정보통신기술기업과 비금융제조기업간 차별적 주가결정요인 = Differential Determinants of Equity Valuation between Information Technology Firms and Non-Banking Manufacturing Firms

다국어 초록 (Multilingual Abstract)

This study examines differential determinants of equity pricing between information technology firms and non-banking manufacturing firms. It is known that operating performance and financial position of information technology firms are quite different from those of non-banking manufacturing firms, and the relation between stock prices and earnings of information technology firms is not linear. We investigate how the relation between stock prices and accounting measures of information technology firms are different from that of non-banking manufacturing firms. We also identify specific sources of such differences found in financial statements. An empirical analysis is performed for non-banking firms(1,372 firm-years) listed on the Korean Stock Exchange and the Kosdaq Stock Market over 1997-1999. Significant differential determinants of equity pricing for information technology firms include selling expenses, in particular, advertising expenses, R&D expenses, and the current ratios. We document that such determinants are significantly associated with stock prices for information technology firms, but not for non-banking manufacturing firms. Further, we evaluate the accuracy of price estimates based on the models with three determinants and find that such determinants play an important role in enhancing the accuracy of price estimates for information technology firms.