K-IFRS 도입에 따른 자산재평가의 공시효과와 정보적 가치에 대한 결정요인 = The Announcement Effect of Revaluations and the Determinants of Informativeness: Evidence from Korean Stock Market

다국어 초록 (Multilingual Abstract)

This study analyzes the informativeness of the asset revaluation announcement in accordance with K-IFRS. Korean regulations regarding asset revaluations are categorized into those dealing with ``plan`` announcements and ``result`` announcements. Therefore, the informativeness of asset revaluations are analyzed by using the changes in stock prices, with such uniquely Korean characteristics as plan and asset announcements in mind. In addition, various determinants which could impact the announcement effect of asset revaluations are analyzed. The specific research focus of this study is as follows; first, to determine whether investors discriminately recognize the informativeness of asset revaluations by their type. Second, to determine whether investors differently recognize the informativeness of asset revaluations by the characteristics innate to revaluation margins. Third, to determine whether the announcement effect of asset revaluations differs by earnings management. For an empirical analysis, this study use 233 samples from 2009～2011 whose revaluation announcements still exist and analyzed their size-adjusted abnormal returns from 11 days before & after the announcement date. Also, for 210 of those samples, a regression analysis is performed on the determinants of the changes in the stock prices around the revaluation announcement dates. The analytic results of this study can be summarized as follows; first, the changes in the stock prices 11 days before & after the revaluation plan announcement date show a statistically significant positive value, whereas the changes in the stock prices 11 days before & after the revaluation result announcement show none. Also, the announcement effect of the revaluation plan take place only for those companies which revaluated their lands, whereas the revaluation announcementscontaining depreciable assets do not show any significant changes in stock prices. These results suggest that investors discriminately recognize the informativeness of managers`` signals and fair valuations by revaluation assets`` types. Second, those firms with significant abnormal asset revaluation gain or loss (revaluation value - market value) showed less changes in the stock prices than those without. They suggest that investors recognize the asset revaluations as opportunistic behaviors if the revaluations take place when they are significantly larger than their market values. Third, the changes in stock prices according to asset revaluations are smaller when the level of earnings management is larger. This suggests that investors negatively recognize the asset revaluations of those companies with large earnings managements. Overall, the announcement effect of the asset revaluations in accordance with K-IFRS is statistically significant in land revaluations. Also, it was discovered that investors discriminately interpret the managers`` motives for revaluation plan and the informativeness of fair valuations according to the characteristics innate to revaluation margins and earnings quality. This study is significant in that it verifies the informativeness of asset revaluations in accordance with the latest K-IFRS.