기업특성유형과 회계정보 가치관련성
Relative Valuation Roles of Equity Book Value and Net Income as a Type of Firm's Characteristics
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초록
본 연구에서는 기업의 life cycle적 특성에 따라 기업가치 평가모형의 주요한 요소인 순장부가치와 회계이익이 기업가치에 미치는 영향의 정도가 다른지와 모형의 설명력에 차이가 있는지를 분석하였다. 기업의 life cycle적 특성을 구분하는 변수로는 기업의 규모와 매출액증가율 및 자본투자증가율과 매출액 성장률을 각각 이용하였다. 분석을 수행하기 위해 1997년부터 2009년 사이에 한국거래소에 상장되어 있는 제조기업을 대상으로 표본을 추출하였다. 실증분석결과는 다음과 같다. 기업규모와 매출액성장률 및 자본투자증가율과 매출액 성장률을 기업특성 구분에 대한 대용변수로 이용하는 경우 순장부가치가 기업가치에 미치는 영향의 정도에 기업의 life cycle적 특성집단 간에 차이가 있었다. 또한 회계이익이 기업가치에 미치는 영향의 정도도 기업의 life cycle적 특성집단 간에 차이가 있었으며, life cycle적 특성 집단 간에 큰 차이를 나타내었다. 이러한 결과는 기업의 life cycle적 특성에 따라 회계정보가 주식가치에 가치에 미치는 영향이 다름을 나타내 기업가치 평가하는 과정에서 기업의 life cycle에 관한 특성이 고려되어야 함을 시사한다.
Abstract
The purpose of this study is to examine the relationship between firms' life cycle characteristics and the price multipliers of valuation components. This study uses firm's size, and sales growth rate as identifying variables on the firms' life cycle characteristics. Alternatively, this study uses sales growth rate, and capital investment rate as identifying variables on the firms' life cycle characteristics. Main results from the empirical tests are summaries as follows；First, when firms' life cycle characteristics are classified by firm's size and sales growth rate, price multipliers of net book value vary among groups, and there are differences in price multipliers of earnings among groups. Second, when firms' life cycle characteristics are classified by sales growth rate and capital investment rate, price multipliers of net book value also vary among groups, and there are differences in price multipliers of earnings among groups. Third, there is a difference in explanatory power of valuation model among the groups classified by firms' life cycle characteristics.
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