과대 투자성향을 가진 유통기업의 회계정보에 대한 시장반응

Abstract

Purpose: The purpose of this study is to verify the effect of the book value and profit value of distribution companies on the stock value, and then analyze how this relationship changes in distribution companies with an overinvestment tendency. Research design, data, and methodology: This study used multiple regression models to verify the value relevance of distribution companies with an overinvestment tendency. This study set the study period from 2008 to 2018, and 512 companies listed on the KOSPI market as study targets. Results: Both the book value and profit value of the distribution company showed a significant positive relationship with the stock value. These results indicate that book value per share and earnings per share are determinants of increasing stock value in distribution companies. On the other hand, the relevance of book value to stock value was not significant in distribution companies with overinvestment tendency, but the relevance of profit value to stock value was significant in distribution companies with overinvestment inclination. These results show that in distribution companies with a tendency to overinvest, profit value is reflected higher in stock value than book value. In other words, the market participant reflects the increase in profits increased by overinvestment higher than the increase in the value of overinvested assets in the process of corporate valuation. Furthermore, the relationship that profit value is reflected in stock value higher than book value in distribution companies with a tendency to overinvest is no difference between companies belonging to large business groups and companies that do not. Conclusions: Therefore, it can be seen that the results of this study are not affected by the size of the company. This study provides evidence that distribution companies' overinvestment tendency is a positive signal for corporate value, thereby helping stakeholders to make rational decisions about distribution companies.