금융상품 보유가 기업가치에 미치는 영향

초록

Purpose: The purpose of this study is to analyze the impact of investment in short-term and long-term financial instruments held by companies on corporate value. Research design, data, and methodology: Hypotheses to be tested were established from previous studies that investigated investors reactions to investments that are not related to operating activities, such as real estate investments. To verify this, a model based on multiple regression analysis was established, and samples were extracted from companies listed on the Korea Exchange. Results: First, it was found that the level of total financial assets had a negative effect on the corporate value. This indicates that investors perceive that the more financial instruments they hold as assets that are not related to operating activities, the more negatively they have a negative effect on corporate value. Second, The FVPL holding level was found to have a negative effect on the corporate value, whereas the FVOCI had n o statistically significant effect on the corporate value. It seems that the regulations to prevent earnings management using long-term investment in financial instruments are working well in the K-IFRS, and the possibility of using earnings management through investment in short-term financial instruments still appears. Third, in the case of man ufacturin g compan ies, the effect of holding total financial assets on corporate value was negatively significant, but there was no statistical significance in the case of distribution and logistics industries. These results suggest that the impact of holding financial instruments on corporate value may differ depending on the characteristics of the industry. Implications: Through the analysis of this study, it is possible to understand how investors evaluate the profit-seeking behavior through financial instruments when managers use surplus funds in the market. We think you might be able to get some help.

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