資本市場에서 經濟的附加價値의 情報效果에 관한 硏究

Metadata Downloads
Issued Date
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.
Alternative Title
A Study on the Information Contents of Economic Value Added in the Capital Markets
Alternative Author(s)
Choi, Dong-Gyu
조선대학교 대학원
일반대학원 회계학
Awarded Date
Table Of Contents
第1章 序論 = 1
제1절 연구의 배경 및 목적 = 1
제2절 연구의 방법과 구성 = 3
第2章 經濟的附加價値의 有用性 및 測定 = 4
제1절 경제적부가가치의 유용성 = 4
1. 경영관리 정보의 변천 = 4
가. EPS(Earning Per Share)의 경영 = 4
나. 차입매수(leveraged buyouts; LBO) 경영 = 5
다. EVA에 의한 가치창조의 경영 = 6
2. 경제적부가가치의 유용성 = 7
가. 자기자본비용 인식 = 7
나. 적절한 투자자본의 평가 = 8
제2절 경제적부가가치의 측정 = 9
1. 외국의 측정 개관 = 9
2. 국내의 측정 개관 = 12
3. 증권거래소 등의 측정방법 = 12
가. 경제적부가가치 산정식 = 12
나. 세후순영업이익과 투자자본 = 13
다. 타인자본비용 측정 = 15
라. 자기자본비용 측정 = 15
마. 베타추정 = 15
4. 경제적부가가치의 측정요소의 문제점 = 17
가. 영업용투자자본의 자의적 결정 = 17
나. 자본비용의 자의성 = 18
다. 세후순영업이익의 합리성 결여 = 19
第3章 先行硏究 = 21
제1절 국외연구 = 21
제2절 국내연구 = 30
제3절 선행연구 요약 = 41
第4章 分析模型 設計 = 45
제1절 표본선정 = 45
제2절 모형설계 = 46
1. 베타의 추정(market beta) = 46
2. 누적초과수익률(cumulative abnormal return; CAR) = 47
第5章 實證分析 結果 = 50
제1절 기술적 통계 = 50
1. 기술통계치 = 50
2. 상관관계 = 51
제2절 회귀분석의 결과 = 52
1. 연도별 성과측정치 정보효과 = 52
2. 정보효과 분석 결과(전체) = 55
3. 성과측정치별 정보효과 = 56
第6章 要約 및 結論 = 60
= 63
= 41
선행연구 요약(국외) = 41
선행연구 요약(국내) = 43
분석대상 기업체 = 46
변수의 기술적 통계치 = 50
상관관계 분석 = 51
연도별 성과측정치 정보효과 = 52
전체 변수에 대한 정보효과 = 56
성과측정치별 정보효과(1) = 56
성과측정치별 정보효과(2) = 58
부록 1 분석대상 기업체 수 = 66
부록 2 경제적부가가치 = 70
조선대학교 대학원
최동규. (2006). 資本市場에서 經濟的附加價値의 情報效果에 관한 硏究.
Appears in Collections:
General Graduate School > 4. Theses(Ph.D)
Authorize & License
  • AuthorizeOpen
  • Embargo2008-06-27
Files in This Item:

Items in Repository are protected by copyright, with all rights reserved, unless otherwise indicated.