Korean Academic Society of Business Administration
[ Article ]
korean management review - Vol. 53, No. 5, pp.1137-1163
ISSN: 1226-1874 (Print)
Print publication date 31 Oct 2024
Received 16 Sep 2023 Revised 08 May 2024 Accepted 23 May 2024
DOI: https://doi.org/10.17287/kmr.2024.53.5.1137

ESG 성과 정보가 기업가치평가 효율성에 미치는 영향: 재무분석가 목표주가를 중심으로

신희정 ; 최수영
(주저자) 동의대학교 경영학부 조교수
(교신저자) 인하대학교 경영학과 강사
The Impact of ESG Information on Firm Valuation Efficiency: Evidence based on Analysts’ Target Price Forecast
Heejeong Shin ; Su-young Choi
(First Author) Assistant Professor, Department of Accounting, Dong-Eui University H.Maria.Shin@deu.ac.kr
(Corresponding Author) Lecturer, College of Business Administration, Inha University chsy0808@daum.net


Copyright 2024 THE KOREAN ACADEMIC SOCIETY OF BUSINESS ADMINISTRATION
This is an open access article distributed under the terms of the Creative Commons Attribution License 4.0, which permits unrestricted, distribution, and reproduction in any medium, provided the original work is properly cited.

초록

본 연구는 재무분석가들이 기업의 비재무적 정보인 환경․사회․지배구조(ESG) 성과 정보를 목표주가 예측에 효율적으로 반영하는지 살펴보았다. ESG 정보는 장기적으로 기업 가치를 반영할 잠재력이 있으나, 평가기준의 객관성과 가치 연계성 문제로 인해 기업가치 결정 시 과대 또는 과소 반영될 수 있다. 2011년부터 2020년까지 유가증권시장 및 코스닥에 상장된 기업들을 대상으로 ESG 성과 등급과 재무분석가 목표주가 예측오류의 관계를 분석한 결과, ESG 등급이 높을수록 재무분석가의 목표주가는 보다 낙관적으로 예측되었으며, 이에 따른 예측오류는 특히 ESG 상위 등급에서 더 높게 나타났다. 이는 ESG 정보가 목표주가에 반영되면서도 성과등급이 높을수록 기업가치 성장에 대한 기대가 과대반영되고 있음을 의미한다. 본 연구는 ESG 성과 정보를 활용한 기업가치 평가 시 정보이용자와 투자자들에게 신중한 접근이 필요함을 시사한다.

Abstract

This study examined whether financial analysts can incorporate ESG performance information efficiently into the stock price targets. Although the ESG information is known to be value-relevant from long-term perspective, it would be overly or less reflected in the expectations of corporate value since there remain concerns with objectivity and value-linkage of ESG evaluation criteria. For the empirical test, this study analyzed the relationship between ESG ratings and analysts’ forecast errors in stock price targets. The analysis results on firms listed in KSE or KOSDAQ from 2011 to 2020 show that the higher the ESG ratings, the higher the stock price targets and the more optimistic the target stock price forecast. These results show that the higher performance ratings, the more overly the expectation of corporate value growth is reflected in the target stock price. Further analysis also shows that the higher ESG ratings more reduce the degree to which the analysts’ target price explains the stock returns. By reporting the analysts’ efficiency of corporate valuation on ESG performance information, this study suggests that information users including investors need to be careful in valuation using non-financial information.

Keywords:

Nonfinancial accounting information, ESG performance information, Analysts’ price targets, Corporate valuation efficiency

키워드:

비재무적 정보, ESG 성과 정보, 재무분석가 목표주가, 기업가치평가 효율성

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∙ 저자 신희정은 현재 동의대학교 회계학과 조교수로 재직 중이다. 이화여자대학교에서 경영학박사를 취득하였으며, 주요 연구 분야는 재무제표분석, 기업가치평가, 시장이상현상 등이다.

∙ 저자 최수영은 인하대학교 경영대학의 강사로 재직 중이다. 인하대학교에서 경영학 박사 학위를 취득하였으며, 연구 관심 분야는 회계정보와 가치평가, 투자심리, 경영전략, ESG경영과 지속가능성 등이다.