회계정보공시의 질과 기업의 현금보유
Quality of Accounting Information Disclose and Corporate Cash Holdings
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본 연구는 2000년부터 2007년까지 한국거래소에 상장된 기업을 대상으로 회계정보공시의 질과 기업의 현금보유수준과의 관련성을 분석하고자 하였다. 분석결과, 높은 회계정보공시의 질(낮은 발생액의 질)을 가진 기업들보다도 낮은 회계정보공시의 질(높은 발생액의 질)을 가진 기업들에서 높은 수준의 현금을 보유하는 것으로 나타났다. 이러한 연구결과는 선행연구의 결과와 일치하며, 회계정보공시의 질이 외부자금조달에 따른 역선택 비용과 정보불균형의 부정적 효과를 감소시킬 수 있음을 시사한다. 이는 높은 회계정보공시의 질은 기업들로 하여금 현금보유액을 줄이게 하여, 투자의 효율성을 증가시키고 채무자금조달의 비용을 감소시킬 수 있고 차입자와 대여자 사이의 정보불균형을 감소시켜 금융관계에 긍정적인 효과가 있음을 시사한다. 본 연구의 결과는 정보불균형을 감소시키는데 있어서 회계정보공시의 질에 대한 실증적 증거를 제시하였다는 공헌점을 가지고 있으며, 투자자 및 채권자, 경영자, 그리고 연구자들에게 가치 있는 통찰력을 제공한다. 본 연구는 높은 회계정보공시의 질이 기업의 현금보유에 대한 효율적 관리를 증대시키므로 경영자는 회계정보공시의 질에 관심을 가져야 하고, 결과적으로 현금의 보유수준을 낮게 함으로써 재무상태표에 비생산적인 현금을 줄이고 투자의 효율성을 증가시킨다고 제안한다.
Abstract
This study analyzes the relationship between the level of accrual quality and corporate cash holding depend on the quality of accounting information disclose with 2100 sample firm from 2002 to 2007. The results show that firms with good accruals quality hold lower cash levels than firms with poor accruals quality. This results consist with prior researches. This finding suggests that the quality of accounting information may reduce the negative effects of information asymmetries and adverse selection cost, allowing firms to reduce their level of corporate cash holdings. High quality of accounting information disclose may improve investment efficiency in reducing cash levels. Also, it suggests a positive effect for financial institutes in reducing the cost of capital for the firm and incorporates the firm and creditors in reducing the information asymmetry. These findings contribute to the role of accounting quality in reducing information asymmetries and providing a empirical evidence. Also, its provide valuable insights for investors, creditors, and managers. This study suggests that the manager should have a concern for the quality of accounting information disclose because high-quality information in terms of accruals increases effective control of cash holdings. Consequently, holding lower levels of cash, reducing unproductive cash on firms' balance sheets. therefore, improving investment efficiency.
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