More than 30 years have passed since the asset revaluation system was institutionalized into law. At the present juncture, where social and economic environments have undergone substantial changes, it is meaningful to evaluate whether asset revaluations are being conducted in accordance with the purposes of the Asset Revaluation Act. The purpose of this paper is to analyze the motives behind corporate asset revaluation, to examine stock price reactions to information about asset revaluation implementation, and to investigate whether stock price reactions differ according to the magnitude of asset revaluation motives. The research findings indicate that the motives for corporate asset revaluation were greater for firms with lower depreciation expense burdens, lower equity ratios, higher proportions of corporate bonds, smaller distributable resources for dividends, and higher proportions of assets subject to revaluation. In the analysis of stock price reactions to asset revaluation information, a positive stock price reaction was observed in the week containing the board resolution announcement date, thereby confirming the general belief that asset revaluation leads to stock price increases. Additionally, stock price reactions to asset revaluation information were found to be greater for firms with weaker asset revaluation motives.