공시지가를 기반으로 한 토지평가손익이 상장기업 주가에 미치는 영향

초록

In this study, we estimate the market value and net valuation G/L (gains and losses) of land owned by listed firms on KRX based on annual GALP (Government-Announced Land Price) and then analyze effects of valuation G/L on stock price. Moreover, we examine the rate of GALP over land market value and analyze relationship between asset re-valuation G/L and stock price through method of multi regression analysis. Analysis results show that land valuation G/L have positive (+) effect on stock price during the period 2004~2007 before Global Financial Crisis which broke in 2008, however it changed to negative (-) after the Crisis and its effect was not so big. Asset re-valuation G/L has positive (+) relationship with stock price during the period 2008~ 2010. In case we maintain asset re-valuation G/L from the re-valuation year until 2010 instead of turning the G/L into book value in the years next to re-valuation year, the relation of the year 2010 turned negative (-). Book value per share (BPS) of prior term (t-1) and net income (EPS) show positive (+) effects on stock price at any time. BPS affects more on stock price in total amount, however, EPS coefficient is bigger than BPS’s, which means that investors weigh the cashflow-in originated from EPS higher than BPS, the holding asset.

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