공정가치평가의 유용성에 관한 연구

A Study on the Usefulness of Fair Value Measurement: the Case of Tangible Assets Revaluation

The purpose of this study is to test how the newly adopted K-GAAP, signifying the adoption of tangible assets revaluation model, has affected the value relevance of accounting information. We adopted 193 sample firms which utilized the asset revaluation during the years, 2008 and 2009 and employed 193 control firms, matched by firm size and industry. Besides, we performed the pre- and post- tests for the test years (revaluation year 2008 and 2009) and pre-tested 3 years. Results show that the value relevance of accounting model is affected significantly whether they employed the revaluation model or not for the test period. Specifically, for the revaluation adopted firms, there was little difference in accounting information when the value relevance was for both test year. However, for the non-revaluation firms, significant difference in value relevance was documented after test sample firms adopted asset revaluation. Further tests reveal that in the year 2008, the value relevance of tangible assets increased significantly for high leverage firms, which support the motivation hypothesis that adopting revaluation is mainly motivated by improving capital structure. Contrarily, in the year 2009, only low leverage firms showed the value relevance of information relevance. This indicated that in the year 2009, motivation for relevance was different from the previous year such that high quality firms adopted the revaluation model to comply with K-GAAP. Overall, these results imply that fair value measurement improve the value relevance of accounting information. These findings are timely meaningful since we are now fully adopting IFRS as our accounting standards.