S-Space College of Business Administration/Business School (경영대학/대학원) Institute of Management Research (경영연구소) 경영논집 경영논집 vol.35 (2001)
자산과 이익구성요소를 이용한 은행기업가치 실증분석
An Empirical Study on the Explanatory Power of Assets and Earnings Components for the Market Value in Banking Industry
- Issue Date
- 서울대학교 경영연구소
- 경영논집, Vol.35 No.4, pp. 251-286
- The management of bank asset is divided into loan, marketable securities, foreign
exchange, loan guarantee, trust. etc. In case of loan and marketable securities, the verification
of the loss and profit information composed of each asset group gives an opportunity to
reconsider the role of accounting information. In this dissertation it is tried to verify as
Firstly, I tried to find the contents of the information about the fair market valuation of the
loan and marketable securities affecting the value of banks. In a market reaction to the fair
valuation, it is meant that the contents of the accounting information unpublished in the
capital market are considered into market valuation of bank, if the fair market valuation
elements has significant power of explanation.
Secondly, I tried to verify the discriminatory power of explanation about earning items in
banking industry. Because of the differently applied risk on each asset, loan and marketable
securities has different impact on earning of a bank, eventually so does stock price. This can
be verified by changes in stock value about loss of two different assets.
Thirdly, it is the verification for the contents of information given by each loss and profit occurred in loan and marketable securities with different characteristics in persistency and
volatility. This dissertation verifies that loss and profit occurred in loan and marketable
securities provide significant information about the value of the banks in addition to the net
income and operating income.