최근 한국의 경제위기를 전후한 회계수치의 주가 관련성 변화에 관한 실증연구

Abstract

This study aims to test empirically the change in value relevance of accounting numbers in

the recent economic crisis of Korea. The recent economic crisis of Korea has raised the

question of reliability of accounting numbers.

From 1996 to 1999, the ability of earnings and net asset explaining stock price has been

continuously weakened. Especially in 1999, net asset explained stock price better than

earnings. And to explain stock price by using both variables was better than by using the

individual variable.

This means that value relevance of accounting numbers and especially profitability has

been greatly weakened in the recent economic crisis of Korea.