코넥스 기업의 회계정보 가치관련성에 관한 연구

Abstract

[Purpose] In this study, we conducted an empirical analysis to determine whether the value relevance of accounting information for companies listed on the KONEX market is lower compared to companies listed on the KOSPI market. In addition, we analyzed whether the value relevance of accounting information of KONEX companies being advised is higher when designated advisors who help companies listed on the KONEX market with financial reporting and listing preparation have more relevant experience. [Methodology] It also examined whether the value of accounting information of KONEX companies increases when designated advisors have a lot of experience. From 2014 to 2023, an empirical test was conducted on 326 firm－years listed on the KONEX market and 978 firm－years, which are matching samples. [Findings] The analysis results are summarized as follows. it was found that companies listed on the KONEX market had lower value relevance of net profit than companies listed on the KOSPI market. This can be interpreted that the value relevance of net profit is lowered because KONEX companies have poor financial soundness compared to KOSPI companies. In the case of companies in charge of designated advisors with a lot of listing experience, it has been confirmed that the value relevance of net assets is higher and the value relevance of net profits is lower. This can be interpreted as investors judging that KONEX companies, which have appointed designated advisors with a lot of experience in listing, are likely to be listed on the KOSDAQ and give more value to their net assets. [Implications] This study is significant in that it presents empirical results showing that the value relevance of accounting information of KONEX companies is low, confirming investors’ low trust in the accounting information of KONEX companies. Additionally, this study has a contribution in that it presents empirical results that can serve as a reference for improvement plans for the designated advisor system.