기업특성에 따른 보수성의 자본시장반응
The Role of Corporate Characteristics to Conservatism and Market Efficiency
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본 연구는 기업의 특성에 영향을 받은 회계보수성을 시장에서 효율적으로 평가되는지를 알아보고자 한다 실증분석결과는 첫째, 기업특성이 보수성에 영향을 미치는 요인으로 소유구조는 외국인투자자지분율이 높을수록 보수성향이 강한 것으로 나타났다. 둘째, 이러한 기업특성을 반영한 보수성을 시장에서 효율적으로 평가되는지에 대한 결과는 회계의 보수성을 효율적으로 평가하지 못하고 과소평가하는 것으로 나타났다. 보수주의와 이익지속성 및 기업가치관련의 연구는 활발히 진행되나, 이러한 보수성을 자본시장에서 효율적으로 인식하는지에 대해서는 거의 연구되지 않고 있다. 이 시점에서 기업의 특성이 영향을 미치는 회계의 보수성 정보를 이용하여 시장효율성을 분석함으로써 보수성 정보를 투자자들이 인식하고 투자를 할 수 있는지에 대해 분석하는 것은 의의가 있을 것이다.
Abstract
Under conservative accounting, bad news is recognized immediately in the current period, thus most of the bad news is reflected upon the current income. Such conservative accounting brings about the undervaluation of the short-term return on investment, and at the same time, comes to have the potential to report a better result of the firms in a long-term perspective. However, if information users do not recognize the conservative accounting from the information provider adequately, in other words, if they do not recognize the long and short-term effects of the conservative accounting, it may result in their undervaluing the conservative accounting. A number of recent studies assume market efficiency and interpret an association between stock returns and accounting information as evidence of the contribution of such information to future earnings. We explicitly examine whether accounting information -conservatism- predicts future earnings, and whether market participants correctly incorporate such predictive ability in determining share price. We find that the stock market underestimated the contribution of conservatism in predicting future earnings, and a hedge strategy that exploits such overestimated generates significant future abnormal returns.
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