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외부감사가 부채조달비용에 미친 효과 - 상장기업과 비상장기업의 비교를 중심으로 -

The Effect of External Audit on the Cost of Debt of Listed and Private Firms

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한국국제회계학회 (Korea International Accounting Association)|2011.08|국제회계연구 (Korea International Accounting Review)|제38호|pp. 143-172|DOI 10.21073/kiar.2011..38.007

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참고문헌

키워드

내생성선택편의selection bias부채조달비용cost of debt capital감사인 유형auditor type적정 감사보수endogenous problemexpected audit fees

초록

본 연구는 2005년부터 2007년까지 금융감독원에 감사보수를 신고한 15,565개 외부 감사 기업 표본을 대상으로, 감사품질과 타인자본조달비용에 관한 분석결과를 제시한다. 특히 본 연구에서는 감사품질과 타인자본조달비용간의 관련성 분석 범위를 비상장기업으로 확장하고 다양한 대용치를 이용하여 외부감사의 효과에 대한 증거들을 제시하였다. 분석결과는 다음과 같았다. 첫째, 회계법인의 총감사보수 수익 중 특정기업에 대한 적정감사보수 비중이 높아지면 부채조달비용이 낮았다. 둘째, 감사인 유형 선택에 내재된 편의를 통제한 후 대형 감사인과 부채조달비용은 서로 음(－)의 관련성이 있었다. 특히 이상의 결과들은 비상장기업에 대한 분석에서 두드러졌음을 발견하였다. 이는 비상장기업에 대한 외부감사효과가 기업의 자본조달비용을 절감해주는 긍정적인 효과가 있음을 보여주는 결과들이다. 이와 같이 비상장기업에 대해 외부 감사의 효과가 자본 조달비용에 미치는 영향력이 뚜렷하게 나타나고 있는 점은 체계적인 주식자본 조달시장이 존재하지 않는 비상장기업에 대한 외부감사의 순효과 존재여부에 대한 실증적 증거를 제시하고 있다는 점에서 의미가 크며, 최근 논란이 되고 있는 비상장기업에 대한 외부감사의 효과여부와 관련하여 중요한 시사점을 제공해 준다.

Abstract

In this study, we examine the association between audit quality and cost debt capital using 15,565 firm/year following “Act on External Audit of Stock Companies” that filed their audit fee to Financial Supervisory Services(FSS) from 2005 to 2007. As proxies of audit quality, we use expected audit fee, audit fee scaled by the sum of audit fee vested to each auditor and auditor type. Our empirical findings are as follows; First, we find that if audit fees of specific firm take larger portion in total audit fees vested to each auditor(meaning more value of client-specific collateral), financial information is perceived as more reliable and capital providers charge lower cost of debt capital. This implies that auditors provide higher audit quality for the auditee with higher value of firm-specific quasi-rent in order to maintain their reputation. Second, we find that firms engaging with big 4(or 5) auditors save the cost of debt capital for private firms. This implies that if reputable auditors want to maintain quasi rents from current auditees, it is important not to lose their reputation from poor audit quality. Also, we may interpret that capital providers highly appreciate private firms which engage with big 4(or 5) auditors because they have less information publicly available compared with listed market and put more value to reputable auditor. From findings, we suggest that benefit of external audit strongly exist in private market. Also, our results imply that, in order to save the cost of debt capital, manager of private firms need to recognize the important role of external audit. Finally, for regulators, we may suggest that positive effects of external audit in private market can be used as the ground that mandatory external audit for private firms.

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