가치평가오류, 투자자별 거래행태, 회계정보의 비교가능성 = Misvaluation, Trading Behavior of Investor Types and Financial Statement Comparability

다국어 초록 (Multilingual Abstract)

Stock misvaluation refers to the difference between the market value and the intrinsic value. If the market value is higher than the intrinsic value, it is defined as an overvaluation. Investors will sell the shares if they realize that the stock is overvalued. However, if investors are not aware of whether stock prices are overvalued, or if they have misleading expectations about the future performance of the firm, they may buy overvalued shares.
When an investor is divided into institutional investors, who are professional investors and individual investors, who are non-professional investors according to their expertise, the institutional investor may sell shares that are higher than their intrinsic value by assessing the value relatively accurately on the basis of their high information and analytical capabilities.
Individual investors, on the other hand, find it difficult to properly assess value with their low information gathering ability and analytical ability and may buy overvalued stocks.
If financial statement is comparable, investors can more easily grasp the value through easy comparison with other companies, so institutional and individual investors can benefit greatly from this. Therefore, this study examines trading behavior of individual investors and institutional investors in overvalued stocks and studies how comparability affects investors' investment decisions.
The results of the study are as follows. First, individual investors are found to be net buyers of overvalued shares, while institutional investors are net sellers. This means that unlike institutional investors, individual investors are not aware of the overvaluation. Second, the higher the comparability, the lower the tendency of individual investors to buy overvalued shares.
Comparability, on the other hand, do not have a significant impact on institutional investors' investment decisions. This is interpreted as a significant improvement in the ability of valuation of individual investors rather than institutional investors through comparable financial statement.
Because institutional investors already identify the firm value, the additional benefits from comparable accounting information may be low. This study is meaningful in that it examines the trading behavior of individual and institutional investors for overvalued stocks, and investigates the effects of comparability in this process.

국문 초록 (Abstract)

주식 가치평가오류(misvaluation)란 기업의 시장가치와 본질가치 간에 차이가 있는상태로 시장가치가 본질가치보다 높을수록 과대평가되어있다고 한다. 투자자들이 투자 대상기업의 주가가 과대평가 되어있음을 파악한다면 이 주식을 매도 할 것이다. 하지만 투자자들이 기업가치를 제대로 인식하지 못하거나 혹은 기업의 미래 성과에 잘못된 기대를 가진다면 과대평가가 큰 주식을 매수할 수 있다. 투자자를 전문성에 따라 전문적투자자인 기관투자자와 비전문적투자자인 개인투자자로 구분할 때, 기관투자자는 높은 정보력과 분석능력을 토대로 기업 가치를 비교적 정확히 평가하여 과대평가가 큰 주식을 매도할 수 있다.
반면 개인투자자는 낮은 정보 수집 능력과 분석능력으로 기업 가치를 제대로 평가하기 어려워, 과대평가가 큰 주식을 매수할 수 있다. 한편 회계정보가 비교가능하다면 개인 및 기관투자자들은 타기업과의 용이한 비교를 통해 기업 가치를 보다 정확하게 파악할 수 있게되어 효익을 누릴 수 있다. 이에 따라 본 연구는 과대평가 주식에 대한 개인투자자와 기관투자자들의 투자를 살펴보고, 비교가능성이 투자자들의 투자 의사결정에 어떠한 영향을 끼치는지에 대해 연구하였다.
연구결과 첫째, 개인투자자는 과대평가가 큰 주식을 순매수하는 반면 기관투자자들은 이를순매도하는 것으로 나타났다. 이는 기관투자자들과 달리 개인투자자들은 주식의 가치를 제대로 파악하지 못하고 있음을 의미한다. 둘째, 비교가능이 높을수록 개인투자자들이 과대평가가 큰 주식을 순매수하는 경향은 감소하였다. 반면 기관투자자들의 투자결정에는 별다른 영향을 끼치지 않았다. 이는 비교가능한 회계정보를 통해 개인투자자들의 가치평가 능력이크게 향상 된 반면, 기관투자자들은 이미 기업의 가치를 식별하고 있기 때문에 비교가능한회계정보를 통해 추가적으로 얻을 수 있는 이점이 적은 것으로 해석된다. 본 연구는 과대평가 주식에 대한 개인투자자와 기관투자자들의 거래행태를 살펴보고, 그 과정에서 비교가능성의 효과를 살펴보았다는 점에서 의의가 있다.

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