This study aims to examine whether different types of accounting earnings disclosed in the financial statements of Korean listed companies have a positive impact on firm valuation, and which type of accounting earnings has the highest explanatory power for firm valuation, by introducing a valuation model based on the valuation approach, an alternative research methodology in securities market-based accounting research. To achieve this research objective, the equity valuation model of Litzenberger and Rao was adopted. The sample used in this study consisted of 76 firms, and the analysis period covered five years from 1985 to 1989. The analytical methods employed both year-by-year analysis and pooled cross-sectional analysis, and industry dummy variables were included to control for industry effects. The empirical results indicate that different types of accounting earnings have a positive impact on firm valuation, and that investors prefer net income as the most useful accounting information among accounting earnings information in firm valuation.