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회계정보의 질이 현금보유수준에 미치는 영향: 중국 기업의 소유구조를 중심으로

The Effect of the Quality of Accounting Information on Cash Holding Level :An Empirical Study on the Chinese Listed Firms

전성일|풍반반
산업개발연구소 (kyungsung university)|2018.09|산업혁신연구 (Journal of Industrial Innovation)|제34권 제3호|pp. 89-112|DOI 10.22793/indinn.2018.34.3.004

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참고문헌

키워드

소유구조재량적발생액회계정보의 질현금보유수준cash holdingstate-owned firmsquality of accounting information

초록

본 연구는 중국 증권거래시장에 상장된 기업을 대상으로 회계정보의 질이 기업의 현금보유수준에 미치는 영향을 분석하였다. 또한 중국기업의 소유구조(국유기업 여부)에 따른 회계정보의 질이 현금보유수준에 미치는 영향이 다른지를 분석하였다. 본 연구의 중요결과를 요약하면 첫째, 재량적 발생액 절댓값과 현금보유수준간에는 유의한 양(+)의 관련성을 가지는 것으로 나타났다. 즉, 회계정보의 질이 낮을수록 기업은 더 많은 현금을 보유한다는 것을 의미한다. 둘째, 재량적 발생액의 절댓값과 국유기업 여부의 상호작용한 변수가 현금보유의 수준과의 유의한 양(+)의 관련성을 보인 것으로 나타났다. 이는 국유기업이 비국유기업 보다 회계정보의 질에 따라 현금보유수준에 차이가 있음을 의미한다.

Abstract

This study focuses on the effect of the quality of accounting information on the cash holding level in the case of firms listed in Chinese stock market. Moreover, this study empirically analysis the quality of accounting information has different influence on the level of cash ownership or not according to the different structure of Chinese firms(state-owned firms or not). In this study, we used the reverse substitution value to show the quality of accounting information, that was the absolute of the discretionary accruals. First, there is a significant positive relationship between the absolute value of the discretionary accruals and the level of cash holding. That is, the lower the quality of accounting information means that the firm has more cash. Second, there is a significant positive relationship between the variable of the interaction of the absolute value of the discretionary accruals and the state-owned and the level of cash holding. Compared with non-state-owned firms, the lower the quality of accounting information of state-owned firms, the more cash the firms have.

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