손익구조변경공시의 흑자전환, 적자전환 정보가 주가에 미치는 영향

The profit and loss structure change disclosure system is an important mechanism aimed at promptly disclosing internal financial information that is not yet finalized, in order to alleviate information asymmetry between listed companies and investors. However, there is still no research on the impact of profit and loss transition information (from loss to profit or from profit to loss) on stock prices. Previous studies have focused on analyzing the effects of disclosure information based on analysts' forecasts of net profits, and while some research has examined the effects of profit and loss transition information, these studies have utilized annual data, making it difficult to analyze the immediate impact of profit and loss structure change disclosures on same-day or next-day stock prices. This study analyzes the impact of profit and loss transition information (from loss to profit or from profit to loss) on stock prices for listed companies that made such disclosures between 2020 and 2022. The listed companies are divided into KOSPI(Korea Composite Stock Price Index) and KOSDAQ(Korea Securities Dealers Automated Quotations) companies, as well as manufacturing and non-manufacturing companies for further analysis. Unlike previous research that only considered net profit information, this study also considers operating profit information, which is another key piece of information in profit and loss structure change disclosures. Daily data is analyzed, taking into account the trading volume information for the respective day, to analyze the effects of operating profit and net profit transition disclosures on stock prices. The results of the study show that operating profit information has a significant effect according to a comprehensive regression model encompassing all KOSPI and KOSDAQ companies. This finding reveals the limitations of previous disclosure effect studies that relied solely on net profit information. For KOSPI companies, only the net profit loss transition information showed a negative relationship with stock prices, suggesting that investors are sensitive to negative net profit transition information. This result aligns with the research by Song and Park(2004) which focuses only on net profit loss-to-profit transitions. On the other hand, for KOSDAQ companies, net profit information did not show significance. Operating profit loss-to-profit transitions displayed a significant positive value, while operating profit pfofit-to-loss transitions showed a significant negative value. This indicates that in the case of KOSDAQ companies, operating profit is a more crucial variable for investors. In addition, when segmenting the KOSPI and KOSDAQ markets by manufacturing and non-manufacturing sectors, the results showed that only KOSDAQ manufacturing companies demonstrated significant effects of operating loss-to-profit and profit-to-loss transitions on stock prices. Furthermore, the trading volume ratio exhibited a significant positive value for both KOSPI and KOSDAQ companies regardless of the market segment.