자산재평가 실시결정 및 재평가결과의 공시효과

초록

This study analyzes behavior of daily AR(Abnormal Return) and CAR(Cumulative AR) which occurs through the disclosure of asset revaluation implementation decision and revaluation result during the year of 2009 – 2015 by the method of event study. For this research, we adopt market model to calculate each AR and CAR in various periods of event window, and then execute regression analysis on the financial factors which influence CAR. Analysis results has shown that CAR increased significantly step by step during the period from the disclosure day of asset revaluation implementation decision to other disclosure day of revaluation results. After then, there was almost no change in CAR in KOSPI market, while CAR dropped slightly by 1% in KOSDAQ market. And regression analysis shows that there are financial factors which influence CAR negatively such as tangible asset ratio, growth rate of total asset, rate of net income to total asset, capital ratio, growth rate of current asset, while land ratio and growth rate of capital influence positively. Negative factors shows that listed companies which revalued their assets had poor financial structure, while positive factors shows that the listed companies had larger weight of land or expanded the weight of capital.

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