資産再評價의 動機와 再評價情報의 株價反應 = Asset Revaluation Motives and Stock Market Prices

다국어 초록 (Multilingual Abstract)

This paper examines the motives of 46 Korean firms to revalue their assets and the effects of their asset revalution decision on stock prices for the period of 1987-1992.
The results show that firms revalue their assets to improve financial position(measured by equity-to-total asset ratio) as well as to exapnd dividend pool by increasing owner's equity, which is permitted under the Asset Revalution Law in Korea.
Upward stock price movement in the cumulative average residuals prior to the announcement date is observed, and the price movement is closely correlated with firms' current financial position as well as the size of their dividend pool.
Fron the analysis it is concluded that the asset revalution system is utilized primarily to improve firms' financial position, which can not be the main purpose of the Asset Revalution Law.

목차 (Table of Contents)

• Ⅰ. 問題提起 및 硏究目的
• Ⅱ. 우리나라의 資産再評價制度
• Ⅲ. 先行硏究의 儉討
• Ⅳ. 硏究假說 및 硏究設計
• 1. 實證硏究의 進行節次
• 2. 硏究假說의 設定
• (1) 資産再評價의 得失
• (2) 硏究假說의 設定
• 3. 硏究모델設定 및 變數定義
• 4. 標本의 選定
• Ⅴ. 實證分析結果
• 1. 資産再評價 動機
• 2. 資産再評價情報의 株價反應
• (1) 公示時點에서의 株價反應
• (2) 資産再評價動機와 株價反應
• Ⅵ. 資産再評價制度의 影響 및 改善方案
• 1. 資産再評價制度의 影響
• 2. 資産再評價制度의 改善方案
• Ⅶ. 要約 및 結論
• 參考文獻