會計變更에 대한 資本市場의 반응 = Stock Price Reactions to Accounting Changes

다국어 초록 (Multilingual Abstract)

Before EMH, CAPM, positive accounting theory are adopted, a common hypothesis is that stocked prices are influenced by accounting changes. As EMH is adopted in accounting study, the positive theories and approaches of accounting are commonly used in accounting literature of the 1960s.
The empirical research in the relationship of accounting changes with stock price are used in accounting study methodology. The results of these studies conflit with the arguement that management can use the accounting earnings for the purpose of systematically misleading the stock market.
If the cashflow of two firms is simular in kind and size the adoption of different account procedure does not affect the stock price.
The main issue of positive accounting theory is the determination of manager. To solve this problem, the agency theory and contracting cost theory are needed in the hypothesis setting.
The main purpose of this study is stock price reactions to accounting changes.
In this study, prior empirical studies are summarized and analyzed.
Ball and Brown investigate whether accounting earnings are empirically related to stock prices. The Ball and Brown's article led to an extensive literature investigating the empirical association between earnings and stock prices. They conclude accounting earning are empirically related to stock prices. Beaver's study supports the Ball and Brown's conclusion. Foster investigate stock market reaction to estimates of earnings per share by company officials. Penman's study is an empirical investigation of voluntary disclosure of corporate earning forecasts. Their conclusion is that forecast of earning is related to stock prices.
The early positive accounting researchers use the relation between stock price changes and changes in accounting procedure to discriminate between the EMH and its competing hypothesis.
At the time of the early studies attempting to discriminate between the competing hypothesis, the tax was the only rigorous analysis that allowed capital structure to effect a firm's flow and value. Hence, it was natural for accounting researchers to predict that, unless accounting change had implications to taxes, it would not have any effect on the stock prices.
O'Donnel's conclusion is accounting changes have observable effects on the stock prices at the time an accounting change is announced. Comiskey's study support's O'Donnel's conclusion. But Summer's study is conflect O'Donnel's study.
Kaplan and Roll investigate accounting changes that do not effect taxes(i.e. investment tax credit changes and the depreciation switchback)
The investment tax credit results suggest the mechanistic hypothesis. But he depreciation switchback results are consistent with the no effect hypothesis and suggest that market is not misled by switchback. Ball investigates all types of accounting changes within a given time period. The conclusion of Ball's Study is that, under the "no-effect" hypothesis, accounting changes have no observable effects on the stock price at the time an accounting changes are announced.
under concludes that the accounting change in affecting tax support mechanistic hypothesis. But Sunder's study have methodological sample selectional bias.

목차 (Table of Contents)

• Ⅰ. 序 論
• Ⅱ. 證券市場의 效率性
• 1. 效率的 市場假說
• 2. 市場均衡모델
• 1) 資本資産價格決定모델
• 2) 市場 모델
• Ⅲ. 會計情報 有用性의 檢證
• 1. 利益情報에 관한 硏究
• 2. 豫測情報에 관한 硏究
• Ⅳ. 會計節次選擇에 관한 假說
• 1. 보너스 計劃假說
• 2. 負債/ 持分假說
• 3. 規模假說
• Ⅴ. 會計變更에 대한 實證的 檢證
• 1. 初期 實證硏究
• 2. 자발적 및 강제적 회계변경 효과에 관한 연구
• 1) 無影響 假說
• 2) 機械的 假說
• 3) 競爭假說의 檢證
• Ⅵ. 結 論