資本市場에서 經濟的附加價値의 情報效果에 관한 硏究

Abstract

When we observe the recent business environments, the demand of accounting information related to business income has increased greatly. But unfortunately the 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 the 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 overstating 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, checking the maintenance of capital and misleading users' economic decision making. This resulted in rejecting the cost of capital in financial reporting, mainly the recognition of equity capital cost. In traditional accounting practices, the actually used borrowing capital has been partially captured its cost of assets in financial reports, however the cost of equity capital have never been reflected in financial accounting processes. Therefore, traditional financial accounting has permitted the difference of acquisition cost of assets and the contents of financial statements depending on the capital structure and its density. To avoid these 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 By introducing capital cost accounting for accounting information system, Economic Value Added(EVA), income statement can disclose the net income as a profit consistent with economic concept, and also enable to distinguish clearly profit earned as a result of management's efforts and the equity capital cost that investors should have earned in their role as creditors. More importantly, it would increase the comparability of the income reported by accounting entity with different capital structure and its density. By the equity capital cost accounting, financial accounting reports gives more meaningful message to accounting information users. And also it would enable to distinguish the earnings of shareholder's efforts from the earnings of accounting entity. This paper has examined the usefulness 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), Net Income(NI) 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 contents. 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.