투자기회 측면에서 회계이익 및 회계이익의 구성요소와 가치관련성
Value Relevance of Earnings and Its Components Conditional upon investment Opportunity
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초록
회계수치의 질적 속성에 영향을 미치는 요인의 하나로서 투자기회의 역할에 대해서는 다양한 연구가 이루어졌다. 예컨대 Collins and Kothari(1989) 등은 경제적인 요인인 투자기회가 회계이익과 구성요소의 가치관련성에 차별적인 영향을 미칠 것으로 보았다. 그러나 지금까지의 여러 선행연구에서는 서로 상충되는 결과를 보고하여 왔으며 이에 대해 상이한 설명을 제시하여 왔다. 투자기회가 회계이익과 구성요소의 가치관련성에 미치는 영향을 내부금융 가설(Kumar and Krishnan, 2008), 성장정보 가설(Collins and Kothari, 1989), 혹은 잡음측정 가설(Ahmed, 1994)등과 같은 상이한 관점에서 설명하고자 하는 시도는 이러한 사실을 반영한다. 본 연구에서는 선행연구의 일관되지 않은 결과에 주목하여 투자기회가 회계이익과 그 구성요소의 가치관련성에 미치는 영향에 대한 포괄적인 재검증을 시도하였다. 이러한 연구목적을 달성하기 위해 본 연구에서는 Kumar and Krishnan(2008)의 모형을 일부 수정하여 연구모형을 수립하였으며 2002년부터 2008년까지 한국증권거래소에 상장된 금융업을 제외한 12월 결산법인들의 자료에 근거하여 실증분석을 실시하였다. 그 결과 투자기회가 증가함에 따라 회계이익과 이익구성요소의 가치관련성도 증가하며 특히 발생액이 영업현금흐름에 비해 그 민감도가 더 큰 것으로 관찰되었는데 이는 성장정보 가설과 일치하는 증거로 해석된다. 본 연구는 투자기회와 같은 경제적 요인이 회계이익 및 그 구성요소의 가치관련성에 미치는 영향을 재확인하였으며 지금까지의 선행연구에서 일치하지 않는 결과가 얻어진 원인을 부분적으로나마 재규명하였다는 점에 의의가 있다.
Abstract
The role of investment opportunity as a factor affecting the quality of accounting information has been a focus of many researchers. Collins and Kothari(1989), as an example, suggested that greater investment opportunity would cause differential impact on the value relevance of accounting numbers, such as earnings and its components. Existing literature, however, provides broadly inconsistent results and explanations, as illustrated by conflicting viewpoints represented by internal financing hypothesis(e.g., Kumar and Krishnan, 2008), growth information hypothesis(e.g., Collins and Kothari, 1989) and noisy measure hypothesis(e.g., Ahmed, 1994) among others. This study is mainly motivated by the lack of consistency in conclusions drawn from previous researches and aims at providing reconfirming evidence on the association between the investment opportunity and value relevance of accounting numbers, such as earnings and its components. Major findings of the analyses are summarized as follows: (1) Investment opportunity is positively associated with the value relevance of earnings and its components; (2) Of the two principal components of earnings, accrual component is more sensitively correlated with investment opportunity in terms of its association with contemporaneous stock returns, relative to cash flow component. Above results are largely consistent with expectations stemming on growth information perspective. This study contributes to the extant literature by providing confirming evidence on the controversial relations between investment opportunity and the changes in the qualities of earnings components under Korean context.
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