Market-model based Accounting Information and Firm Value analysis

다국어 초록 (Multilingual Abstract)

Risks for minimizing capital costs are divided into systematic risks and unsystematic risks. Systematic risk is a market risk that cannot be diversified from a macroeconomic perspective, and unsystematic risk is defined as a diversifiable risk arising from a company's management risk. W. Sharpe's market model was studied to have a logical structure in which firm value is determined by dividing a company's rate of return into market risk and management risk.
Based on the market model that determines the rate of return, this study divides accounting information into systematic risk and unsystematic risk from an accounting information perspective. Systematic risk is a risk that depends on market conditions , which is a company's market activity, there sales were derived as a proxy. In addition, since a unsystematic risk is inherent in the company, its management is derived by investment activities necessary for asset operation and profit generation, and that cash flow creation is necessary for the company to operate as a sustainable going concern. Considering this, Return On Assets(ROA) and net profit were set as a proxy for measuring unsystematic risk.
As a result of the study, sales in a proxy for systematic risk, which are accounting information in financial statements, Return On Assets(ROA) and net profit, which are a proxy for unsystematic risk, have a positive(+) correlation with firm value, and it was verified to have significance within 1%.