K－IFRS 도입기에 따른 순이익과 성과측정치의 가치관련성 연구

Abstract

This study utilized the Ohlson model (1995) to compare and analyze the value relevance of the book value per share (BPS) and earnings per share (EPS) of separate financial statements and consolidated financial statements, and to verify the effects of EBITDA per share, operating income per share (OIPS), income before corporation tax per share (IBCTPS), EPS, comprehensive income per share (CIPS), and operating cash flow per share (OCFPS) of separate and consolidated financial statements on corporate value. The result of this study is as follows. First, for the separate financial statements, the value relevance of net profit was high in the K－IFRS introduction period and the value relevance of BPS was high during post－K－IFRS. In the consolidated financial statements, the value relevance of net profit was relatively high during the K－IFRS introduction period and the value relevance of BPS showed to be relatively higher after introducing the K－IFRS. Second, having analyzed the corporate value explanation ability of performance measurements, IBCTPS and OIPS showed to have high relevance to shares before and after adopting KIFRS, respectively, for separate financial statements. And EPS was analyzed to have the highest relevance to shares in the pre－and post－K－IFRS periods for consolidated financial statements. For separate financial statements, IBCTPS was used as the most significant financial performance measurement in the pre－K－IFRS period, but after K－IFRS was adopted, OIPS was the major financial performance measurement used in decision－making. This can be interpreted to mean that in the post－K－IFRS period, OIPS best explains shares, among various performance measurements, in the separate financial statements of a governing corporation excluding its subordinate companies.