본 연구에서는 최근 세계적으로 도입 추세에 있는 IFRS의 도입 효과에 대한 실증적 연구를 통하여 기업 가치에 미치는 영향을 규명하고, 기업 가치 제고를 위한 전략적 시사점을 제공하고자 하였다. 수도권을 중심으로 투자자 269명에 대한 설문분석 결과, 첫째, IFRS 도입으로 인한 회계정보의 질이 기업의 장래성과 재무건전성에 대한 이미지에 긍정적 영향을 미치는 것으로 밝혀졌다. 둘째, 투자자의 투자성향에 관계없이 IFRS 도입이 기업이미지에 긍정적인 영향을 미치는 것으로 밝혀졌으며, 공격적 투자성향은 장래성에, 안정적 투자성향은 재무성의 영향력이 더 큰 것으로 밝혀졌다. 셋째, IFRS를 도입한 기업의 재무성에 대한 이미지는 투자결정에 긍정적인 영향을, 장래성은 영향을 미치지 못하는 것으로 분석되었다. 이와 같은 결과는 투자자는 IFRS의 도입으로 회계정보의 질이 향상될 것이라 인식하고 있고, IFRS 도입이 기업 이미지에 긍정적인 영향을 미치며, 결과적으로 투자 의사결정에도 영향을 미치는 것으로 밝혀졌다. 또한 투자성향에 따라 투자의사결정에 영향을 미치는 요인의 중요성이 다르다는 것도 확인할 수 있었다. 이러한 결과에 따라서 IFRS를 이미 도입한 기업은 기업 가치를 한 단계 높일 수 있는 기회로 활용해야 하며, IFRS 도입을 준비하는 기업에서는 전략적인 차원에서 도입을 위한 준비와 기업가치 제고를 위한 노력도 병행해야 할 것이다.
This study was aimed to provide companies to strategic implications to affect and promote corporate value through IFRS adoption which is in global trend. The questionnaire study of 269 investors who have lived in Seoul metropolitan was conducted to know their valuation and investment decisions. The results of this study as follows. First, the qualitative enhancement of accounting information by IFRS adoption had a positive effective on sustainability and financial soundness of firms. Second, IFRS adoption had a positive effect on corporate images regardless of investors dispositions, which active investors is more favor to sustainability and stable, financial soundness respectively. Third, IFRS adoption hardly affected the sustainability of firms, but had a positive effect on the financial soundness. In conclusion, IFRS adoption makes investors perceive the qualitative enhancement of accounting information and has a positive effective on corporate images and as a result it affects investment decisions. Besides, the importance of main decision factors was shown differently according to investor dispositions. Consequently, companies which already adopted IFRS should take advantage of it to leap corporate value and firms preparing for it should make an effort to strategic adoption of IFRS in order to enhance their value.
This study was aimed to provide companies to strategic implications to affect and promote corporate value through IFRS adoption which is in global trend. The questionnaire study of 269 investors who have lived in Seoul metropolitan was conducted to know their valuation and investment decisions. The results of this study as follows. First, the qualitative enhancement of accounting information by IFRS adoption had a positive effective on sustainability and financial soundness of firms. Second, IFRS adoption had a positive effect on corporate images regardless of investors dispositions, which active investors is more favor to sustainability and stable, financial soundness respectively. Third, IFRS adoption hardly affected the sustainability of firms, but had a positive effect on the financial soundness. In conclusion, IFRS adoption makes investors perceive the qualitative enhancement of accounting information and has a positive effective on corporate images and as a result it affects investment decisions. Besides, the importance of main decision factors was shown differently according to investor dispositions. Consequently, companies which already adopted IFRS should take advantage of it to leap corporate value and firms preparing for it should make an effort to strategic adoption of IFRS in order to enhance their value.
