한국 주식시장에서 정보기술투자 정보의 가치 = The Value of Information about Information Technology Investment in Korea Stock Market

다국어 초록 (Multilingual Abstract)

This dissertation has two objectives. First, to examine how, and in what cases, investors utilize information about the information technology investment of firm in determining stock prices. Second, to examine the extent to which the two accounting rules that may be used to account for information technology costs, capitalizing and expending, affect the measurement and market valuation of reported accounting earnings and book values of equity. The empirical analysis of these issues is based on a model of accounting based valuation model developed by Olhson recently.
The data for this study is stock prices, earning, book values of equity, and information technology costs. The sample size of the study is about 88 financial institutions. Regression analysis is used to test the questions of the study.
The empirical results reported in the study indicate that investors do utilize public information about information technology investment of the firm, which is incremental to earnings and book values information. When the information technology investment variable is value relevant it is capitalized by the market, implying that investor see through the expending rule and treat information technology expenditures as investment.
But the measurement and market valuation of reported earning and book values of equity are not affected significantly by the accounting rule for information technology costs.

목차 (Table of Contents)

• Ⅰ. 序 論
• Ⅱ. 理論的 背景
• Ⅲ. 硏究의 設計
• Ⅳ. 實證分析結果
• Ⅴ. 結 論