자본투자에 대한 이익의 질과 기업이익의 연관효과
The Association Effect of Earning Quality and Accounting Earning on Capital Investment
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본 연구에서는 1990년부터 2010년까지 거래소시장에 상장된 제조업들의 이익의 질과 기업이익간의 연관성을 실증분석 한다. Dechow and Dichev(2002)등이 제시한 이익의 질의 대용치로서 발생액을 사용하였으며 실증분석 결과는 다음과 같다. 첫째, 회계이익의 질과 기업이익 연관성은 자본투자에 유의적인 정의 영향을 주었다. 둘째, 회계이익의 질의 구성요소(본원적 및 재량적 발생액)와 기업이익 간의 연관성은 자본투자에 또한 유의적인 정의 영향을 주었다. 추가적인 통제변수를 사용한 회귀분석 결과에서도 동일한 증거가 발견 되었다. 결국 이러한 결과는 회계이익의 질이 기업의 다른 정보와 연관성을 가지고서 자본투자에 정의 영향을 준다는 증거를 제시하는 것이다. 따라서 과거 이익의 질이 높고 기업이익이 높을수록 기업은 미래 자본투자를 많이 한다는 것을 알 수 있다.
Abstract
This paper empirically investigates the effect of quality of accounting earnings on the sensitivity of capital investment to accounting earnings. We use the Dechow and Dichevs(2002) earnings quality measures and find that the sensitivity of capital investment to lagged earnings is stronger when firms have higher earnings quality. This result is robust after controlling for lagged Tobin’s Q and lagged cash flows from operations. Furthermore, it finds that higher earnings quality is associated with stronger sensitivity of capital investment to the accrual component of earnings. This evidence is consistent with the hypothesis that high quality accounting provides more accurate information for managers to estimate investment profitability.
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