経済成長期における資産再評価制度の機能に関する考察

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This paper analyzes the asset revaluation system to clarify the function of accounting system in the process of pursuing economic development. The asset revaluation system was abolished during the financial crisis in Korea, because of the criticism that the system did not meet international standards. Although the system was superseded, it had applied for 40 years. This paper focuses on the factors how the sub-global-standard system could last for 40 years and tries to find out the reason for that. 　As a result of the consideration, this paper finds out the asset revaluation system was established in order for its three functions as follows:(1) Mitigating the effect of high inflation on financial statements: During pursuing economic development the Korean economy was experiencing the continuous and chronic high inflation. The system was applied to supplement the shortcomings of cost accounting in the high inflated economy, by expenses reflecting the price increase and eliminating the fictitious profits.(2) Supplementing the shortage of capital: During the period of high economic growth, the Korean government made economic plans and needed companies to implement the plans. However, being suffered for the shortage of capital, the government intended to encourage companies to invest into facilities with the internal reserves extracted by the asset revaluation (i.e. the self-financing effect). (3) Lowering the high leverage ratio: In 1960s and 1970s, the capital market did not develop enough to fund, so Korean firms had to procure capital from the bank. The revaluation system contributed to lower the leverage ratio by incorporating revaluation reserve fund into equity capital.

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