이 연구는 연결재무제표의 정보가 개별재무제표 정보보다 유용한 정보인지를 검증하는 데 목적이 있다. 이를 위해 이 연구는 시장에서 지배기업의 가치를 결정할 때 연결부채비율이 개별부채비율에 추가적인 정보를 제공하는지를 실증분석하였다. 분석은 Ohlson 모형을 기초로 하였다. 이 모형에 의하면 기업가치 결정요인은 지분의 장부가치, 현행비기대이익, 그리고 현행비기대이익에 반영되어 있지 않은 미래비기대이익에 관한 정보이다. 이 연구는 암묵적으로 부채비율이 미래비기대이익에 관한 정보를 반영한다고 가정한다. 연구에 사용한 표본은 우리나라 증권시장 상장된 기업 중 2002년에서 2007년 사이에 연결재무제표를 공시한 제조기업 1,517개사이다.
실증분석 결과는 연결부채비율이 지배기업의 시장가치를 결정할 때 개별부채비율이 제공하는 이상의 정보를 제공할 수 있다는 것이다. 유통주식수를 디플레터로 사용한 모형에서는 연결부채비율이 지배기업의 가치와 유의한 음의 관계를 보이지 않았다. 그러나 기초총자산을 디플레이터로 한 모형에서는 연결부채비율이 기업가치에 유의적으로 음의 영향을 준다는 것이 확인되었다.
이 연구의 결과는 연결부채비율이 가치관련성을 갖는다는 것이다. 따라서 적어도 주식시장 관점에서 보면, 현재 우리나라에서 작성하고 있는 개별재무제표를 연결재무제표로 대체하여도 문제되지 않을 것으로 보인다.
The purpose of this study is to examine the value-relevance of the information being presented on consolidated financial statements. This study empirically examines the impact of combined debt ratio and separate debt ratio on the market value of parent company. The empirical model in this study is based on the Ohlson's model. The model shows the determinants of firm value are the book value of equity, current abnormal earnings, and information about future abnormal earnings which is not reflected in current abnormal earnings. This study assumes that debt ratio has information content regarding to future abnormal earnings. The sample is consisted of the korean listed companies presented the consolidated financial statements during 2002 to 2007. The result of the empirical test shows that consolidated debt ratio may have additional information content beyond separate debt ratio on the market value of parent company. The model used share number as deflator does not show that the consolidated debt ratio is not significantly associated with firm's market value. But The model used beginning total assets as deflator shows that the consolidated debt ratio has a significantly negative effect on the firm value. The findings in this study imply that consolidated debt ratio is value-relevant. Thus, it has no problem to replace separate financial statements with consolidated financial statements in stock markets.
The purpose of this study is to examine the value-relevance of the information being presented on consolidated financial statements. This study empirically examines the impact of combined debt ratio and separate debt ratio on the market value of parent company. The empirical model in this study is based on the Ohlson's model. The model shows the determinants of firm value are the book value of equity, current abnormal earnings, and information about future abnormal earnings which is not reflected in current abnormal earnings. This study assumes that debt ratio has information content regarding to future abnormal earnings. The sample is consisted of the korean listed companies presented the consolidated financial statements during 2002 to 2007. The result of the empirical test shows that consolidated debt ratio may have additional information content beyond separate debt ratio on the market value of parent company. The model used share number as deflator does not show that the consolidated debt ratio is not significantly associated with firm's market value. But The model used beginning total assets as deflator shows that the consolidated debt ratio has a significantly negative effect on the firm value. The findings in this study imply that consolidated debt ratio is value-relevant. Thus, it has no problem to replace separate financial statements with consolidated financial statements in stock markets.
