분기보고의 시행과 반기재무제표 공시의 정보효과에 관한 연구
The Release of Quarterly Reports and the Information Content of Semi-Annual Interim Financial Statements
0
조회
0
다운로드
9
인용
0
참고문헌
키워드
초록
본 연구에서는 2000년 처음으로 분기재무제표의 공시가 시행됨으로 2000년 반기재무보고의 정보효과가 분기보고 시행전인 1999년에 비하여 감소하였는지를 분석하였다. 기업특성에 따라 회계정보 공시의 정보효과가 차별적으로 일어나므로 기업특성을 고려한 분석도 실시하였다. 본 연구에서는 비기대이익의 크기, 기업규모 및 공시시간(timing) 등의 기업특성을 분석에 포함하였다.1999년과 2000년의 12월 결산인 제조업체를 표본대상(매년 399개 업체)으로 이용하였고 정보효과는 주식의 초과수익률 분산을 추정하여 사용하였다.연구결과는 분기보고 시행후인 2000년의 반기보고의 정보효과는 1999년에 비하여 유의적으로 감소한 것으로 나타났다. 기업특성을 고려한 분석에서는 비기대이익이 클수록, 기업규모가 적을수록 정보효과가 큰 것으로 나타났고 공시시간(timing)은 정보효과에 유의적인 영향을 미치지 않는 것으로 나타났다.본 연구의 결과는 중간 재무제표 준칙의 개정에 대한 경제적 효과를 검토하는데 도움이 될 수 있을 것으로 생각되며 분기재무제표의 보고에 따른 정보환경의 변화를 분석하는데 참고가 될 수 있을 것으로 사료된다.
Abstract
2000 is the first year that quarterly financial statements must be filed with Financial Supervisory Service. Since the disclosure environments are changed from semi-annual interim reports to quarterly interim reports, this study examines the effects of this environment changes on the information content of semi-annual reports. Additional disclosure of quarterly reports in 2000 is expected to reduce marginal information content of semi-annual reports. This paper compares the information content of semi-annual report in 1999 with that in 2000. Firm characteristics which may affect the information content of accounting disclosures are also considered in the analyses. The stock return variability at the time semi-annual reports are disclosed proxies for the information content of semi-annual reports. The sample includes 464 manufacturing firms with December 31 fiscal year end in 1999 and 2000. The empirical results show that the stock return variability around the disclosure of semi-annual reports is lower in 2000 than that in 1999. These results indicate that quarterly reports provide relevant information to the capital market and reduce the market response to semi-annual reports in 2000. The results also show that the magnitude of unexpected earnings is positively and firm size is negatively related to the information content of semi-annual reports.
참고문헌 (22)
- "기업회계기준" (1999), 기업회계기준.
- "반기순이익의 시계열속성과 단일변량 기대모형", 28(3), pp.843~857 (1999)
- "분기·반기 재무제표준칙." (1999), ^증권선물위원회
- "Expectations Data and the Predictive Value of Interim Reporting Journal of Accounting Research", pp.1~13 (1978)
- "and Security Price Behavior around Earnings Announcements. Journal of Accounting Research 23", pp.21~36 (1985)
- "An Empirical Evaluation of Accounting Income Numbers Journal of Accounting Research 6", pp.159~178 (1968)
- "The Information Content of Annual Earnings Announcements Journal of Accounting Research 6", pp.67~92 (1968)
- "The Information Content of Quarterly Earnings Journal of Business 45", pp.403~415 (1972)
- "The Predictive Content of Quarterly Earnings Journal of Business", pp.488~497 (1968)
- "The Predictive Value of Interim Reports for Improving Forecasts of Future Quarterly Earnings", pp.585~591 (1979)
- "Timeliness of Reporting and the Stock Price Reaction to Earnings Announcements Journal of Accounting Research 22", pp.21~47 (1984)
- "The Association Between Accounting Earnings and Security Returns for Large and Small Firms Journal of Accounting and Economics"
- "A Nonlinear Model of Security Price Responses to Unexpected Earnings Journal of Accounting Research 30"
- "Market Implications Differential Amounts of Interim Information. Journal of Accounting Research", pp.255~268 (1980)
- "The Time Series Behavior of Quarterly Earnings Preliminary Evidence Journal of Accounting Research 15", pp.71~83 (1977)
- "The Effect of Sequential Information Release on the Variance of Price Changes in an Intertemporal Multi-Asset Market. Journal of Accounting Research", pp.82~106
- "Relationship Between Differential Amounts of Prior Information and Security Return Variability Journal of Accounting Research", pp.116~134 (1989)
- "The Influence of Quarterly Earnings Announcements on Investor Decisions as Reflected in Common Stock Price Changes Journal of Accounting Research 9", pp.119~163 (1971)
- "The Effect on Information Environment on the Relationship Between Financial Disclosure and Security Price Variability Journal of Accounting and Economics", pp.49~74 (1983)
- "On financial disclosure and the behavior of security prices Journal of Accounting and Economics 1", pp.211~232 (1979)
- "The Association Between Interim Information and Security Returns Surrounding Earnings Announcements Journal of Accounting Research v28", pp.164~181 (1990)
- "Systematic 'Abnormal' Returns After Quarterly Earnings Announcements Journal of Financial Economics 6", pp.127~150 (1978)