자산 재평가모형 선택동기와 타인자본비용의 가치관련성 (Selection Motive of Revaluation Model and Outside Capital Cost and Value Relationship)

서지정보

· 발행기관 : 한국경영교육학회
· 수록지 정보 : 경영교육연구 / 27권 / 6호 / 443 ~ 471페이지
· 저자명 : 장미혜, 임재희

초록

본 연구는 기업경영 활동에서 경영자들이 자산에 대하여 원가모형과 재평가모형을 임의적으로 선택할 수 있는 점에 인식하여 재평가모형을 선택한 기업과 그렇지 않은 기업 간에 재평가 동기의 차이가 있는지를 분석하고, 재평가모형 선택 후 타인자본비용과 주가수익률에 어떠한 영향을 미치는지를 분석하였다.
본 연구의 검증결과는 다음과 같다.
첫째, 부채비율과 총자산증가율이 재평가모형 선택의 동기를 가지는 변수임을 확인할 수 있었다.
둘째, 재평가모형을 선택함으로써 채권시장의 긍정적인 신호를 가져와 이자비용 감소에 영향을 주고 있는 것으로 나타났다.
셋째, 주식시장에 긍정적 신호로 측정된 투자의견점수를 실제 투자자들은 이용하지 않고 투자의견점수 이외의 다른 지표를 활용하는 것으로 나타났다.
본 연구는 경영자가 유형자산에 대하여 재평가모형을 선택하려는 동기가 채권시장과 주식시장에서 어떻게 반응하는지를 분석함으로써 자산재평가와 관련된 연구 분야를 확대하였다는데 그 의의가 있다.

영어초록

This study analyzed the difference of revaluation motive between the enterprises that would select revaluation model and the enterprises that would not select the revaluation model in consideration of the fact that management can select the cost model and revaluation model optionally and additionally analyzed the influence on outside capital raising cost and price earning ratio that was followed by selection of the revaluation model.
First, considering the result of t-inspection on the revaluation model, the author has found that there would be corresponsive difference between enterprises that would select revaluation model and the enterprises that would not select the revaluation model according to the high debt ratio, the small asset size and the low cash retention ratio and in consideration of the result of regression analysis the author could find that debt ratio and total asset increasing ratio would be the variables that could have influence on the motive for the selection of revaluation model.
Second, in consideration of result of the influence that positive signal of security market would have on outside capital raising cost, all the enterprises that selected revaluation model showed decreasing of the interest cost regardless of up-regulation of credit but the enterprises whose credit grade was up-regulated showed much more remarkable decreased interest cost.
Third, in consideration of the result of the effectiveness that the positive signal of stock market would have on the price-earnings ratio, the enterprises whose investment opinion points were up-regulated showed no influence on the price-earnings ratio among the enterprises that selected investment opinion points and revaluation model that was measured as positive variable in stock market. Considering this result, it can be estimated that actual investors would not use the investment points that would be measured as positive signal in stock market but they would use other index besides the investment opinion points.

참고자료

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