외국은행 대출관계와 기업의 이익조정
Foreign Bank Relationship and Firm's Earnings Management
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초록
본 연구는 한국을 대상으로 외국은행 대출관계가 기업 이익 과대보고 동기를 유발하는지를 검증하였다. 실증분석 결과, 외국은행과 대출관계가 많은 기업일수록 기업 회계이익의과대보고 가능성이 클 것으로 추정되었다. 또한 외국은행의 대출관계에 따라 기업의 회계이익 과대보고 가능성은 외국은행이 신규 설립방식 유형으로 진입할 경우에 더욱 유의한것으로 추정되었다. 외국은행의 기업 대출 관계 하에서는, 외국은행이 기업의 이익 과대보고 동기를 유발할 가능성이 큰 것으로 추정되며, 외국은행이 거래기업의 이익조정 등을 효과적으로 감시하는 데에도 취약할 것으로 추정된다. 또한 M&A보다는 신규 설립방식 유형의 외국은행이 진입이 거래 기업의 이익 과대보고 등의 감시에 더욱 취약할 것으로 추정된다. 본 연구는 기업 지배구조의 이해관계 당사자로서 은행의 기업 회계이익 감시기능을 살펴보았다는 점에서 의의가 있다. 본 연구는 국내은행과 다른 외국은행과 기업의 대출관계가 기업의 회계이익 보고에도 영향을 미칠 수 있음을 보였다는 점에서 기존 연구에 추가적공헌을 할 것으로 기대한다.
Abstract
This paper empirically investigate how the foreign bank relations affect firms’ earnings management. We analyzed all non-financial listed companies in Korea between 2004 and 2011. These foreign banks build different relations with the firms than do the domestic banks in many ways including lending relations. Such approaches by foreign banks give a motivation for the firms to improve their credit scores by, for example, increasing earnings. But few studies have empirically investigated the relationship. The results showed a positive impact of foreign bank – firm relations on earnings management. In addition, foreign bank relations of greenfield entry type have more positive impact on firm's earnings management than do foreign bank relations of M&A entry type. The results might indicate a weak monitoring by foreign banks due to information asymmetry and the inability to detect firms’ earnings management that are created by weak relations with the firms. The results of the study could contribute to existing accounting literature on (1) foreign banks, (2) firm-bank relations, (3) earnings management, and (4) government policies.
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