유형 자산 재평가 모형 이 자본 투자 에 미치 는 영향 < 한국 회계 정보 학회 < KISS 
 홈 한국 회계 정보 학회 > 회계 정보 연구 > 유형 자산 재평가 모형 이 자본 투자 에 미치 는 영향 
 유형 자산 재평가 모형 이 자본 투자 에 미치 는 영향 
 Asset Revaluation and Capital Investments 
 이화득 ( Yi Hwa - deuk ) , 최철진 ( Choi Chul - jin ) 
 페이지 : 181 - 203 ( 23 pages ) 
 10 . 29189 / KAIAAIR . 38 . 1 . 08 
 Ⅳ . 실증 결과 
 [ Purpose ] This study examines whether asset revaluation affects firms ’ capital investments . In 2011 , K - IFRS allows to choose either cost method or revaluation method for PPE accounting . 
 [ Methodology ] Asset revaluation may affect firms ’ capital investments through two channels . One is that improved capital structures by asset revaluation can increase capital investments through borrowing . The other is that firms with asset revaluation method are likely to be associated with lower levels of capital investments than firms with cost method because assets under revaluation method are more likely to result in financial statement losses on replacement than assets under cost method . We analyzes these two effects on capital investments separately . To control the endogenous nature of accounting choice , we estimate a two - stage treatment effects model . The sample consists of 5 , 093 Korea listed firm / years including 454 firm / years with asset revaluation method , which are listed on the KOSPI market from 2011 to 2018 . 
 [ Findings ] The empirical results show that the improved debt ratio by asset revaluation increases borrowing power and asset revaluation affects positively capital investments . The results also show that after controlling for the improved capital structures on capital investments , asset revaluation affects negatively capital investments . We interpret these results as two effects mentioned above associated with asset revaluation . 
 [ Implications ] The results of this paper find another example for economic consequences of firms ’ accounting choices and are meaningful for accounting research .