IFRS 전면 채택(full adoption)으로 인한 K-IFRS가 2011년도부터 국내 상장기업에게 의무적으로 적용되었다. 이에 본 연구에서, 한국거래소(KRX)의 유가증권시장(KOSPI Market)에 주권이 상장된 기업들의 순자산, 자기자본이익률, 레버리지비율·총자산회전율·기초순자산이 가산된 당기순이익-매출액비율(이하, 레버리지비율 등)을 이용하여, K-IFRS 도입에 따른 가치관련성에 어떠한 변화가 나타났는지를 단기 및 장기적인 측면에서 실증적으로 분석하였다. 연구결과는 다음과 같다. 첫째, K-IFRS 도입에 따른 단기적인 측면에서의 가치관련성 변화와 관련하여 표본기간이 단기인 2010년도에서 K-IFRS에 따른 순자산의 가치관련성, 자기자본이익률의 가치관련성, 레버리지비율 등의 가치관련성은 K-GAAP과 차이가 나지 않는다는 결과를 얻었다. 하지만 K-IFRS 도입에 따른 장기적인 측면에서의 가치관련성 변화와 관련하여 표본기간을 장기로 확장한 K-IFRS 기간(2011-2013)에 따른 순자산의 가치관련성, 자기자본이익률의 가치관련성, 레버리지비율 등의 가치관련성은 K-GAAP 기간(2008-2010)보다 작다는 결과를 얻었다. 그리고 이러한 결과는 K-IFRS 도입에 따른 가치관련성은 시간의 경과와 함께 유의미하게 변화될 수 있으므로 큰 비용을 들여 전면 도입한 K-IFRS가 국내 자본시장에서 온전히 정착되기 위해서는 지속적인 관심과 노력이 중요하다는 것을 시사한다. 둘째, K-IFRS 도입에 따른 가치관련성의 변화가 단기적인 측면과 장기적인 측면에서 서로 다르게 나타난다는것 이외에도, K-IFRS 도입으로 인하여 순자산이 주가에 미치는 영향과 자기자본이익률이 주가에 미치는 영향 그리고 레버리지비율 등이 주가에 미치는 영향이 K-IFRS 도입 이전보다 감소되었을지라도 기업들의 주가는 K-IFRS 도입 이전 보다 전반적으로 상승되었다는 것을 발견하였다.

Korea in March 2007 announced its road-map for International Financial Reporting Standards (IFRS) adoption. And from 2011, all listed companies in Korea are mandated applied to Korea International Financial Reporting Standards (K-IFRS). K-IFRS adoption affecting the underlying accounting system can be called a historical event in Korea. K-IFRS refers to the IFRS approved by generally accepted accounting principles in Korea. There are K-IFRS and previous generally accepted accounting standards (K-GAAP) many difference. K-IFRS financial reporting is the center of the consolidated financial statements. Therefore, any disclosure of the documents in the K-IFRS must be written from the perspective of the group. And in K-IFRS it should be evaluated in principle assets and liabilities at fair value. In addition, K-IFRS requires that the economic substance reflects the accounting treatment. K-IFRS adoption in Korea will lead to positive effects, such as improving fiscal transparency and ensure international credibility of corporate accounting. However, K-IFRS adoption is also a very taxing reality comes to Korea``s companies. And in 2013, Korea``s financial supervisory authorities expressed the view that K-IFRS is expected to entered the settlement steps in the domestic capital market. In this study, we analyze empirically how the value relevance of accounting information in the short-term and long-term changes. Specifically, first, in the short-term sample period, the value relevance of accounting information in accordance with K-IFRS(2010) compared with the value relevance of accounting information in accordance with K-GAAP(2010). Next, in the extended long-term sample period, the value relevance of accounting information in accordance with K-IFRS period(2011-2013) were compared with the value relevance of accounting information in accordance with K-GAAP term(2008-2010). For the analysis, this study uses stock price model based on Ye and Finn``s model and used the book value of equity (BV), return on equity (ROE), leverage ratio (LEV), asset turnover (ATO), ratio of beginning book value of equity plus earning to sales (BROS) measured under K-IFRS and K-GAAP as accounting information. Main results of the analyses are summarized as follows. Firstly, we find no difference in the value relevance of equity book value (BV) and the value relevance of return on equity (ROE) of K-IFRS(2010) and K-GAAP(2010) figures of equity book value (BV) and return on equity (ROE) when comparing and evaluating the two regimes unconditionally. Also, we find no difference in the value relevance of leverage ratio (LEV), the value relevance of asset turnover (ATO) and the value relevance of ratio of beginning book value of equity plus earning to sales (BROS) of K-IFRS(2010) and K-GAAP(2010) figures of leverage ratio (LEV), the value relevance of asset turnover (ATO) and the value relevance of ratio of beginning book value of equity plus earning to sales (BROS) when comparing and evaluating the two regimes unconditionally. Secondly, we find that the value relevance of equity book value (BV) and the value relevance of return on equity (ROE) has been weakened in the K-IFRS period(2011-2013) than in the K-GAAP period(2008-2010). Also, we find that the value relevance of leverage ratio (LEV), the value relevance of asset turnover (ATO) and the value relevance of ratio of beginning book value of equity plus earning to sales (BROS) has been weakened in the K-IFRS period(2011-2013) than in the K-GAAP period(2008-2010). These results that value relevance due to the introduction of K-IFRS may be changed significantly with the passage of time and to the full settlement of the K-IFRS in the domestic capital market it shows that constant attention and effort is very important. Thirdly, we find that although the value relevance of equity book value (BV), the value relevance of return on equity (ROE), the value relevance of leverage ratio (LEV), the value relevance of asset turnover (ATO) and the value relevance of ratio of beginning book value of equity plus earning to sales (BROS) has been weakened in the K-IFRS period(2011-2013) than in the K-GAAP period(2008-2010), the stock value of the companies was raised with K-IFRS adoption.