이익투명성, 보수주의 및 자본비용
Accounting Transparency, Conservatism, and Cost of Equity Capital
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본 연구에서는 기업의 회계투명성과 보수적 회계처리의 경제적 효과를 이들 회계행위가 자기자본비용에 미치는 영향을 통해 분석하였다. 또한 이익투명성과 보수주의가 자본비용에 미치는 영향이 상호 보완적인지, 아니면 대체적 관계를 통해 나타나는지를 검증하였다. 2007년부터 2011년까지 5개년 동안 유가증권상장기업 중에서 금융업에 속하지 않는 12월 결산법인을 대상으로 수행한 실증분석 결과에 의하면, 이익투명성은 통상적 유의 수준에서 기업의 자본비용과 음(-)의 관련성을 가지는 것으로 분석되어 기업의 투명한 회계처리가 자본비용을 감소시킨다는 일반적 예상과 일치되는 결과를 보인다. 이에 비해 보수주의 측정치는 기업의 자본비용과 유의적인 양(+)의 관련성을 가지는 것으로 분석된다. 이러한 결과는 보수주의가 이익품질의 저하를 가져와 자본비용의 증가를 초래할 수 있다는 단서를 제공한다. 마지막으로 이익투명성과 보수주의가 자본비용에 미치는 영향에 대한 보완 또는 대체관계 여부의 검증에서는 회계투명성과 보수주의의 자기자본비용에 미치는 영향이 각각에 대한 개별적 분석결과와 비교해 유사한 것으로 분석되어 이익투명성과 보수주의는 상호 독립적인 회계행태인 것으로 보이며 따라서 각각 자기자본비용에 미치는 효과도 서로 보완적 또는 대체적인 영향을 미치지 않는 것으로 해석된다. 본 연구의 실증 결과를 통해 그 동안 이익투명성과 자본비용과의 관련성에 대한 이론적 논의에도 불구하고 별다른 진전이 없었던 실증적 연구의 제시를 통해 이익투명성의 경제적 효과를 검증하였다는 데에 우선적인 의미가 있다 하겠다. 또한 보수주의의 자기자본비용 효과에 대한 기존의 상충적 견해 중 부정적 효과를 검증하여 보수주의가 자본시장 참여자들에게 긍정적인 회계행태로만 인식되지 않을 수도 있음을 밝혔다. 이러한 결과는 최근 IASB의 새로운 개념체계 하에서 보수주의를 질적 특성에서 제외하고 회계정보의 불편성(unbiasedness)을 강조하는 경향과 일치하는 것으로 보수주의가 더 이상 회계의 바람직한 속성이 되지 못한다는 논란을 뒷받침하는 증거가 될 수 있음을 시사한다.
Abstract
We examine the association between firm-level accounting transparency, conditional conservatism and cost of equity capital. Accounting transparency is defined as the extent to which earnings captures changes in a firms’ economic conditions in way that is understandable by investors. Prior research provides a theoretical link between accounting transparency and cost of equity capital. If earnings transparency is high, then earnings captures to a large extent changes in a firm’s economic condition in way that is understandable by investors and there will be little information asymmetry. If earnings transparency is low, then information asymmetry will be high unless alternative information about the firm value is available at low costs. If such information is not available, then investors will look for other, more costly information. Because investors who obtain costly information need to be compensated, cost of capital will be higher than it would have been had the information been available at low costs. Accounting conservatism is the asymmetric timeliness of earnings to reflect bad news versus good news. Existing theories predicts that conservatism increases firm’s efficiency of contracting, market value and cost of capital. A recent analytical work demonstrates that more precise bad news reporting reduces the uncertainty about expected future cash flows, lowering cost of capital. Alternatively, it is expected that more informative disclosure of bad news reduces the cost of equity capital by improving risk sharing across generations of investors. The study shows that an asymmetric reporting system that reports bad bews more precisely than good news results in higher firm value and more efficient risk sharing. Following prior research, we construct our first empirical proxy of accounting transparency based on the idea that firms with large auditors, a large and accurate analyst following, and less evidence of earnings smoothing likely to reflects greater transparency of the firm’s information environments. Our second measure of transparency variable is based on the explanatory power of earnings and change in earnings for contemporaneous returns. We employ the C_Score as a firm-level metric of conservatism that can reflect the timing of conservatism changes and the variations of the conservatism. We find that our earnings transparency measures are significantly negatively related to our proxies for implied cost of equity capital. This indicates that accounting transparency captures dimensions of cost of equity capital that other risk factors do not. Similarly, we find, as predicted, evidence of an inverse relation between firm-level conservatism and the cost of equity capital. We further test and find no evidence that transparency (conservatism) affects the link between conservatism (transparency) either in a complementary way or in a substitutive way.
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