회계이익의 불투명성과 정보비대칭 및 주가동조화

초록

This study examines how earnings opacity affects information asymmetry and stock price synchronicity. We conjecture that earnings opacity is associated with lower usefulness of accounting information in the market. Opacity earnings cannot fully convey relevant and useful information to the market participants and information about the firm will not be reflected in the stock price properly. Our sample consists of 8,140 firm-year observations including firms with December fiscal year end and listed on the Korea Exchange for the period 2000-2016. The results of this study are as follows. First, the severe earnings opacity is, the more information asymmetry. Opaque earnings information, which can not explain the financial status of the firm correctly, makes it difficult for the market participants and increases information asymmetry. Second, the more earnings opacity is, the more stock price synchronicity. As it is difficult for investors to utilize opaque earnings information in their investment decisions, they rely more on the overall market or the industry information. Third, firms with financial analysts' earnings forecasts show less information asymmetry and stock price synchronicity. These results suggest that analysts improve the quality of information environment between firms and investors by providing corporate earnings information to the market and lowering information asymmetry. Overall, the results of this study show the effects of the opaque earnings on information asymmetry and stock price synchronicity. In addition, our results show that financial analysts serve as a medium to lower information asymmetry between firm and investors by providing useful information to the market.

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