원가효율성의 가치관련성에 관한 연구 = A Study on the Value Relevance of Cost Efficiency

다국어 초록 (Multilingual Abstract)

This study examines whether cost efficiency information(managerial accounting information) provides more incremental information over financial accounting information and is relevant to firm value. Cost efficiency information is calculated by the DEA(Data Envelopment Analysis) model and we use the Ohlson model(1995) to test our conjecture. In the Ohlson model(1995), firm value is determined using abnormal earnings, book value and other information. We selected 628 Korea Stock Exchange listed firms as a sample and the sample period is three years from 1999 to 2001. We mainly adopt multiple regression as the research method to confirm our expectation. We use two regression models. One regression model is a basic model grounded typically on the Ohlson model(1995) and the other is an extended model reflecting cost efficiency information. Also, we use an industry-effect adjusted extended model. The main findings of this study are as follows; First, we examine whether the firm characteristics based on the degree of cost efficiency(high and low cost efficiency) affect stock prices and find that abnormal earnings and book values of high cost efficiency firms have a higher significant coefficient than those of low cost efficiency firms. This implies that firm value is relevant to cost efficiency information and we must include cost efficiency information in firm valuation model. Second, we find that the explanatory power of the model including the cost efficiency factor significantly increases compared with the model without the cost efficiency factor. Finally, the result of analysis based on the risk-controlling model shows that the coefficients of abnormal earnings and book values differ according to industry and the coefficient of the industry dummy variable of full sample firms is statistically significant. The above results are still effective even if we use other stock price measures, abnormal earnings proxies, net book value and DEA models etc. This study provides new evidence that managerial accounting information such as cost efficiency provides more information that financial accounting information may not provide to the market. The results of this study suggest that we must reflect managerial accounting information as well as abnormal earnings and net book value in the firm valuation.

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