연구홍보포털

논문 초록 (Abstract)

Purpose: The purpose of this paper is to compare the value relevance of various accounting information disclosed in financial statements of manufacturing companies listed on the stock markets of Korea, Japan , and China over ten years from 2006 to 2015. Design/methodology/approach: The study uses Ohlson (1995) valuation model for empirical investigation and the f inancial data extracted from the OSIRIS DB to analyze the enterprise val ue relevance of accounting information for Korean, Chinese, and Japane se companies and to investigate the differences among them. Fin dings: The results of the empirical analysis are as follows. First, t he coefficient of accounting earnings is the highest in the samples of a ll firms in Korea, Japan, and China, followed by the coefficients for operating income, net cash flow, book value, and net operatingcash fl ows. Next, Japan has the largest book value, followed by Korea, but China has a negative value. Japan has the largest coefficient of accou nting earnings and net operating cash flow, followed by Korea and China. Japan has the largest coefficient of net cash flow and operating income, followed by China and Korea. The results show that the value relevance of accounting earnings is the largest among independent variables related to firm value, but the net operating cash flow is the smallest. In addition, the authors observe that the coefficient of Japan is the largest of all independent variables when compared by c ountry. Originality/value: The contribution of this study is that it sh ows the comparative value relevance of accounting information in m ost economically developed Asian countries such as Korea, Japan, an d China. In addition, it is worth showing the characteristics of the national value decision variable by showing different incrementa l value relevance levels among the three countries.