모형(AEM)과 회계정보의 주가관련성
 Ⅲ. 가설설정
 Ⅳ. 검증모형 및 변수정의
  1. 가설 1에 대한 검증모형
  2. 가설 2에 대한 검증모형
 Ⅴ. 변수측정 및 표본선정
 Ⅵ. 실증분석결과
  1. 각 변수들의 기술 통계량
  2. 검증모형 1에 대한 회귀분석결과
  3. 검증모형 2에 대한 회귀분석결과
 Ⅶ. 결 론
 참고문헌
 Abstract

저자정보

  • 윤성용 Yoon, Sung-yong. 한국외국어대학교 상경대학 경영학부
  • 박종혁 Park, Jong-hyuk. 사이버한국외국어대학교 경영학부
  • 이호섭 Lee, Ho-seoub. 전주대학교 일반대학원 경영학과

참고문헌

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