회계발생액의 기업가치 관련성 = The Value Relevance of Accounting Accruals

다국어 초록 (Multilingual Abstract)

This study aims to test the pricing of earnings quality. Earnings quality measure is the absolute value of discretionary accruals. The expectation is negative relation between earnings quality and abnormal rate of return or earnings response coefficients(ERC).Test period is from 2001 to 2004 and the samples are selected from public, manufacturing and audited firms. The empirical results show that there is no relation between discretionary accruals and abnormal rate of return and that there is negaive relation between the absolute value of discretionary accruals and abnormal rate of return. The emprical results mean that discretionary accruals can have posive or negative impact on the price. But if the absolute value of discretionary accruals is the measure of earnings quality, the results mean that the higher earnings quality is, the higher earnings response coefficients is

참고문헌 (Reference)

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