특수관계자거래와 가치평가오류에 관한 연구
Related Party Transactions and Valuation Errors
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본 논문은 특수관계자거래와 가치평가오류에 관한 연구로 특수관계자거래가 증가할수록 가치평가오류가 증가하는 지를 검증하였다. 특수관계자거래는 Lee et al.(2016)연구를 따라 측정하였고, 가치평가오류는 Rhodes-Kropf et al.(2005) 연구에서 제시된 방법을 따랐다. 연구대상은 2001~2015년 사이에 유가증권시장에 상장된 기업들을 대상으로 분석하였으며 검증결과 특수관계자거래가 증가할수록 가치평가오류는 증가하는 것으로 나타났다. 이는 특수관계자거래가 증가할수록 기업의 정보비대칭이 증가하여 가치평가오류가 증가하는 것으로 해석할 수 있다. 추가분석으로 특수관계자거래의 변동성이 증가할수록 가치평가오류가 증가하는 것으로 나타났는데, 이는 특수관계자거래의 변동성이 높을수록 자의적인 유인에 의한 거래의 성격이 강하므로 정보비대칭이 증가하여 가치평가오류와 양(＋)의 관계를 가지는 것으로 해석할 수 있다. 이상의 결과는 특수관계자거래가 증가할수록 정보비대칭이 증가하는 현상을 가치평가오류라는 직관적인 측정치로 실증하였다는데 의의가 있으며, 투자자들이 특수관계자거래가 많은 기업에 투자 시 가치평가오류가 발생하지 않도록 추가적인 정보와 신중한 의사결정이 필요함을 환기시켜준다. 또한 규제 기관에게는 특수관계자거래가 높은 기업들의 정보비대칭을 보안하기 위한 정책수립의 근거로 활동될 수 있다.
Abstract
This study examines the relationship between related party transactions and valuation errors. In this paper, it is verified whether the error of valuation increases as the transaction of related parties increases. Related party transactions were measured following Lee et al.(2016) studies and valuation errors followed the method presented by Rhodes-Kropf et al.(2005). The research subjects are companies listed on the securities market between 2001 and 2015. As a result of verification, the error of valuation is increased as the transaction of related parties increases. This can be interpreted as an increase in Information asymmetry and an increase in valuation errors as the transaction of related parties increases. Additional analysis showed that the valuation error increased as the volatility of related party transactions increased. This implies that the higher the volatility of the related party transactions, the more likely it is that the transaction is voluntary, leading to an increase in information asymmetry and thus an increase in valuation errors. The above results have contributed to the following points. First, the phenomenon of information asymmetry increases as related party transactions increases, and this is proved by the intuitive measurement of the valuation error, which helped to understand the nature of the transaction with related parties. It also reminds investors that additional information and careful decision-making are required to avoid missteps in investing in companies with a large number of related party transactions. In addition, the results of this paper can be used as a basis for establishing policies for securing information asymmetry of companies with high related party transactions.
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