기업가치 결정에서 현금흐름정보의 유용성에 관한 연구 -코스닥시장을 중심으로- = A Study on the Usefulness of Cash flow Information in the Determination of Firm Value

다국어 초록 (Multilingual Abstract)

This study primarily examines whether cash flow have an incremental explanatory power on stock prices as an useful information that accounting earnings may not provide for investors in KOSDAQ market. In addition, this study further focuses on verifying firm characteristics affecting on the usefulness of cash flow information by analyzing the difference between venture and non-venture firms in explanatory power on stock prices. Our empirical results show that abnormal earnings and book value per share of non-venture firms listed in KOSDAQ are significantly positively related to stock prices regardless of firm characteristics though the incremental power of cash flow in normal firms are not significant. In case of venture firms with higher cash flow, the coefficient of abnormal earings and book value per share are significantly positively related to stock prices while firms with lower cash flow have no significant coefficient of abnormal earnings. This result can be interpreted that cash flow of venture firms have further information content because the history of venture firms is relatively short and accounting earnings are regarded as relatively less reliable in comparison with normal firms.