기업내부 회계·공시전문인력의 보유가 회계정보의 질과 기업가치관련성에 미치는 영향
The Effects of Hiring Specialists in Accounting and Disclosures on the Quality of Accounting Information and Value Relevance
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2004년 12월 금융감독원은 사업보고서 서식 개정과 함께 내부 회계·공시전문인력에 대한 공시를 의무화하였다. 이는 회계정보의 작성단계부터 신뢰성 및 투명성을 높이기 위한 감독당국의 취지에서 발로된 정책이다. 국내에서 기업내부 회계·공시전문인력에 대한 중요성은 실무와 학계에서 계속 강조되어 왔으며, 증권집단소송제의 시행으로 그 역할의 중요성은 더욱 증가될 것으로 예상된다. 그럼에도 불구하고 아직까지 내부 회계·공시전문인력의 역할에 대해 실증적 검증결과는 구체적으로 제시된 바 없다. 이에 본 연구는 기업내부 회계·공시전문인력의 보유가 해당 기업의 회계정보의 질과 가치관련성에 미치는 영향에 대한 분석을 실시하였다. 내부 회계·공시전문인력과 보수주의간의 관계를 검토하기 위해 Basu(1997), Penman and Zhang(2002), Feltham and Ohlson(1995) 모형을 이용하여 실증분석한 결과, 내부 회계·공시전문인력을 보유한 기업일수록 보다 보수적인 회계처리를 하고 있음이 일관성있게 검증되었다. 이는 기업내부 회계·공시전문인력의 존재가 회계 정보 작성과정에서 회계정보가 보다 보수적으로 작성되도록 영향을 미치고 있는 것으로 해석되어지며, 이는 향후 회계정보의 질적 향상에도 긍정적인 영향을 미치게 될 것으로 기대된다. 또한 내부 회계·공시전문인력과 기업가치관련성을 검토하기 위해 Ohlson(1995) 모형을 이용하여 실증검증한 결과, 내부 회계·공시전문인력을 보유한 기업일수록 가치 관련성이 높은 것으로 나타났다. 이는 기업내부 회계·공시전문인력의 보유가 회계정보의 신뢰성을 증진시켜 회계정보가 기업 가치를 보다 정확히 반영하는데 어느 정도 기여한 결과로 해석된다.
Abstract
In December of 2004, the Financial Supervisory Service(FSS) mandated the disclosure of specialists in accounting and disclosures in an effort to enhance the transparency and accountability of the stage in which accounting information is compiled. This policy reflects the importance of specialists in accounting and disclosures, a sentiment shared by both Korean academics and business professionals in Korea. The importance of specialists in accounting and disclosures is expected to increase due to the enforcement of securities related class-action lawsuits. As there are no previous studies verifying the role of specialists in accounting and disclosures, this study seeks to ascertain the effects of hiring specialists in accounting and disclosures on the quality of accounting information and value. The sample firms consisted of non－financial institutions and were listed on the Korea Stock Exchange Market during the period of 2004 through 2008. By using these sample firms, this study, based on the modified Jones model(1995) and the performance-controlled discretionary accruals measure, verifies the importance of the role of specialists in accounting and disclosures on accounting quality. This study also uses the Basu(1997), the Penman and Zhang(2002), the Feltham and Ohlson(1995) models to ascertain that a company with specialists in accounting and disclosures tends to promote accounting conservatism. Finally, based on the Ohlson model(1995), this study demonstrates empirically the effects of hiring specialists in accounting and disclosures on value relevance. Upon completion of the study, the following results were determined. First, hiring specialists in accounting and disclosures is negatively associated with accruals quality, but this has no significance on the level itself. Meanwhile, the figures show that specialists in accounting and disclosures tend to consolidate accounting conservatism. Through these results, we were able to deduce that hiring specialists in accounting and disclosures cannot effectively control the corporate earnings management but the hiring of these experts can induce companies to do conservative accounting procedures. Furthermore, the empirical results show that accounting information of the company hiring specialists in accounting and disclosures has high value relevance which means that specialists in accounting and disclosures can help accounting information more accurately reflect firm value.
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