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K-IFRS도입에 따른 자본시장 효과

Capital market effects to the adoption of K-IFRS

문현주
한국국제회계학회 (Korea International Accounting Association)|2013.10|국제회계연구 (Korea International Accounting Review)|제51호|pp. 429-448|DOI 10.21073/kiar.2013..51.019

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참고문헌

키워드

한국채택국제회계기준K-IFRSForeign investment외국인 투자실적배분Distribution of earnings.

초록

본 연구는 한국채택국제회계기준(K-IFRS)을 의무적으로 도입한 2011년도의 유가증권상장기업을 대상으로 자본시장의 실제효과와 기업의 실적배분 관점에서 분석하였다. 측정변수로 자본시장의 실제효과는 외국인 투자비율, 자본비용 그리고 투자결정에 영향을 주는 자본시장의 안정도를 보여주는 지표인 주가변동성으로 측정하였다. 또한 K-IFRS채택에 따른 기업의 재무구조의 개선은 자본시장의 투자자들의 실적배분과 연관된다. 이에 실무에서 많이 사용되고 있는 배당수익률과 배당성향을 살펴보았다. 분석결과를 보면 첫째, 외국인의 투자비율, 자본비용 등이 K-IFRS의 도입전 보다 도입연도에 개선되지 않음을 보여주었다. 즉 변경된 회계기준인 K-IFRS으로 인해 작성된 재무보고를 보고 투자를 결정시 실질직적으로 주식시장에 큰 영향을 주지 않는 것으로 추론해 볼 수 있다. 둘째, 기업의 경영의사결정권에 유의한 영향력을 발휘할 수 있을 정도의 충분한 의결권을 가지는 “외국인 대주주”가 있는 기업집단과 그렇지 않은 집단을 구분한 결과 외국인 대주주집단인 기업의 경우 K-IFRS도입전과 도입연도가 그리 큰 차이를 보이고 있지 않은 반면 외국인 지분율이 5%이내의 기업의 경우를 보면 K-IFRS의 도입전에 비해 도입연도가 외국인 투자비율이 증가하였음을 볼 수 있다. 즉, K-IFRS의 도입으로 인해 외국인 지분비율이 낮은 기업집단의 경우 실질적인 효과가 있음을 추론해 볼 수 있다. 마지막으로 본 표본을 K-IFRS의 도입전과 도입연도를 기준으로 외국인 투자비율이 증가/불변/감소 집단으로 구분한 결과 외국인 투자가 증가한 집단만 기업의 경영 성과에 긍정적인 영향을 주었고 또한 외국 투자자들의 증가에 따른 지분상승으로 인해 이익배분도 증가함을 보여 주었다.

Abstract

In this study, the securities listing companies that have obligatorily adopted Korean International Financial Reporting Standards (K-IFRS) in 2011 were analyzed in terms of the effect of K-IFRS on the capital market and the distribution of earnings. The practical effects on the capital market were measured, using ratio of foreign investment, capital expenditure and stock price volatility which is an indicator of capital market stability influencing investment decisions. Furthermore the improvement of financial structure in businesses as a result of the introduction of K-IFRS is associated with distribution of earnings for the investors in the capital market. Thus this study has examined dividend yield ratio and dividend payout ratio that are widely used in the field. The results of analysis are as follows. First, the ratio of foreign investment and capital expenditures have not improved in the introduction year of K-IFRS compared to previous years. It is likely that investment decision making on the basis of the financial report in accordance with K-IFRS had no significant effect on the stock market.Second, as a result of the separation of businesses in groups – businesses that have “foreign major shareholders” with effective voting right and those without such foreign shareholders, the businesses that had “foreign major shareholders” showed no significant increase in the ratio of foreign investment in the introduction year of K-IFRS compared to previous years whereas the ratio of foreign investment in the businesses where foreign investors had the share-holding ratio below 5% showed a significant increase in the ratio of foreign investment in the introduction year of K-IFRS compared to previous years, indicating the introduction of K-IFRS has a practical effect in the businesses with low foreign shareholding ratio. Last, as a result of the separation of businesses in groups – businesses with an increase of the ratio of foreign investment, businesses groups with no change in the ratio of foreign investment and businesses with a reduction in the ratio of foreign investment, only the businesses with increased foreign investment showed the improvement in business performance, and also showed an increase in distribution of earnings due to an increase in shareholding ratio in accordance with the increasing foreign investors.

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