코스닥기업의 상장기간과 회계수치의 가치관련성

Abstract

Prior studies have examined the value relevance of KOSDAQ firms and found that whereas earnings have more significant value relevance in non-venture firms, book values have more significant value relevance in venture firms. These findings have been supported by the expectation that since venture firms face more unstable operating environments and volatile revenue models their firm valuation is more dependent on the liquidation or adaptation value proxied by book value. The objective of this study is to examine whether the value relevance of accounting numbers is dependent on the length of listing period of KOSDAQ firms. The reason why this study pinpoints the listing period is that in the option style valuation model liquidation or adaptation value proxied by book value could materialize as listing period passes. Since the adaptation value is derived from the adaptation of existing resources to a superior alternative future use the length of listing period could be an influential factor. In this vein, this study expects that the adaptation value of venture firms will not be reflected until profitability analysis of the current revenue model is completed and executive decision is formalized. Therefore, this study hypothesizes that the value relevance of accounting numbers will be different between venture firms and non-venture firms as the length of listing period becomes longer. To test the hypothesis this study applies a linear option model and a non-linear option model to the sample firm data collected over the period 1996-2005. The results of the study consistently support the hypothesis and are summarized as follows. First, in the non-venture firms, the value relevance of book value and income numbers has been generally observed as in the prior studies. However, in the venture firms, the value relevance of earnings has been observed in the earlier stages of listings period whereas the value relevance of book value has been observed in the latter stages of listing period. Second, in the venture firms, the difference between two groups depending on the sign of earnings or ROE level has been observed only in the earlier stages of listing period. However, in the non-venture firms, the difference between two groups depending on the sign of earnings or ROE level has been observed in the entire listing period. This evidence empirically supports the proposition that the value relevance of accounting numbers in venture firms essentially depends on the length of listing period. Overall, the results of this study indicate that, in the venture firms, earnings play pivotal role in the earlier stages of listing period whereas book values play pivotal role in the latter stages of listing period.