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기업의 소유구조와 이익조정에 관한 연구: 베트남 주식시장을 중심으로

Corporate Ownership Structure and Earnings Management:Evidence from the Vietnamese Stock Market

정준영|Pham Thu Huong
한국재무관리학회 (Korea Financial Management Association)|2020.09|재무관리연구 (THE KOREAN JOURNAL OF FINANCIAL MANAGEMENT)|제37권 제3호|pp. 39-87|DOI 10.22510/kjofm.2020.37.3.002

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참고문헌

키워드

기업지배구조베트남VietnamCorporate Governance소유구조Ownership Structure이익조정Discretionary AccrualsEarnings Management재량적 발생액
주제분류경영학

초록

본 논문은 기업의 소유구조와 이익조정 사이에 어떠한 관계가 있는지 검증하는 것을 목적으로 실증분석을 실시하였다. 이를 위하여 2012년부터 2017년까지 베트남 호찌민증권거래소와 하노이증권거래소에 상장된 480개 비금융기업의 자료를 표본으로 설정하였고, 소유구조를 대변하는 대주주 지분율, 경영자 지분율, 국유주 지분율, 기관 투자자 지분율 및 외국인 투자자 지분율을 설명변수로 하여 이익조정에 미치는 영향을 분석하였다. 분석 결과 대주주 지분율, 국유주 지분율 및 외국인 투자자 지분율과 기업의 이익조정 사이에 유의미한 선형관계가 존재하는 것을 확인하였다. 본 연구의 결과는 기업의 이익조정을 제한할 수 있는 소유구조의 역할에 대한 이해도를 높일 수 있다는 점에서 의미를 찾을 수 있다.

Abstract

In this paper, we investigate the relationship between corporate ownership structure and earnings management In particular, our sample is based on 480 non-financial companies listed on the Ho Chi Minh Stock Exchange and the Hanoi Stock Exchange in Vietnam from 2012 to 2017. Considering the various variables representing corporate ownership and governance, our empirical findings indicate the positive relationships between ownerships by large shareholders, government and foreign investors and earnings management. This implies that certain ownership characteristics can positively influence on earnings management behaviors in the Vietnamese market. Overall, the results adds to understanding of the effect of ownership structure on earnings management in the emerging markets.

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