기업지배구조와 감사품질의 관련성 분석
The Empirical Study on Relationship of Firm Goverance Structure and Auditing Quality
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아시아 국가의 기업지배구조는 특수관계자에 의한 복잡한 지분구조, 계열간 교차출자 등과 같이 매우 복잡한 지분형태를 띄고 있다. 특히, 우리 나라 기업소유구조는 경영권을 행사하는 지배주주(ultimate owner)가 존재하여 소유와 경영이 명확히 분리되지 않은 특징을 띄고 있다. 이러한 기업지배구조 하에서 대리인 문제형태는 전문 경영자와 주주간에 발생될 가능성 보다 지배주주와 외부소액주주간에 발생될 가능성이 더욱 크다. 따라서 지배주주와 외부소액주주간의 대리인 문제에서 지배주주의 기회주의적 행위에 대한 동기에 주목해야 한다. 지배주주가 소유경영자인 경우 이익정보의 생성과 보고 정책의 통제를 통해 자신의 이익을 획득할 수 있다. 특히, 지배주주는 기업통제권에 따른 실질 효익과 자신의 지분율에 따른 명목 효익 간에 차이가 심할수록 외부소액주주에 대한 이익정보 생성과 공시에 이기적인 통제권을 행사하려는 유혹을 강하게 느끼고, 또한 자본시장도 이러한 상황에서 이익정보 왜곡 현상이 발생할 것으로 예상한다. 따라서 외부소액주주와 자본시장은 이익정보에 신뢰성을 부여하지 않고, 이러한 이익정보는 기업의 주식수익률을 설명하는 정보원천으로 유용성이 떨어지게 된다. 따라서 본 연구는 이러한 기업지배구조에 따른 이익조정, 자본시장에서의 이익정보 유용성 문제 및 그에 대한 통제장치로서 감사품질의 유용성을 실증 분석하였다. 본 연구 결과는 기업지배구조와 이익조정간에 관련성이 존재함을 보여주었고, 또한 기업지배주주의 기회주의 행위 통제장치로서 감사품질의 유용성이 존재한다는 실증증거를 제시했다.
Abstract
The objective of this paper is to examine how the threat of expropriation by ultimate owner affects earnings management and informative of earnings. The ultimate owners' incentives to expropriate minority shareholders increase as the separation of their cash flow and voting control rights becomes larger. This is because larger voting rights give the ultimate owners more power to expropriate their companies, while smaller cash flow rights reduce the owners' share of losses from the extraction of wealth.We find that the threat of expropriation by ultimate owner have a positive effect on earnings management as measured by accruals. Our results also show that the agency problem associated with ultimate owner have a negative impact on the informativeness of earnings.
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