資産再評價와 公示地價 情報의 重要性

자산재평가 제도와 공시지가 정보의 유용성 및 한계를 검토했다.

The purpose of this study is to examine the usefulness and the limitation of the assets revaluation system theoretically and to verify the importance of the information about the officially assessed land prices. The usefulness of operating the assets valuation system through analyzing the previous studies is summed up as follows.

First of all, the bases of the assertion that the assets revaluation system are very useful and should be continued are ① it improves the financial structure and uplifts the external credit rating, ② it contributes to the enterprise's financing and speeding up the opening to the public, ③ it reduces a tax burden, ④ it contributes to the capital reinforcement because of the shares rising, ⑤ it maintains the enterprise's actual capitals, ⑥ it protects the adequate conversion of the initial value and the right of management, ⑦ it uplifts the enterprise's external competitiveness, ⑧ it becomes the substitute measure of the government assistance to the enterprise, and ⑨ it protects the right of management of the domestic enterprise.

For 7 years from 2001 to 2007, the enterprises that satisfied the standards of the sample selection of this study among the enterprises which were listed on the Korea Stock Exchange Market of the Korea Exchange were examined hypothetically in order to verify the importance of the information about the officially assessed land prices, and the results are as follows. ① It was revealed that the difference between the official assessed land prices and the book value were significant at the level of 0.05 from 2003 to 2007, and the average of the difference between the officially assessed land prices and the book value were increasing.

② The ratio of the difference between the officially assessed land prices and the book value in the total assets was more than 5% from 2004 to 2007. At the additional analysis, the ratio of the difference between them in 2005 and 2006 in the total assets was more than 6%, and in 2007, more than 7%. ③ The decrease rate of debt ratio after the revaluation was about the minimum 12% and the maximum 74% and there was a significant difference statistically. ④ The decrease rate of the debt ratio after the revaluation was an average of 5%~11%.

After revaluation aimed at the enterprises with 100% of debt ratio, the rated of the debt ratio decrease after the revaluation from 2005 to 2007 was more than 20% on the average. ⑤ The increase rate of the flotation of debentures limit after the revaluation was more than 47% of the equity capital, and there was a significant difference statistically. ⑥ The increase rate of the enterprise's flotation of debentures limit to the capital after the revaluation was more than 100% on the average, it was significant statistically. At the additional analysis, it was more than 300% in 2006 and more than 400% in 2007, and they were significant statistically.

Putting all the above study results together, the suggestions of this study results are as follows. ① There is a significant different between the officially assessed land prices and the book value. Considering the result that the difference is more than 5% of the total assets and the fact that the value of the land increases as time goes by because of the property's characteristics, it is expected that the information about the book price of the land would not suit its purpose lest the assets revaluation system is admitted in the near future.

This implies that the information about the officially assessed land prices, which is the chief public announcement item, is limited to the land, but it could be the substitute information about the assets revaluation. ② On the assumption of that the land was reevaluated with the officially assessed land prices, the debt ratios of before and after the revaluation showed the significant differences, and the decrease rate of the debt ratio was more than 2% on the average after 2005, as for the enterprises with more than 100% of debt ratio. It is expected that if the officially assessed land prices increase as time goes by, the decrease rate of the debt ratio also increased.

Considering that fact that the ratio of the flotation debenture limit to the capital increased from 300% to 400% in 2006 and 2007, it is also expected that the assets revaluation by the officially assessed land prices would improve the financial structure of the enterprise, make the financing easy, and promote the extension of the enterprise's scale and the investment of the facilities. Accordingly, it suggests that the officially assessed land prices should be reflected at the country level and the system that improves the financial structure and makes the financing easy has to be provided.

③ According to Korea Accounting Institute, they plan to apply the international accounting standards optionally from 2009 and then apply them to all the listed enterprises compulsorily in 2011. According to International Accounting Standards (HAS No.16), the enterprises should select the prime cost model or the revaluation model as an accounting policy for the tangible assets after acquiring them. It suggests that if the prime cost model is selected, the information about the officially assessed land prices could be the substitute information about the prices. And if the revaluation model is selected, the officially assessed land prices could be used as the revaluation price of the land.