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수록정보
33권3호(2008) |수록논문 수 : 8
간행물 제목
33권3호(2008년) 수록논문
권호별 수록 논문
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KCI등재

1환경요인, 조직구조, 원가기획 성과간의 인과관계에 관한 실증연구

저자 : 육근효 ( Keun Hyo Yook )

발행기관 : 한국회계학회 간행물 : 회계학연구 33권 3호 발행 연도 : 2008 페이지 : pp. 1-23 (23 pages)

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본 연구는 기본적으로 완성품 업체와 협력업체간의 기업간(조직간) 관계에 초점을 맞추어 기업간 관리의 성과에 영향을 미치는 메커니즘을 체계적으로 분석하는 것이 목적이다. 즉 본고에서는 기업간 관계(기본적으로 완성품업체와 협력업체간의 관계)에 초점을 맞추어 원가기획 활동의 성공 메커니즘을 규명하기 위해 제품개발조직, 협력업체와의 관계, 그리고 이익공유 등의 통제시스템과 원가기획활동 성과간의 인과관계를 실증하였다. 가설검정은 우편 설문을 통해 회수된 승인도 업체 36개와 대여도 업체 66개를 대상으로 분석하였다. 실증분석 결과, 먼저 완성품업체의 제품개발조직의 형태(Product Manager의 영향력)에 따라 부품업체가 완성품업체에 제공하는 정보가 상이하며 상호간의 계약 형태도 달라진다. 이러한 협력업체의 상이한 정보제공 유형과 계약 형태에 따라 이익·위험을 쌍방에서 분담하는 정도가 상이하게 나타났다. 또한 이익·위험의 분담 정도가 목표(원가, 이익) 달성도에 유의적인 영향을 미친다는 것이 확인되었다. 마지막으로 제품개발조직의 형태와 협력업체와의 관계, 원가기획 효과(목표 달성도)의 3자가 서로 어떠한 인과관계로 이어져 있는가를 종합적으로 검증한 결과, 내부·외부 통합능력이 강한 중량급 PM조직을 갖고 대여도 업체에 관한 정보를 많이 보유할수록 목표성과의 달성도는 높아졌다. 그리고 통합기능이 약한 경량급 PM조직을 채택하고 승인도 부품업체의 기술을 신뢰해 VE제안 등을 제공받는 정도가 높을수록 목표성과의 달성도는 높아진 것으로 나타났다.


The target costing process is a system of profit planning and cost management that is price led, customer focused, design centered, and crossfunctional. Target costing initiates cost management at the earliest stages of product development and applies it throughout the product life cycle by actively involving the entire value chain and supply chain. To implement target cost management successfully, many tools and techniques are required. However, target cost management is not a simple combination of these individual tools and techniques, but rather is a dynamic and comprehensive system, efficiently integrating all the environmental factors in an efficient way in inter-firm networks. In practice, the mode of target costing structure systematically differs depending on the nature of transaction of parts and characteristic composition of suppliers. However, types of suppliers(i.e. parts manufactured by outside suppliers according to "drawings supplied" by the core firm, and parts manufactured by outside suppliers according to "drawings approved" by the core firm), their relations to core firms, and information asymmetry between core firm and suppliers(to the degree that development processes are entrusted to the supplier, knowledge on the detailed cost contents become more difficult to be obtained by the core firm), have been relatively neglected in existing literature. This paper investigates the product development organization in which the suppliers can participate, in connection with target costing effects for the Korean companies. For this purpose, this study empirically analysed the data based on the questionnaire survey. Except for demography items, three point Likert scales were used to measure target costing system practices. The questionnaire with cover letter and a postagepaid was sent to target costing senior managers of all 375 Korean manufacturing companies(suppliers) in June-July 1997. After the second mailing with one-month interval, 102 responses(36 DA suppliers, 66 DS suppliers) were received with a response rate of 28.8% 26.4% respectively. This paper develops a conceptual framework for defining supplier relations and analysing its determinants, by borrowing approaches from economic and organization theories. This framework is used to develop a number of hypotheses. All the hypothesis were tested by applying the generalized loglinear model. The generalized loglinear model will estimate the regression coefficients of each variable and the combination of categories of several variables, and also show the z-value of the coefficients. This method was applied to the data of category variables as factors included in the hypotheses. The following main conclusions can be drawn from this study. First, the level of supplier involvement in design work is negatively associated with the customization of the design of the component. Second, the core firm(assembler or manufacturer) adopts the heavy weight PM(product manager) much more, if its parts are manufactured by the outside suppliers(drawings supplied), whereas the core firms adopts the light weight PM much more, if its parts are manufactured by the outside suppliers(drawings approved). Third, the higher the core firms with light heavy PM(product manager) share the benefits and risks in producing specialized parts with the detail-controlled parts maker, the better their target cost is achieved. On the other hand, the lower the core firms with heavy weight PM in design work share the benefits and risks in producing the functionally important parts with the black-box parts maker, the better their target cost is achieved. We attribute this result, in part, to the continued role of profit sharing reward system, incomplete contracting, hold up problems, and mechanistic control, which inhibited the development of concurrent engineering, inter-firm cost management, and inter- organizational trust.

KCI등재

2특수관계자와의 거래가 이익조정 및 이익반응계수에 미치는 영향

저자 : 김지홍 ( Jee Hong Kim ) , 우용상 ( Yong Sang Woo )

발행기관 : 한국회계학회 간행물 : 회계학연구 33권 3호 발행 연도 : 2008 페이지 : pp. 25-59 (35 pages)

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본 연구는 경영자가 특수관계자와의 거래를 이용하여 이익조정을 실시하고 있는지 분석하고 투자자들은 자본시장에서 이를 어떻게 평가하는지 분석하였다. 이를 위해 2000년부터 2005년까지의 6년간의 상장기업을 대상으로 특수관계자와의 거래가 이익조정 및 이익반응계수에 미치는 영향을 살펴보았다. 연구결과 첫째, 특수관계자와의 거래금액이 클수록 재량적 발생액이 증가하는 것을 발견했다. 이는 특수관계자와의 거래가 많을수록 이익조정이 증가하는 것을 뜻한다. 둘째, 30대 대기업집단에 소속된 기업일수록 특수관계자와의 거래와 재량적 발생액 및 재량적 발생액의 절대값간의 민감도가 더 큰 것으로 나타났는데, 이는 30대대기업집단에 소속된 기업일수록 특수관계자와의 거래를 통해 이익의 상향조정을 더 많이 시도한다는 것을 의미한다. 이러한 실증분석 결과는 공정위에서 시행하고 있는 30대 대기업집단의 부당내부거래규제 장치가 유효하게 작동하고 있는지에 대한 의문을 제시하는 것이다. 셋째, 외국인지분율에 대해서는 외국인지분율이 높은 경우 특수관계자와의 거래규모가 증가함에 따라 이익의 질이 낮아지는 것을 발견했다. 이는 백원선과 조현우(2006)의 연구결과와 일치하게, 외국인투자자들이 경영자의 재량적인 이익조정을 적절하게 고려하고 있지 못한다는 증거로 해석할 수 있다. 넷째, 최대주주 및 특수관계자 지분율은 특수관계자와의 거래와 이익조정간의 관계에 유의적인 영향을 미치지 않는 것으로 나타났다. 다섯째, 투자자들이 특수관계자와의 거래에 대해 어떻게 평가하는지 검증한 결과, 특수관계자와의 거래가 많을수록 이익반응계수가 작아지는 현상을 발견했다. 이는 투자자들이 특수관계자와의 거래에 대해 부정적인 평가를 하고 있다는 것으로 해석할 수 있다. 추가적으로 투자자들은 기업이 30대 대기업집단에 속하지 않은 경우, 최대주주 및 특수관계자 지분율이 작을수록, 외국인투자자 지분율이 작을수록 특수관계자와의 거래에 대해 부정적으로 평가하고 있는 것으로 나타났다.


This study examines the relationship between the transactions to the related-party and earnings management, also analyzes the effect of the transactions to the related-party on earnings response coefficient. It is easy to adjust transaction condition in the transactions to the related-party, so the transactions to the related-party will be used as a way of earnings management. If the transactions to the related-party are used as a way of earnings management, investors will estimate the transactions to the related-party negatively. The purpose of this study are analyzing whether management of company manages earnings using the transactions to the related-party discretionarily, investors recognize that the transactions to the related-party are used as a way of earnings management. This study will suggest that it is necessary to adjust the regulation of disclosure about the transactions to the related-party and to complement punishment for unfair transactions to the related-party. Moreover, this study investigates the effect of whether a company is in the 30 large enterprise groups or not, the largest stockholders ownership and the foreign stockholders ownership on the relationship between the transactions to the related-party and earnings management, market response. According to the previous studies on the relationship between the largest stockholders ownership, the foreign stockholders ownership and earnings management, the level of earnings management would be various by the largest stockholders ownership and the foreign stockholders ownership. Therefore, the largest stockholders ownership and the foreign stockholders ownership would have an effect on the relationship between the transactions to the related-party and earnings management. Because a company in the 30 large enterprise groups has more related-parties than others, this company has more chance to earnings management using the transactions to the related-party. So, earnings management using the transactions to the related-party would be more often in the 30 large enterprise groups than others. If whether a company is in the 30 large enterprise groups or not, the largest stockholders ownership and the foreign stockholders ownership have an effect on the relationship between the transactions to the related-party and earnings management, investors would consider the transactions to the related-party as a factor of impairing earnings quality and estimate the transactions to the relatedparty negatively. The sample is composed of firm years with the transactions to the related-party from 2000 to 2005. The sample firm is composed of non-financial companies which are listed in the Korea Exchange and whose fiscal year-end is December 31. Firms that are under surveillance sanction by stock exchanges or those experiencing negative stockholders equity are eliminated. All financial and stock return data are obtained via TS2000 and FN-Guide database. Finally, we eliminate those extreme observations whose values are greater than three standards deviations from the menas of all variables. The final sample consists of 1,680 firm-years. Empirical findings are as follows. First, the transactions to the related-party are significantly positively associated with discretionary accruals. This result means that the transactions to the related-party are used as a way of earnings management. Second, there is a significant positive relationship between the transactions to the related-party and the absolute value of discretionary accruals in 30 large enterprise groups. The transactions to the related-party are also significantly positively associated with discretionary accruals in 30 large enterprise groups. The relationship between the transactions to the related-party and discretionary accruals is stronger in 30 large enterprise groups than in other companies. These results mean that the companies in 30 large enterprise group manage earnings more than others using the transactions to the related-party. These results would be due to which there are many chance for the transactions to the related-party in 30 large enterprise group because companies in 30 large enterprise group have many related-parties. These results call the validity of unfair inside transaction regulation in question. Third, the transactions to the related-party are significantly positively associated with the absolute value of discretionary accruals in the high foreign stockholders ownership. Consistent with Paek and Cho(2006), this result suggests that foreign stockholders are not concerned about earnings management. Forth, the largest stockholders ownership doesn`t have an effect on the relationship between the transactions to the related-party and earnings management. Fifth, earnings response coefficient is low when the transactions to the related-party are large. This result means that investors estimate the transactions to the related-party negatively. Further, this study investigates the effect of whether a company belongs to the 30 large enterprise group or not, the largest stockholders ownership and the foreign stockholders ownership on the relationship between the trnasactions to the related-party and earnings response coefficient. The empirical results are that investors estimate the transactions to the relatedparty more negatively as not belonging to the 30 large enterprise group, the smaller the largest stockholders ownership, the smaller the foreign stockholders ownership.

KCI등재

3주가표류현상에 영향을 미치는 요인에 관한 연구

저자 : 이경태 ( Kyung Tae Lee ) , 이연진 ( Yeon Jin Lee )

발행기관 : 한국회계학회 간행물 : 회계학연구 33권 3호 발행 연도 : 2008 페이지 : pp. 61-101 (41 pages)

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주가표류현상은 준강형 시장효율성 가설과 배치되는 자본시장의 이상현상으로 이익공시 후 기간에서도 공시된 이익정보가 주가움직임과 체계적인 관련성을 갖는 것을 말한다. 본 연구는 비기대이익과 이익 공시 후 기간의 누적초과수익률 간 관계를 통해 국외 자본시장에서 검증되어 온 주가표류현상이 국내 자본시장에서도 발견되는지를 실증적으로 분석한다. 더 나아가 개별 기업의 정보불확실성과 이익의 질이 주가표류현상 수준에 미치는 영향을 살펴본다. 2003∼2005년 제조업에 속한 상장기업들을 대상으로 실증분석한 결과는 다음과 같이 요약된다. 첫째, 비기대이익이 커질수록 이익정보 공시 후 기간의 누적초과수익률이 증가한다는 것을 확인할 수 있었다. 둘째, 정보불확실성 대용치로 초과수익률변동성, 평균주식거래회전율, 기업상장연수, 재무분석가수를 사용하여 분석한 결과, 개별 기업의 정보불확실성과 이익정보에 대한 주가표류현상은 양의 관계를 갖는 것으로 나타났다. 단 기업상장연수를 대용치로 사용한 결과에서는 그 값이 유의하지 않았다. 마지막으로 이익의 질을 이익지속성, 초과이익지속성, 재량적 발생액의 정도, 유동발생의 예측오차로 측정하여 분석한 결과에서는 재량적 발생액의 정도를 제외한 분석에서 이익의 질과 주가표류현상 수준 간에 유의한 음의 관계를 발견할 수 있었다.


Post-earnings-announcement drift (PEAD) is a phenomenon which the price continues to drift up if the earnings surprise is positive and down if negative. Ball and Brown (1968) first reported that stock returns continue to drift in the direction of earnings surprises for several months after the earningsannouncements. Since then, a number of studies attempted to find the underlying reason for this phenomenon suggesting explanations such as mis-measurement of risk and investor irrationality. Nonetheless, these conjectures were not sufficient enough to provide an explanation for the existence of the PEAD. Thus, this phenomenon remains as one of the market anomaly that is in a conflict with semi- strong efficient market hypothesis. Although this phenomenon is an established anomaly in the US, there have been few researches attempting to explore the drift for other stock markets. This study aims to test for the presence of PEAD based on Korea Stock Exchange. Specifically, this study examines the relationship between earnings surprise and stock`s cumulative abnormal returns for several days following an quarterly earnings announcement. Considering there are only a few studies examining whether firm-specific characteristics affect the drift level, this paper also tests the relationship between them. We first examine if the drift is more evident when the firm`s information uncertainty is high. We measure the information uncertainty using several proxies including excess stock returns, average daily turnover, firm age and analyst coverage. If the firm`s information uncertainty is high, it is likely that investors put less weight on the company`s earnings release, and the price reaction to earnings announcements should be less than the rational level. Consequently, there should be a subsequent price adjustment following an earnings announcement as the initial price reaction does not fully reflect the information contained in the earnings announcement. Secondly, we test whether the firm with poor earnings quality shows higher drift level using four proxies for earnings quality. They are accounting earnings persistence, abnormal earnings persistence, absolute magnitude of discretionary accruals, and magnitude of estimation error in accruals. In this case, the reaction of investors might differ depending on the earnings quality. We predict that the investors underreact less to the firms with better earnings quality. For the empirical analyses, this paper uses 1,095 Korean listed firms (nonbanking firms with December fiscal years) for the years from 2003 to 2005, and the financial data were figured out from Kis-Value and Fn-DataGuide Databases. The empirical findings are as follows. First, the cumulative abnormal returns over the 60 trading days subsequent to quarterly earnings announcements are significantly increasing in earnings surprise. As we partitioned the sample firms into two groups according to the standardized unexpected earnings, cumulative abnormal returns for stocks announcing positive standardized unexpected earnings showed strong drift compared to the stocks of negative standardized unexpected earnings. Second, consistent with our predictions, the results suggest that the level of PEAD and firm-specific information uncertainty has positive relation when volatility of excess stock returns, average daily turnover, and analyst coverage are used as measures of information uncertainty. However, significant association is not found when the firm age is used as the proxy. As the empirical results are mainly consistent with our prediction, we conclude that firms with higher information uncertainty experience higher drift to their earnings surprises. Lastly, this paper conjectures that PEAD is negatively related with earnings quality. The test results appear to be supported by statistical significance when accounting earnings persistence, abnormal earnings persistence, and magnitude of estimation error in accruals are used as measures of earnings quality. However, the result was not significant when absolute magnitude of discretionary accruals are used as the proxy. The main contribution of this paper is that we demonstrate the existence of PEAD phenomenon in Korea market consistent with the US market. Empirical results represent that stock return do not fully impound the surprise in announced quarterly earnings immediately upon the earnings disclosure; stock returns continue to drift in the same direction as the earnings surprise announcement. Our results indirectly indicate that the inefficiency of the market exists in Korea market. Our paper also contributes to research on understanding the firm-specific characteristics affecting the drift level. We suggested information uncertainty and earnings quality as major two factors explaining the differences in drift level among the firms, and the results supported the prediction that firms with higher information uncertainty or poor earnings quality will show higher drift level. In this study, we empirically evaluated the prediction by including the interaction variable. In this way, we not only examine the mean effect but focus on the relation between information uncertainty (or earnings quality) and the magnitude of the drift level.

KCI등재

4이익 조정 여부에 따른 발생액 이상 현상의 차이

저자 : 김지홍 ( Jee Hong Kim ) , 고재민 ( Jai Min Goh ) , 김상일 ( Sang Il Kim )

발행기관 : 한국회계학회 간행물 : 회계학연구 33권 3호 발행 연도 : 2008 페이지 : pp. 103-139 (37 pages)

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기존의 연구들은 발생액이 현금흐름에 비해 이익 지속성이 떨어짐에도 투자자들은 이러한 차이를 구분하지 못한다는 사실을 보여 주고 있다. 이처럼 자본시장이 발생액의 이익지속성에 대해서 과대평가하는 사실을 발생액 이상 현상이라 부르고 있다. 선행연구에서는 이와 같은 발생액 이상 현상의 가장 주된 원인으로 경영자의 이익 조정 행위를 꼽고 있다. 본 연구는 Mishkin test를 활용하여 발생액 이상 현상이 기회주의적 이익 조정에 기인하는지 검증하는 것을 목적으로 한다. 이익을 조정한 기업과 조정하지 않은 기업을 구분하여 이익 조정 기업에서 발생액 이상 현상이 더 크게 나타난다면, 자본시장이 기업의 이익 조정 행위를 가치 평가에 제대로 반영하지 못하여 발생액 이상 현상이 나타난다는 사실을 실증하는 것이다. 반대로 이익을 조정한 기업에서 발생액 이상 현상이 작게 나타난다면, 시장은 기업의 이익 조정을 효율적으로 인지하고 있으며 기능적 고착화가 발생액 이상 현상의 원인이 아님을 보여주는 것이다. 실증 분석 결과는 다음과 같다. 첫째, 전체 기업 집단에서 발생액 이상 현상은 선행연구와 일관되게 나타나고 있다. 둘째, 이익을 조정한 기업은 이익을 조정하지 않은 기업에 비해 이익 지속성이 낮게 나타났으며, 그 차이는 발생액이나 재량적발생액 항목에서 유의하다. 셋째, 발생액 이상 현상은 이익을 조정하지 않은 기업에서만 발견할 수 있고, 오히려 이익을 조정한 기업에서는 발생액 이상 현상을 관찰할 수 없었다. 본 연구는 발생액 이상 현상의 원인으로 지목되는 경영자의 기회주의적 이익 조정 여부를 명시적으로 구분하여 분석하였고, 그 결과 선행연구의 주장과는 달리 발생액 이상 현상이 이익조정의 산물이 아닐 수 있음을 보여 주었다. 따라서 발생액 이상 현상의 주된 원인으로 인정받고 있는 이익 조정에 대한 시장 비효율성의 주장에 보다 신중한 접근이 필요하다는 시사점을 제공한다.


Researchers have opposite perspectives for discretionary accrual. Some support its positive aspect in that it can deliver managers` private information for future performance, having a signalling effect. On the contrary, others doubt it since it reflect managers` opportunistic earnings management. It has been the most popular metric measuring earnings management in a lot of earnings management study. Thus, discretionary accrual is still controversial among researchers. Specifically, some have a positive eye on discretionary accrual due to its additional explanation on earnings persistence, while others a negative eye because of its relatively lower explanation power than cash flow or non-discretionary accrual. In addition, some justify information content of discretionary accrual in that it explains stock returns significantly, while others belittle since the capital market overvalues it due to unawareness of earnings management. These differential perspectives are caused by earnings management. Chan et al. (2006) argued that discretionary accrual can be a leading indicator of future business if only manager does not manage earnings. Therefore, the objective of this study is to examine whether there is a difference between earnings managed firms and non-earnings managed firms after classifying earnings managed firms. Earnings management has not been clearly considered in prior studies, because they treated all firms into one portfolio. But in order to synthesize different opinions that seem to be contradictory, we attempt to divide all firms into two groups, earnings managed firms and non-earnings managed firms. After that, we investigate whether earnings persistence and market reaction are different in each group. If difference is found, we can show that discretionary accrual carries managers` private information in non-earnings managed firms, while it indicates managers` opportunistic activity in earnings managed firms. These synthetic study is carried out in two aspect, earnings persistence and market reaction. First, discretionary accrual with earnings managed firms would be able to explain future earnings relatively less, while it can account for future earnings better in non-earnings managed firms. Second, we try to investigate how the capital market evaluates each earnings persistence in two groups. Prior empirical studies have shown that market participants do not catch that the accrual is less accountable for earnings persistence than cash flow. Accruals anomaly is such a phenomenon that the stock market overvalues accrual related to earnings persistence. Studies examining accruals anomaly attributed it to market inefficiency for earnings management and functional fixation is widely regarded as a hidden driver of market mispricing. Similarly, if market cannot recognize earnings management, accruals anomaly in earnings managed firms would be bigger than in non-earnings managed firms. But if market is efficient enough, it can identify earnings managed firms and there are no accruals anomaly or it would be much smaller in earnings managed firms. This can enable us to test market inefficiency for earnings management which has been ascribed to accruals anomaly. Empirical results indicate three findings. First, accruals anomaly for total accrual and discretionary accrual is consistent with prior studies. Market overvalues earnings persistence of total accrual, non-discretionary accrual, and discretionary accrual. But Korean stock market differs from US in that undervaluing for cash flow is not significant. Second, non-earnings managed firms show more strong earnings persistence. And this is significant for both total accrual and discretionary accrual. Third, accruals anomaly exists only for non-earnings managed firms. That is, non-earnings managed firms drive market mispricing and the market has an insight into earnings management. We can synthesize opposite perspectives of prior studies through these results. First, the higher earnings persistence in non-earnings managed firms implies that its discretionary accrual has managers` private information. However, the lower earnings persistence in earnings managed firms indicates that managers abuse it to exaggerate their performance. Second, discretionary accrual in earnings managed firms cannot account for stock returns, while that in non-earnings managed firms is associated significantly. This means that market can recognize the meaning of discretionary accrual whether it is the result of earnings management. Third, a lot of researchers have conjectured that market imperfection or functional fixation is responsible for accruals anomaly. But these results are inconsistent with prior studies in that the accruals anomaly is not caused by earnings management. Therefore, we suggest that researchers should be more careful in asserting that market inefficiency for earnings management is the main cause for accruals anomaly.

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5재무이익-세무이익의 일치성에 따른 이익구성요소의 지속성과 시장반응

저자 : 고종권 ( Jong Kwon Ko )

발행기관 : 한국회계학회 간행물 : 회계학연구 33권 3호 발행 연도 : 2008 페이지 : pp. 141-188 (48 pages)

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본 연구는 발생액 과대반응현상이 발생액의 신뢰성에 기인한다는 Richardson et al.(2005)의 결과를 토대로 발생액과 투자자의 반응을 분석하였다. 선행연구와는 달리 재무이익과 세무이익의 차이에 영향을 미치는 지 여부에 따라 발생액을 회계발생액(book accruals)과 회계-세무발생액(book-tax accruals)으로 세분하여 분석하였다. 경영자들이 발생액을 이용하여 이익조정을 하는 경우 재무이익과 세무이익에 미치는 영향이 상이한 회계발생액 뿐만아니라 재무이익과 세무이익에 동시에 영향을 미치는 회계-세무발생액을 이용하는 점을 고려함으로써 발생액 선택과정에서 세금이 미치는 역할을 강조하였다. 분석결과를 요약하면 다음과 같다. 첫째, 발생액의 신뢰성이 낮을수록 발생액의 지속성이 현금흐름의 지속성보다 낮게 나타났다. 둘째, 발생액 이상현상은 회계발생액과 회계-세무발생액 모두에서 존재하고 상대적으로 신뢰성이 낮은 발생액에서 과대반응이 존재하였다. 셋째, 신뢰성이 낮은 발생액에서는 회계발생액이 회계-세무발생액에 비해 과대반응의 차이가 큰 것으로 나타났다. 넷째, 시장합리성 검증과 수익률 분석의 결과를 종합해 보면 발생액의 이상현상은 주로 신뢰성이 낮은 회계발생액과 신뢰성이 낮은 회계-세무발생액에 기인하는 것으로 나타났다. 이상의 분석결과는 시장이 회계발생액 뿐만 아니라 회계-세무발생액의 지속성이 미래성과에 미치는 결과를 합리적으로 이해하지 못하고 있으며 이에 따라 투자자들이 회계발생액과 회계-세무발생액을 과대평가하는 현상이 존재한다는 해석과 일치하는 것이다. 그리고 회계발생액에 대한 과대반응이 회계-세무발생액의 경우보다 큰 것은 상대적으로 신뢰성이 낮은 회계발생액에서 투자자들이 과대반응하는 정도가 크다는 것을 시사한다. 본 연구의 결과를 보수적으로 해석하면 투자자들이 당기 발생액이 미래이익의 지속성에 미치는 영향을 합리적으로 이해하지 못하며 이는 신뢰성이 낮은 회계발생액과 신뢰성이 낮은 회계-세무발생액에서 기인하는 것으로 보인다는 것이다. 본 연구는 발생액 선택과정에서 세금에 미치는 역할을 강조함으로써 발생액 이상현상 연구 및 재무이익-세무이익의 차이 연구에 추가적인 공헌점을 제공한 것으로 판단된다.


Sloan(1996) reports that the persistence of accruals for future earnings is lower than that of cash flows, but, investors do not properly reflect the persistence of earnings components. After he first documents the accrual anomaly characterized by investors` underpricing of cashflows and overpricing of accruals, many studies extend the accrual anomaly. Richardson et al.(2005) categorize the accruals according to their reliability and test whether less reliable accruals lead to lower earnings persistence and whether investors rationally reflect lower earnings persistence. They find that less reliable accruals lead to lower earnings persistence and investors do not rationally reflect lower earnings persistence, leading to significant stock mispricing. Even though, these studies consider the valuation implications of accruals, they do not examine how taxes affect the extent to which the market uses financial information efficiently. The accrual anomaly reported is mainly based on data from the U.S. capital markets. Pincus et al.(2007) investigate whether the accrual anomaly generalizes to other countries and whether the occurrence of the accrual anomaly is associated with country-level accounting and institutional structures. They find that the accrual anomaly is present in only four countries, Australia, Canada, the U.K. and the U.S. out of 20 countries considered. They also find that the accrual anomaly is more likely to occur in countries having a common law legal tradition, where extensive use of accrual accounting permitted, where concentration of share ownership is lower, and where outside shareholder rights are weaker. Notwithstanding the numerous evidence of accrual anomalies in U.S. market and preliminary evidence in Korean market, there is only a few papers which deals with the question whether accraul anomaly exists in Korean capital market. This paper examines accrual reliability and investors market pricing based on the spirit of Richardson et al.(2005) that less reliable accruals lead to lower earnings persistence and that investors do not fully anticipate the lower earnings persistence leading to significant security mispricing. Different from prior studies, this paper emphasizes the role of taxes in accrual pricing and examines how market prices book accruals and book-tax accruals in Korean capital markets. For this purpose, total accruals are decomposed according to accrual components reliability and book-tax conformity. More specifically, accruals are decomposed into low reliable book accruals, high reliable book accruals, low reliable book-tax accruals and high reliable book-tax accruals. Book accruals are defined as accruals that affect solely reported earnings and have no effect on a firm`s taxable income and book-tax accruals are defined as accruals that affect both reported earnings and taxable income. The sample consists of manufacturing firms listed on Korean Stock Exchange for 12 years from 1994 to 2005. The results are summarized as follows. First, The results of market response to earnings and their components show that accrual anomaly exists not only in book accruals but also in book-tax accruals, and investors` overreaction mainly focuses on relatively low reliable accruals. Second, The magnitude of mispricing for book accruals are larger than that for book-tax accruals. Third, comparing low reliable accruals, the magnitude of investors` market mispricing are larger in low reliable book accruals than in low reliable book-tax accruals. Forth, investors` market mispricing are mainly caused by low reliable book accruals and low reliable book-tax accruals. These results conform to the explanation that investors do not rationally understand the persistence of book accruals and book-tax accruals and this leads to accruals mispricing. The result that the market inability to correctly assesses the persistence of accruals is more severe for book accruals than the book-tax accruals implies that investors relatively over-estimates book accruals which has lower earnings persistence. This study contributes to accrual anomaly and book-tax differences study by providing an evidence that the accrual anomaly exists in Korean capital market and is amainly caused by low reliable book accruals and by low reliable book-tax accruals.

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6감리양정기준 시행 및 중요성기준 변경과 이익조정의 관련성

저자 : 이재은 ( Jae Eun Lee )

발행기관 : 한국회계학회 간행물 : 회계학연구 33권 3호 발행 연도 : 2008 페이지 : pp. 189-227 (39 pages)

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금융감독원(금감원)은 2001년 10월에 감리양정기준을 발표하였으며 이 규정에서 정한 징계조치 중요성기준을 감리징계조치에 엄격하게 적용하기 시작했다. 이후 국내 기업 및 감사인들이 감리양정기준을 사용하여 회계·감사 중요성기준을 정하게 되었고, 따라서 감리양정기준은 중요성기준에 대한 사실상의 권위있는 지침(authoritative guidance)이 되었다. 본 연구는 감리양정기준 시행 이후 중요성기준 적용방식의 변경이 이익조정에 미친 영향을 감사인-피감사회사 협상관점(auditor-client negotiation context)에서 실증분석한 것이다. 실증분석 결과, 감리양정기준의 시행 이후 재량발생액의 절댓값은 시행 이전의 값에 비해 유의하게 감소하였다. 이 재량발생액의 감소는 대규모기업 및 Big 4 고객회사에서 보다 유의하였다. 그러나 지배구조가 효과적인 기업과 이익조정 유인이 높은 기업의 재량발생액 감소효과는 상대적으로 작았다. 이 연구결과는, 감리양정기준의 시행 이후 전반적 이익조정은 감소하였으나 지배구조가 효과적인 기업과 이익조정 유인이 높은 기업의 이익조정 감소효과는 상대적으로 작다는 가설을 뒷받침한다. 이는 일반적인 회계기준 적용상 지침을 제공하는 것과는 달리, 중요성기준에 대한 구체적 지침의 존재가 특정 상황에서는 오히려 이익조정의 증가와 관련이 있음을 나타낸다. 본 연구는, 중요성기준 관련 선행연구들이 주로 설문조사 또는 분석적 방식의 연구가 대부분인데 비하여, 중요성기준의 영향을 실증분석을 통하여 조사하였다는데 의의가 있다.


The Financial Supervisory Service(FSS), the Korean regulatory agency, implemented the Regulatory Review Measure Guideline(the RRMG) in 2001, which includes quantitative materiality threshold to assess the penalties on the misstatements found in its regulatory review process. Upon announcing the RRMG, the FSS began to strictly adhere to the guideline to determine the penalties on the Korean companies and auditors related to the regulatory review findings. Responding to this, Korean companies and auditors changed their accounting and auditing materiality criteria in line with the RRMG. The RRMG has been substantially recognized as an authoritative guidance on materiality criteria in Korea. This research is to find empirical relationship between earnings management and changes in materiality criteria in line with the RRMG in Korea, under the context of auditor-client negotiation. Previous studies reported that availability of an authoritative guidance on the specific accounting standards influences the auditor-client negotiation outcome. i.e., such guidance availability generally improves the quality of financial reporting. Meanwhile, Ng and Tan(2003) reported that an authoritative guidance availability has a lesser impact on the reporting quality of the companies with the effective corporate governance than those with the ineffective. Also, Cuccia et al.(1995) and Hackenbrack and Nelson(1996) reported that authoritative guidance may be used to justify aggressive accounting decisions when such reporting incentive is strong. Considering the previous studies, this research empirically finds whether the change in materiality criteria in line with the RRMG has resulted in decrease in overall earnings management and whether the reporting companies` characteristics, such as size, Big 4 client, effectiveness of corporate governance, and strength of earnings management incentive, differentiate the level of earnings management changes. The sample consists of 6,474 firm·year observations selected from the non-financial public companies with the fiscal years ending December 31 from 1997 to 2005(excluding 2001), and whose shares are listed in the Korea Stock Exchange and the KOSDAQ markets. Changes in absolute discretionary accruals reported by the sample firms after implementation of the RRMG in 2001 were investigated. The results indicate that the absolute discretionary accruals decreased after the implementation of the RRMG(time effects are controlled); specifically, the levels of overall absolute discretionary accruals decreased significantly, and those made by large-sized companies and Big 4 clients significantly decreased in addition. Also, incremental absolute discretionary accruals of the companies with effective corporate governance determined by low majority block shareholder ratio or with strong earnings management incentives determined using merger/spin-off firms and large capital-increase firms have significantly positive coefficient value. However, I didn`t find whether the effective corporate governance determined by high foreign shareholder ratio has significant effects or not. These results generally support the propositions of this research that materiality criteria changes caused by implementation of the RRMG deterred overall earnings management, and such deterrences were lesser in the companies with effective corporate governance or with strong earnings management incentives. Compared with the previous researches on materiality which have mostly used surveys, experiments and analytical methods, this research has contributions by employing an empirical method to investigate effects of materiality criteria changes. Also, the results of this research indicate that availability of an authoritative guidance for materiality criteria might increase earnings management in certain situations. It could provide implications for accounting regulations in terms of rules- vs. principles-based approaches.

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7잠재적 소송비용이 보수주의적 회계선택에 미치는 영향

저자 : 최종원 ( Jong Won Choi ) , 이경태 ( Kyung Tae Lee )

발행기관 : 한국회계학회 간행물 : 회계학연구 33권 3호 발행 연도 : 2008 페이지 : pp. 229-260 (32 pages)

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집단소송제 도입 등과 맞물려 기업(임원)의 잠재적 소송비용이 크게 증가되었음에도 불구하고, 과연 국내 경영진들이 높아진 잠재적 소송비용에 대해 인식하고 있으며 의사결정과정에서 이를 적절히 반영하고 있는가에 대해서는 의문이 제기된다. 이에 본 연구는 2000년부터 2006년까지 국내 비금융업에 속한 상장기업들을 대상으로 잠재적 소송비용이 회계선택과정에 어떤 영향을 미치고 있는가를 분석한다. 분석결과, 잠재적 소송비용의 크기가 큰 기업일수록 보수적 회계처리 성향이 강화되고 있음이 검증되었다. 즉 Basu(1997)의 보수주의 분석모형과, 성과조정 수정Jones모형(2005)으로 추정한 재량적 발생액을 이용한 분석을 통해 잠재적 소송비용의 크기가 보수주의적 회계선택에 영향을 미치고 있음이 일관성있게 검증되었다. 이는 외환위기 이후 제정, 보완된 여러 법적 규제들이 경영자, 감사인들의 의사결정에 영향을 미치고 있음을 확인한 결과이며, 잠재적 소송비용이 보수적 회계처리를 강화시킨 것은 회계 투명성 향상에도 향후 기여하게 될 것으로 기대된다. 본 연구는 기업(임원)을 상대로 한 소송의 역사가 짧고 사례가 부족한 국내에서, 위험측정의 전문가인 보험사에 의해 산출된 임원배상책임보험료라는 계량화된 소송위험의 사전적 측정치(ex ante litigation risk)를 이용하여 기업의 잠재적 소송비용이 기업의사결정에 미치는 영향을 실증적으로 분석하였다는 점에서 기존의 연구들과 뚜렷한 차별성을 보인다. 또한 국내에서 수행된 소송위험과 회계투명성·보수주의적 회계처리 관련 연구들은 대부분 분석적 방법론에 의한 예시적 분석이나, 외환위기 이전과 이후, 증권집단소송제 도입 이전과 이후로만 구분한 실증연구들이다. 이와 같이 제도나 법규의 도입 전후의 차이로만 살펴본 연구방법론은 기업마다의 잠재적 소송비용의 차이를 인식하지 못하고 있으며, 혼합효과(compounding effect)를 제대로 통제하지 못한 결과라는 점에서 그 한계가 있다. 따라서 본 연구는 선행연구에서 고려되지 아니한 기업차원에서의 잠재적 소송비용 차이를 고려함으로써 선행연구에서 제시된 결과들의 타당성을 높이고 관련 연구를 확장시켰다는 점에서 그 의미가 있다. 또한 국내 데이터를 이용하여 잠재적 소송비용과 회계정보 관련성을 다루고 있는 실증연구가 매우 부족하다는 측면에서도 본 연구가 학계와 실무에 기여·시사하는 바가 있다고 본다.


It is an interesting issue to investigate whether companies recognize the potential litigation costs properly and reflect them on their management behavior because the potential litigation costs have grown with the adoption of Class-action litigation. Using a sample of firms excluding financial institutions listed on the Korea Stock Exchange between 2000 and 2006, this study verifies the relationship between potential litigation costs and management behavior. An increase in potential litigation cost is closely related to the size of expected future losses. When the potential litigation cost is realized, it can beget enormous losses and force a company into bankruptcy, such as occurred in the Enron and Worldcom. Henceforth, managers have a reason to make an effort to control potential litigation costs and losses. Here needs to be noticed is that most of the lawsuits against companies are related to accounting. Also, accounting-related lawsuits are the most costly of all lawsuits that companies face. Therefore, companies are expected to tend to reduce potential litigation costs and improve public confidence and transparency in accounting. This study confirms the relationship between potential litigation costs and the preference for accounting conservatism as a means of abating expected losses in companies with large potential litigation costs. The result from this study shows that a company with high potential litigation costs tends to consolidate accounting conservatism. It consistently verifies that high potential litigation costs promote accounting conservatism by the Basu model (1997) and the performance matched adjustment modified Jones model (2005). As such, the results ascertains that the reformation of the legal framework in accounting after the economic crisis gives influences on management or auditor`s behavior. Moreover, it is expected that the encouragement of accounting conservatism followed by potential litigation costs leads to an improvement in accounting transparency. This study presents a positive framework for empirically analyzing litigation risk under domestic conditions which have a relatively short history and a small number of cases of litigation against companies in South Korea. Particularly, ex post litigation risk such as the number of lawsuits or litigation probability is difficult to measure within domestic circumstances because of the limited litigation history and number of cases. As such, application of questionnaire research or experimental research is not appropriate to represent litigation risk, even if they were used in other studies. Therefore, unlike previous studies, this study carried out D&O premiums as a measure of ex ante litigation risk derived from insurance companies which professionally measure potential litigation risk. It is significant that the study is distinctive with other studies by implementing a quantified measure of potential litigation risk to analyze the effects of potential litigation costs on management behavior. Most domestic studies on litigation risk and accounting conservatism and transparency in South Korea depend on only analytical methodology or positivism. Even though there are some empirical studies, they only compare those issues before and after the economic crisis, or before and after the adoption of class-action litigation. This methodology cannot prove the difference in magnitude of potential litigation costs among companies and control compounding effect. Since this study considers differences in potential litigation costs, which have been previously overlooked, it is significant that the research has higher validity and covers a wider area. Also, this research has value both to academics and to practical business since the number of domestic studies on the relevance between potential litigation costs and accounting information is far too behind.

KCI등재

8Accounting Choice through Business Combinations: The Case of Goodwill and Negative Goodwill

저자 : 김효진 ( Hyo Jin Kim ) , 윤순석 ( Soon Suk Yoon )

발행기관 : 한국회계학회 간행물 : 회계학연구 33권 3호 발행 연도 : 2008 페이지 : pp. 261-290 (30 pages)

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본 연구는 2000년부터 2006년에 걸쳐 기업결합을 통해 영업권 또는 부의영업권을 인식한 상장기업의 회계실태를 검토하고, 이들이 보고이익과 부채비율을 개선하기 위하여 기업결합을 기회주의적으로 활용하고 있는지를 실증적으로 분석한다. 1999년에 개정되어 2000년부터 시행된 기업인수합병 등에 관한 회계처리준칙에 따르면, 매수 원가 중 매수일 현재 피매수회사로부터 취득한 식별가능한 순자산의 공정가치에 대한 매수회사의 지분을 초과하는 부분을 영업권으로 인식하도록 되어 있다. 반대로 부의영업권은 매수원가가 순자산의 공정가치에 대한 매수회사의 지분보다 낮은 경우에 발생한다. 즉, 부의영업권은 매수회사가 우월한 협상능력을 가졌거나, 식별가능한 자산이 과대 계상되어 있거나, 식별가능한 부채가 과소계상되어 있을 때 또는 이 양자가 결합되었을 때 발생하게 된다. 2000년도에 시행된 기업인수합병 등에 관한 회계처리준칙의 개정 결과 부의영업권의 인식이 급격히 증가하였다는 것을 확인할 수 있었다. 다른 나라와 달리 한국에서만 부의영업권이 많이 인식되고 있는 것은 세가지 이유에 기인한다고 본다. 즉, 관계회사들간의 기업결합이 많이 이루어지고 있으며, 공정가치 대신에 장부금액이 활용되고 있으며, 장부금액 대비 시가의 비율이 낮은 것이 그 원인이다. 본 연구는 연구기간 동안 영업권 및 부의영업권을 인식한 기업의 연결감사보고서를 모두 검토한 결과 영업권 및 부의영업권에 대한 주석공시가 불충분하다는 것을 확인하였다. 또한 영업권 및 부의영업권은 지배주주의 공동지배하에 있는 관계회사들간의 기업결합에서 주로 발생하는 것을 확인할 수 있었다. 더불어 영업권 및 부의영업권의 상각은 비체계적인 형태를 보이고 있었다. 영업권 및 부의영업권의 상각이 이루어지면 대차대조표와 손익계산서 모두에 영향을 미친다. 이는 영업권 및 부의영업권을 활용하여 보고이익을 조정하고자 하는 유인이 있을 수 있다는 것을 시사하며, 이를 통해 기업들이 자의적인 상각 방식을 선택할 가능성이 있다는 것을 추측할 수 있다. 본 연구는 영업권 및 부의영업권 상각 전 이익 및 부채비율이 상각 정책에 어떠한 영향을 미치는가를 검증하였다. 검증결과 전년도에 비하여 상각전 이익이 높은 기업이 영업권을 더욱 많이 상각하는 것으로 나타났다. 그러나 영업권의 상각액이 많다고 해서 부채비율에 영향을 미치지는 않는 것으로 나타났다. 또한 전년도에 비하여 부의영업권의 상각액이 많은 연도의 경우에는 상각전 이익이 다른 연도에 비해 낮은 것을 확인할 수 있었다. 연구의 결과로부터 기업인수합병 등에 관한 회계처리준칙이 기업의 영업권 및 부의영업권의 선택에 영향을 미치는 것을 알 수 있었다. 본 연구는 영업권 및 부의영업권이 회계선택에 미치는 영향을 검증한 최초의 논문이라는 점에서 기여도가 있다고 생각된다. 또한 차후 기업결합을 통하여 영업권 및 부의영업권을 선택하는 기업들의 기타특성들을 검토하는 데 기여할 수 있을 것으로 기대한다.


We investigate the accounting practices of Korean listed firms that recognized and amortized goodwill or negative goodwill from business combinations in the years of 2000 to 2006. Furthermore, we empirically examine whether firms use the accounting standards for business combinations opportunistically to manage their reported earnings and leverage ratios. The acquirer shall, at the acquisition date, recognize goodwill from a business combination as an intangible asset. The amortization of goodwill results in expenses. However, negative goodwill arises when the acquired company is purchased at a price lower than its fair value. Negative goodwill occur either when the acquirer has a superior bargaining power, or when identifiable assets are overstated or identifiable liabilities are omitted/understated or a combination of both. We have witnessed a big increase in the recognition of negative goodwill from 2000 in Korea thanks to the revised accounting standards for business combinations. The revised standards allow firms to recognize negative goodwill when the acquisition price is lower than the acquirer`s interest in the fair value of net identifiable assets acquired. We believe that the frequent recognition of negative goodwill in Korea is attributable to three factors: business combinations between related firms, use of book value instead of fair value, and low price to book value ratios. We reviewed all the consolidated audit reports of firms that recognized goodwill and negative goodwill during our study period. We note that the footnote disclosures relating to goodwill and negative goodwill are insufficient. Furthermore, the major source of goodwill and negative goodwill recognition comes primarily from business combinations between related firms that are controlled by the same controlling shareholders. We also note that the amortization periods of goodwill and negative goodwill are not systematic. The amortization of goodwill and negative goodwill affects both balance sheet and income statement. It implies that firms may have incentives to manage their reported earnings by using goodwill and negative goodwill accounting. Furthermore, firms choose somewhat arbitrary amortization periods. If firms amortize goodwill and negative goodwill, the amortization becomes a part of reported earnings and will impact debt ratios as well. We investigate how pre-amortization profit and debt ratios affect firms` amortization policies. We find that firms amortize goodwill unusually high in the year when pre-amortization profits are high relative to prior years. However, we fail to find that the unusually high amortization is related to pre-amortization leverage ratios. When a firm amortizes negative goodwill unusually high, this may indicate that the firm has bad pre-amortization profits or bad debt ratios. We find that firms amortize negative goodwill unusually high in the year when pre-amortization profits are low compared to prior years. The results of our study indicate that the financial reporting standards for business combinations influence accounting choices when firms amortize goodwill and negative goodwill. Our study is the first attempt to empirically investigate the impact of goodwill and negative goodwill on the accounting choices. We expect that our empirical results can have implications for future research to investigate other characteristics of firms with goodwill and negative goodwill.

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