주거래은행 관계와 기업의 회계이익 보고
Main Bank Relationship and Firm's Income-Increasing Earnings Management
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초록
본 연구는 한국을 대상으로 주거래은행 대출관계가 기업의 회계이익 과대보고 동기을 유발하는지를 검증하였다. 실증분석 결과, 기업은 주거래은행과 대출관계가 강할수록 기업 회계이익의 과대보고 가능성이 줄어드는 것으로 추정되었다. 그러나 주거래은행 이외의 은행들은 기업의 회계이익 과대보고 등에 유의한 영향을 미치지 않는 것으로 추정되었다. 한편 주거래은행이 외국은행인 경우에도, 주거래은행의 대출관계 강화는 기업 회계이익 보고에 일정한 영향을 미치는 것으로 추정되었다. 주거래은행은 기업의 회계이익 과대보고를 효과적으로 감시하는 역할을 수행하는 것으로 해석된다. 이러한 주거래은행의 역할은 주거래은행의 외국은행 여부에 따라 유의한 차이를 보이지 않는 것으로 나타났다. 본 연구는 채권자로서 은행이 기업 회계이익 감시 기능을 보여주었다는 점에서 의미가 있다. 본 연구는 주거래은행대출관계가 기업 회계이익 보고에 미치는 영향을 점검하였다는 점에서 기존 연구와 차별성이 있다.
Abstract
The purpose of this paper is to empirically analyze how the main bank relations affect firms’ income-increasing earnings management. All listed non-financial companies in Korea from 2004 to 2011 are employed to analyze the research questions. The results showed a negative impact of main bank relations on income-increasing earnings management. In addition, second main bank relations have no significant impact on income-increasing earnings management. However, foreign bank relations as a main bank have some meaningful impacts on income-increasing earnings management. The results might indicate a strong monitoring of main bank as an important corporate governance on income-increasing earnings management.
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