한국기업의 이익관리에 관한 실증 연구
An empirical analysis of earnings management in Korean firms
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초록
본 연구에서는, K-IFRS 도입이 국내 상장기업들의 이익관리에 어떠한 영향을 미쳤는가를 분석하기 위하여, 기존 연구들이 이익조정의 대용변수로 사용해 오던 재량적 발생액 뿐만 아니라 실질 이익조정으로서 재량적 비용조정을 사용하여 분석하였다. 본 연구는 2011년부터 K-IFRS 사용이 의무화된 국내 상장기업들에 대하여 K-IFRS 도입 이전 시기와 도입 이후 시기의 이익관리 수준과 행태의 변화를 분석하여 국내 기업들의 회계적 투명성이 향상되었는지에 대한 실증적 분석을 시도한다. 분석 결과, 본 연구는 K-IFRS 도입 전후로 발생액 기준 이익조정이 감소하였을 뿐만 아니라 재량적 비용조정으로서 실질 이익조정도 동시에 감소한 것으로 나타났다. 이러한 연구결과는 Sarbanes Oxley Act 이후 미국기업들은 발생액 기준 이익조정을 감소시키고 실질 이익조정을 늘리는 trade-off 전략을 사용한다는 Cohen, Dey and Lys (2007) 및 Zang (2006)의 연구와 크게 대비된다. 우리나라 기업들은 K-IFRS 도입으로 명실상부하게 회계적 투명성을 제고시키고자 발생액 기준 이익조정 뿐만 아니라 실질 경제활동을 통한 이익조정도 크게 축소한 것으로 보인다.
Abstract
In this paper, we focus on both accrual-based earnings management and real earnings management activity, and we analyze how the adoption of K-IFRS(Korea-International Financial Reporting Standards) influences the earnings management activities of domestic listed companies. We compare earnings management behaviors and activity levels of Korean listed companies in the pre-K-IFRS adoption period from 2004 to 2010 and in the post-K-IFRS adoption period from 2011 to 2017 and empirically examines whether K-IFRS enhances domestic firms’ accounting transparency and earnings quality. K-IFRS has been adopted formally by domestic listed companies with effect from 1 January, 2011. We find evidence that accrual-based earnings management declined significantly after the adoption of K-IFRS. We also find that real earnings management decreased after K-IFRS, not consistent with Cohen, Dey and Lys (2007) and Zang (2006) that American firms substituted from accrual to real earnings management after Sarbanes Oxley Act. Our findings imply that Korea’s domestic firms have decreased real economic earnings activities as well as accrual-based earnings management in order to enhance firmly accounting transparency in their financial reports after the adoption of K-IFRS.
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