유형자산 재평가에 대한 연구

Abstract

A Study on the Re-evaluation of Tangible Assets - An Empirical Study on the Motivation and Market Reaction -

Kim, Sang Yong

Department of Business Administration Graduate School Pukyong National University

Abstract

The objective of this paper is to demonstrate an empirical study of the motivation and market reaction on the re-evaluation of tangible assets after adopting the K-IFRS No.5 early as possible. The difference between this paper and prior research is randomly collecting the samples of the control group which is not equivalent to the experimental group of adopting the re-evaluation of tangible assets on the sample size. (hereafter, early adopter) The reason not matching the sample size between two groups is to make the model become more robust than that of prior research. The samples of this paper are collected from the corporations listing on KOSPI and KOSDAQ in 2008 and 2009. To analyze the motivation of the tangible assets, binomial logistic regression is used in addition to mean difference T-test and Wilcoxon rank-order test. As a result of the motivation analysis on the re-evaluation of tangible assets, the results of empirical test show that early adopter has larger in tangible asset ratio, and the ratio of increasing tangible assets and highly leveraged and lower in current ratio compared to control sample. These results are significant within the 5% of significance level. But return of assets do not have a significant effect on the motivation on the re-evaluation of tangible assets. The hit ratio contained tangible asset ratio, the ratio of increasing tangible assets is higher than the hit ratio detached them. To analyze the market reaction on the re-evaluation of the tangible assets, cumulative abnormal return (CAR) is measured from the 19 days before and after the date when re-evaluation informations are released. The result of the market reaction on the re-evaluation of tangible assets shows that cumulative abnormal return (CAR) is considerably increased for the four days right before the event date (-3 day, -2 day, -1 day, and 0 day). The cumulative abnormal return (CAR) of these four days is +2.9%.