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비상장기업에서 감사품질이 이익의 구성요소와 부채조달비용간의 관계에 미치는 효과

The Effects of Audit Quality by Non-listed Firms on the Association between Earnings Components and Cost of Debt

남혜정|박종일|전규안
한국공인회계사회 (THE KOREAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS)|2012.06|회계ㆍ세무와 감사 연구 (Study on Accounting, Taxation & Auditing)|제54권 제1호|pp. 283-317|DOI 10.22781/kicpa.2012.54.1.283

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참고문헌

키워드

타인자본비용영업현금흐름감사품질Audit quality발생액비상장기업Non-listed firmsCost of debt이익의 구성요소부채차입이자율 스프레드채권시장의 평가Earnings componentsCash flows from operationsTotal accrualsBig 4 audit firmsDebt market's assessment
주제분류회계학

초록

본 논문은 비상장기업을 대상으로 이익의 구성을 영업현금흐름(CFO)과 총발생액(TA)으로 구분한 후 이들 정보가 타인자본비용과의 관계에서 감사품질에 따라 정보가치의 차이가 있는가를 검증하였다. 이를 검증하기 위하여 본 연구는 감사품질이 타인자본비용과 음(-)의 관계가 있는지 살펴보고, 기업성과인 이익이 타인자본비용과 음(-)의 관계가 있으므로(Pittman and Fortin 2004; Fortin and Pittman 2007; Jiang 2008 등) 이익의 구성요소인 CFO와 TA 역시 감사품질이 높을수록 타인자본비용과 음(-)의 관계가 있는가를 분석하였다. 즉, 본 연구는 CFO와 TA 정보 모두 타인자본비용과 음(-)의 관계가 있고, 또한 감사품질도 타인자본비용과 음(-)의 관계가 있을 것으로 예상하였다. 한편, CFO 및 TA 정보와 타인자본비용과의 음(-)의 관계는 감사품질이 높은 감사인이 감사할수록 그렇지 않은 감사인의 경우와 비교할 때 유의하게 강화될 것으로 예상하였다. 즉, 감사품질이 높은 감사인이 감사하면 그렇지 않은 경우보다 CFO나 TA 정보의 신뢰성이 더 향상될 것으로 채권투자자들이 인지한다면 이들의 요구수익률은 추가로 낮아질 수 있으므로 기업의 부채조달비용은 감소될 것으로 예상하였다. 이러한 가설을 검증하기 위하여 비상장기업을 대상으로 2005년부터 2009년까지 35,579개 기업/연 자료를 분석하였다. 실증결과에 따르면 첫째, 이익의 구성요소를 CFO와 TA로 분해한 경우 각 변수 모두 타인자본비용과 유의한 음(-)의 관계가 나타났다. 또한 Big 4 감사인이 감사한 기업이면 그렇지 않은 감사인의 경우보다 타인자본비용이 유의하게 더 낮았다. 즉, Big 4 감사인의 감사품질이 그렇지 않은 감사인의 감사품질보다 더 높다고 채권투자자들이 시장에서 인지하고 있다는 결과이다. 둘째, Big 4 감사인이 감사한 기업이면 그렇지 않은 감사인의 경우보다 CFO와 타인자본비용 및 TA와 타인자본비용간의 음(-)의 관계가 유의하게 더 강화되는 것으로 나타났다. 이상의 결과들은 타인자본비용을 차입이자율 스프레드나 부채차입이자율로 측정하거나 또는 연속변수나 소수의 순위등급변수로 측정한 경우와 관계없이 모두 일관된 것으로 나타났다. 이러한 결과는 OLS 분석이나 군집성을 통제한 Clustering 검증결과, 그리고 이분산성 및 횡단면-시계열적 종속성 문제를 조정한 후의 t 통계치를 제공하는 Newey and West(1987)의 검증결과 모두에서 강건한 것으로 나타났다. 본 연구의 결과는 비상장기업을 대상으로 할 경우에 Big 4 감사인이 감사하면 그렇지 않은 감사인의 경우보다 기업의 타인자본비용이 감소된다는 인지된 감사품질(perceived audit quality)의 정보적 역할(information role)뿐만 아니라, 더 나아가 Big 4 감사인이 감사하면 재무제표에 대한 정확성 및 신뢰성의 향상으로 이익의 구성요소인 영업현금흐름과 총발생액 정보 역시 추가로 기업의 타인자본비용을 낮추는 효과가 있음을 보여주었다. 이를 통해 감사품질이 높은 감사인의 외부감사 효과는 재무보고의 신뢰성(financial reporting credibility)에 관한 인증역할(assurance role)도 더불어 제공하고 있음을 보여주었다는 점에서 의의가 있다. 따라서 본 연구의 결과는 관련 연구뿐 아니라 실무계 및 비상장기업의 정책결정자들이 비상장기업과 관련한 외부감사의 효과를 파악하고 이해하는데 있어서 유익한 시사점을 제공해 줄 것으로 기대된다.

Abstract

This paper investigates a association between earnings components and cost of debt depending on audit quality. Specifically, we examine whether a firm's cost of debt decreases when cash flow from operations (total accruals) of the firm increases depending on audit quality. We decompose earnings into cash flows from operations and total accruals, because unlike discretionary accruals, cash flows from operations and total accruals are easier to observe and less susceptible to audit quality. In addition, measurement error for these components is relatively low. We regress cost of debt on the two components of earnings, a dummy variable that captures audit quality (Big 4 auditors vs. other auditors), and the interaction of the audit quality with cash flows from operations and total accruals. High-quality auditors are more likely to deter or detect questionable accounting practices and report material errors and irregularities than are low-quality auditors. Because high-quality auditors have the expertise, resources, and incentive to separate the information component from noise (Krishnan 2003), they can enhance the informativeness of cash flows from operation and accruals by earnings components. Therefore, this paper expects that firms with high quality audit are more likely to experience a lower cost of debt and report a high quality of earnings components. We focus on non-listed companies to test a relative information of earnings components on cost of debt. Given a negative relationship between earnings and cost of debt (Pittman and Fortin 2004; Fortin and Pittman 2007; Jiang 2008), this paper test whether a cash flows from operations and total accruals have a negative relationship with cost of debt or not. Also, consistent with prior research (e.g., Khurana and Raman 2004; Pittman and Fortin 2004; Fortin and Pittman 2007), the enhanced assurance on financial statements provided by Big 4 auditors tends to leads a tangible benefit for the client in the form of a lower cost of debt. In other words, to the extent that debt investors perceive the Big 4 auditors as providing a higher quality audit and more accurate and credible financial statement, firms audited by the Big 4 auditors (relative to those audited by other auditors) are expected, ceteris paribus, to have a lower cost of debt. We utilize the auditee-specific cost of debt as a proxy for financial reporting credibility. Most studies related to the effect of audit quality on cost of equity focus on listed companies and test a relationship between earnings attributes and cost of equity, and audit quality. However, a portion of non-listed companies has increased over time and earnings characteristics of non-listed companies are different. Given the importance of non-listed companies in economic market, it is somewhat surprising that there is a little study that investigate a relationship between earnings components and cost of debt using non-listed companies. This study try to fill the gap. First, this paper tests a hypothesis that firms received auditing from Big 4 auditors are more likely to experience a lower cost of debt. In addition, this paper separately examines the effect of earnings components and cost of debt: cash flows from operations and total accruals. To do this, this paper examines a relationship between earnings components and cost of debt depending on audit quality using a sample of 35,579 firm-year in non-listed companies from 2005 to 2009. Our sample is non-listed companies which are not listed in security market. Therefore, cost of debt rather than cost of equity is a more important factor in funding from debt-holders. We measure cost of debt as yield spread (CODYS), and use both continuous variable and fractional ranks variable of CODYS. For audit quality measurement, we use a dummy variable as one if a firm received the audit from Big 4 auditors, otherwise zero. Findings of this paper are following. First, this paper finds a negative relationship between a cash flows from operations and cost of debt, and total accruals and cost of debt. This paper also finds that firms audited from Big 4 auditors are more likely to experience a lower cost of debt after controlling for other variables that affect the level of cost of debt. That is, firms are evaluated favorably from debt-holders when they are audited by Big 4 auditors even though they have to pay more audit fees. Second, a negative relationship between earnings components and cost of debt is stronger in firms with Big 4 auditors. This result implies that when a firm receives the audit from Big 4 auditors, debt-holders in debt market perceive it as a good signal in evaluating a quality of financial reporting, and then lead to a lower cost of debt. These results are still hold even after appling a fractional ranks variable rather than a continuous variable as a dependent variable. And also t-statistics from Clustering test and Newey and West (1987) are significant, suggesting that our results are robust. In sum, the results of this paper indicate that a differential audit demand still exists in non-listed companies, and a audit quality significantly influences a negative relationship between earnings components and cost of debt. Based on these results, we can better understand about the decision on auditor selection of non-listed companies and the role of audit service in debt market. The findings in this study have various implications. The results of this paper suggest that the relationship between earnings components and cost of debt varies depending on audit quality. This result implies that investor in debt market perceives the firm audited from Big 4 auditor more favorable. And non-listed companies audited from Big 4 auditor is rewards as a lower cost of debt from debt-holders which means that debt-holders evaluate firms based on earnings quality and audit quality as well. This finding is consistent with Big auditors enhancing the accurate and credibility of reported cash flows from operations and accruals by minimizing noise in reported earnings and thereby improving the informative value of earnings components. Therefore, these findings of this paper are very useful and provide a lot of important implications to regulators, investors and creditors that are interested in cost of debt. Academics can also apply the discussion in this paper for related researches.

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