기업의 이익품질이 초과현금 보유와 그 한계가치에 미치는 영향
The Effects of Earnings Quality on Corporate Excess Cash Holdings and Their Marginal Value
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본 연구에서는 기업의 이익품질이 초과현금 보유와 그 한계가치에 미치는 영향을 실증적으로 분석하였다. 이익품질은 Dechow et al.(1995) 모형과 Kothari et al.(2005) 성과대응 모형으로 측정한 재량적 발생액을 대용변수로 사용하였고, 초과현금 보유는 DeAngelo et al.(2010)의 방법으로 측정하였으며, 초과현금의 한계가치는 Dittmar and Mahrt-Smith(2007)의 모형으로 측정하였는데, 주요한 분석 결과는 다음과 같다. 기업은 이익품질이 하락할수록 초과현금 보유를 증가시키지만, 그 한계가치는 하락하는 것으로 나타났다. 즉, 기업의 이익품질이 하락하면, 정보 비대칭이 증가하고 재무적 제약이 악화되므로, 기업은 이에 대비하여 초과현금을 현금 유동성으로 축적한다. 그러나 기업의 이익품질이 하락할수록 초과현금의 한계가치는 하락하는 것으로 나타났다. 즉, 기업의 이익품질이 하락하여 정보 비대칭이 증가하고 재무적 제약이 악화되는 상황에서, 경영자가 현금 유동성의 안전망을 강화한다는 명분으로 초과현금을 보유하면, 주주들은 그 이유에 대하여 대리인 이론의 시각에서 평가절하 할 수 있다. 따라서 기업의 이익품질이 하락하는 상황에서 경영자가 초과현금을 보유하는 것은 대리인 이론의 시각에서 시장의 우려를 불러올 수 있음을 유의할 필요가 있다.
Abstract
The discretionary accruals have positive and significant effects on the corporate excess cash holdings, implying that excess cash holdings increase as discretionary accruals increase. In other words, firms with poor earnings quality hold more excess cash, but firms with good earnings quality hold less excess cash. In particular, poor earnings quality aggravates information asymmetry and makes it harder and more expensive for firms to raise external capital. At the same time, poor earnings quality creates uncertainty about financial constraints and gives rise suspicions that the earnings may be managed. However, the discretionary accruals have negative and significant effects on the marginal value of excess cash holdings, implying that the marginal value of excess cash holdings decreases as discretionary accruals increase. This result suggests that excess cash holdings may be value-destroying for shareholders when a firm’s costs to external financing increase due to poor earnings quality. It is also possible that managerial opportunism will play a further role, as managers have an incentive to hold large excess cash. Accordingly, this result partially supports the agency theory that managers tend to waste corporate resources by hoarding excess cash.
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