회계이익과 경제적부가가치의 상대적 정보효과

Abstract

Unfortunately traditional accounting information system has revealed many problems in accounting income measurement, so accounting entity has failed to provide useful accounting information necessary for their economic decision related to business enterprise. The problems are discordance between accounting concept and the concepts of economic theory, inconsistency with the accounting concepts in its application, unappropriated matching of revenue and expense and overstates the real profitability of an accounting entity, etc. As a result, the above problems have caused the failure of rational income determination, understandability of financial accounting reports, check the maintenance of capital and mislead users' economic decision making. This resulted in rejecting the cost of capital in financial reporting, mainly the recognition of equity capital cost. The cost of equity capital have never been reflected in financial accounting processes. To avoid this problems, financial accounting information system should accept the cost of equity capital accounting. So we need the Economic Value Added(EVA) in Accounting and management This paper has examined the comparative information effects of Economic Value Added(EVA) as an alternative performance measure of business enterprise. For verification, this paper comparatively analyzed the relative information contents of Cash Flows of Operating(CFO), accounting Net Income(NI) Total Accruals(TA) and Economic Value Added(EVA) in explaining Cumulative Abnormal Returns(CAR). To verify the models, we use the simple regression and multiple regression analyses. The empirical results indicated that net income(NI) as the traditional performance measure has the highest explanation power in explaining the abnormal returns in the capital market. and the next empirical results reveal that cash flows of operating(CFO) has similar information effects. And also economic value added(EVA) has the lowest explanation power in the capital market. It is considered that accounting income is more frequently used than economic value added for their decision making by investors in the capital markets. But the three measures were not significantly different in the explanation of business value.