기업의 재무보고 품질이 투자 효율성에 미치는 영향
The Effects of Financial Reporting Quality on Corporate Investment Efficiency
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초록
본 연구는 1998년 1월 1일부터 2014년 12월 31일까지 한국거래소 코스닥시장 상장기업을 대상으로 재무보고 품질이 투자 효율성에 미치는 영향을 실증분석 하였다. 기업의 재무보고 품질은 Jones (1991) 모형을 수정한 Dechow et al.(1995) 모형, Kasznik(1999) CFO 모형, Kothari et al.(2005) 성과 대응 모형을 사용하여 측정하였고, 이 세 가지 척도를 평균한 종합 척도를 추가로 사용하였으며, 투자 효율성은 Biddle et al.(2009) 모형과 Chen et al.(2011) 모형으로 각각 측정하였고, 주요 분석 결과는 다음과 같다. 기업의 재무보고 품질은 투자 효율성을 증가시키는데, 이는 재무보고 품질이 과잉투자와 과소투자 문제를 완화시켜 투자 효율성을 증가시킴을 의미한다. 그리고 재무보고 품질이 증가할수록 과잉투자와 과소투자 문제가 완화되어 투자 효율성이 증가하지만, 과잉투자 기업이 과소투자 기업보다 재무보고 품질이 투자 효율성을 증가시키는 효과가 더 크다. 이러한 결과를 대리인 이론의 관점에서 보면, 재무보고 품질이 증가할수록 경영자는 자신의 사적 이익을 위해 과잉투자를 통하여 소액주주와 채권자의 이익을 침해하기가 더 어렵게 된다는 것을 의미한다. 결론적으로, 국내 상장기업의 재무보고 품질은 투자 효율성을 증가시키며, 과소투자 기업보다 과잉투자 기업의 투자 효율성을 더 크게 증가시킨다. 따라서 본 연구는 재무보고 품질과 투자 효율성을 연결시킨 연구 문헌에 공헌할 것으로 기대한다. 또한, 기업이 양질의 재무보고 정보를 제공함으로써 투자 효율성을 증가시켜 투자활동을 촉진시킬 수 있다는 재무정책적 시사점을 제시한다.
Abstract
This study analyzes empirically the effects of financial reporting quality on investment efficiency of firms listed on Kosdaq Market of Korea Exchange. Financial reporting qualities are estimated using the Dechow et al.(1995) model, the Kasznik(1999) CFO, the Kothari et al.(2005) ROA-performance-matched-discretionary-accrual model, and their aggregate measure. Corporate investment efficiencies are determined using the Biddle et al.(2009) model and Chen et al.(2011) model. The main results of this study can be summarized as follows. The financial reporting quality has positive and significant effects on the investment efficiency, implying that firms with higher financial reporting quality show higher investment efficiency. That is, the financial reporting quality is a mechanism improving investment efficiency by reducing both overinvestment and underinvestment problems. Therefore firms mitigate investment inefficiency by preparing financial information with higher quality. In the view point of agency theory, financial reporting quality has a mechanism monitoring managerial behavior to limit expropriation of creditors and minority shareholders. In conclusion, this study contributes to a growing body of literature providing empirical evidence of financial reporting quality role in improving investment efficiency.
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