경기 국면에 따른 회계정보의 유용성

• 영문명: The Business Cycle and the Usefulness of Accounting Information
• 발행기관: 한국외국어대학교 지식출판콘텐츠원 글로벌경영연구소
• 저자명: 정지선 남기석
• 간행물 정보: 『글로벌경영연구』제21권 제2호, 57~80쪽, 전체 24쪽
• 주제분류: 경제경영 > 경영학
• 파일형태: PDF
• 발행일자: 2009.12.30

영문 초록

This study analyzes the usefulness of the accounting information such as earnings, book value, and cash flow and investigates the extent in which they change according to the economic phases based on Ohlson Model in a span of nine years from 2000 to 2009. The purposes of this study are; first, to understand the value-relevance of major accounting information according to the economic phases. Second, to examine the valuerelevance of earnings and book value according to the economic phases, third, to investigate the relative value relevance of cash flow by adding variables of cash flow. And last, to perform a comparative analysis of earnings based on accrual basis and cash flow based on cash basis according to economic phases. As a result, value-relevance of the whole accounting information presented more higher when the economic was on the upward phase, and this represents that accounting information is affected by the economic factors. Also, book value presented relatively the highest value-relevance than any other variables of accounting information notwithstanding that value-relevance of earnings and book value was higher when the economic was on the upward and downward phases respectively. Cash flow indicated that it provided additional information on stock prices, and value-relevance was higher on the downward phase than on the upward’s. Lastly, incremental explanatory power of earnings indicated that it was very low on the downward phase. On the other hand, incremental explanatory power of cash flow was higher to a slight degree on the same phase. On account of the fact that cash flow is relatively difficult to manipulate than earnings and indicates cash liquidity, it seems that it is given a great deal of weight on the downward phase as a secure and objective indicator.

목차

Ⅰ. 서론

Ⅱ. 이론적 배경 및 선행연구

Ⅲ. 연구설계

Ⅳ. 실증분석 결과

Ⅴ. 결론 및 한계점

참고문헌