한국과 중국의 회계정보 가치관련성 비교연구
Comparative Study on Value Relevance of Accounting Data Between Korean and Chinese Firms
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초록
After Korea stock exchange allowed foreign firms to list their stocks on Korea stock market, many Chinese firms have listed their stocks. But prior studies raised the reliability problems on Chinese firms’ financial statements on the viewpoint of earnings management. This results gave the motivation of testing the value relevance of accounting information of Chinese firms. This paper has taken the empirical test of value relevance of Chinese firms using the book value of net assets and earnings per share to verify the level of explanation of stock price. As a result, Chinese firms have less value relevance of accounting information comparing with Korean companies. And the income information has the incremental explanation power of stock prices while the net assets have not. This kind of results reinforce the previous studies where Chinese firms’ accounting information has less reliability. Therefore, it requires additional concern on Chinese firms in Korea stock market.
Abstract
After Korea stock exchange allowed foreign firms to list their stocks on Korea stock market, many Chinese firms have listed their stocks. But prior studies raised the reliability problems on Chinese firms’ financial statements on the viewpoint of earnings management. This results gave the motivation of testing the value relevance of accounting information of Chinese firms. This paper has taken the empirical test of value relevance of Chinese firms using the book value of net assets and earnings per share to verify the level of explanation of stock price. As a result, Chinese firms have less value relevance of accounting information comparing with Korean companies. And the income information has the incremental explanation power of stock prices while the net assets have not. This kind of results reinforce the previous studies where Chinese firms’ accounting information has less reliability. Therefore, it requires additional concern on Chinese firms in Korea stock market.
참고문헌 (16)
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