리츠 가치평가에 있어 비회계정보의 가치관련성에 관한 연구

다국어 초록 (Multilingual Abstract)

What the accounting system is trying to measure and address may be eventually the information about the valuation of corporations. For this purpose, we usually assess the corporate valuation on the basis of lots of numbers and indices extracted from the balance sheet and profit/loss statement which we legally draw up as basic financial statements. Korea had experienced severe asset deflation during economic restructuring after the foreign exchange crisis in 1997. While restructuring, as a kind of solution to real estate deflation, the government came to introduce US REITs (Real Estate Investment Trusts) systems in July 1, 2001, which makes a new financial products in capital market issuing the real-estate-backed securities. To these paradigm changes, this research is trying to provide the useful accounting information needed by investors, real estates industry and financial related institutes. But currently due to the shortage of proper data in Korea, I used the data of America REITs which is the originality of ours to make three empirical analyses. This paper have analyzed the role of interest rates and real estate prices on determining of the REITs value. The results show that the explanatory power in corporate evaluation increased when the book value and accounting-based valuation model is added by the information of expected future interest rates changes which are non-financial information, or when accounting-based valuation model is added by the information of expected future real estate price changes. This research will surely provide accounting information users with a lot of useful informations. Besides, it suggests a lot of thoughtful meanings to the investors, financial institution, real estate industry and the government that is responsible for making REITs systems and corporate disclosure conditions.

목차 (Table of Contents)

• 국문 요약
• I. 서론
• II. 연구배경 및 가설설정
• 2.1 연구배경
• 2.2 선행연구
• 2.3 가설설정
• III. 연구방법
• 3.1 표본선정
• 3.2 연구모형 및 변수정의
• IV. 실증분석 결과
• 4.1 기술통계
• 4.2 금리변동예상 및 부동산가격변동 예상정보의 가치관련성 검증 결과
• V. 결론 및 요약
• 참고문헌
• Abstract