개별재무보고와 연결재무보고 하에서의 재량발생액 차이

Abstract

This paper explains the difference of discretionary accruals under non_consolidated and consolidated reporting systems using the Korea's unique disclosure environment that concurrently provides two kinds of financial statements. Especially under the reasoning that the difference of discretionary accruals under the two reporting system can be attributable to the parent company's equity in subsidiary earning, this paper focuses on its effect on the estimation process and difference of discretionary accruals. For this purpose, first, the comparison between non_consolidated and consolidated financial statements has made in terms of the extent to which the accruals mitigate the variation of the cash flow from operation. The result shows that the correlation between accruals and cash flow from operation is negatively higher in consolidated statement group than in non_consolidated statement group. A possible guessing is that the parent company's equity in subsidiary earning in non_consolidated statement can impair the role of accruals in mitigating the variation of cash flow from operation in non_consolidated statement group. Second, the comparison of discretionary accruals between two financial statements has made using two typical accruals estimation models, modified Jones and ROA model. The result shows that the size of discretionary accruals in non_consolidated financial statements group is significantly higher than those in consolidated financial statements group when modified Jones model applies. But the size of discretionary accruals in the two financial statements groups are not significantly different when ROA model applies. Another possible guessing is that the effect of the parent company's equity in subsidiary earning in non_consolidated statement on model estimating is mitigated when ROA variable adds to modified Jones model. Third, a multi-variate model to confirm the previous results finds the discretionary accruals of two financial statements vary proportionally to the parent company's equity in subsidiary earning with typical controlling variables included in the model. An additional analysis shows that this final finding does not appear when discretionary accruals are estimated using current accruals which do not include the parent company's equity in subsidiary earning.