부채의 특성에 따른 이익조정
Debt financing and earnings management
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초록
기업은 주식발행, 공적부채 및 사적부채 등을 이용하여 영업과 투자활동에 필요한 자금을 조달한다. 본 연구는 자금조달 방법의 특성이 기업의 영업 및 재무보고 행태에 영향을 줄 수 있다는 데 주목하여 공적부채와 사적부채의 상이한 특성이 재량적 발생액과 실제 활동을 이용한 이익조정과 어떠한 연관성을 가지고 있는지를 검토한다. 이익조정은 재량적 발생액과 Roychowdhury(2006)에서 사용된 실제활동조정치를 산업, 연도별 횡단면 회귀분석에 의하여 추정하였으며, 자금조달의 특성 변수로 사채비율, 사채발행 여부와 차입금비율을 사용하였다. 표본은 한국증권거래소에 상장된 2000년부터 2009년까지의 12월말 결산 비금융기업이다. 2,053개의 기업-연도 자료를 이용한 실증분석 결과, 공적부채를 발행하는 기업은 사적부채를 발행하는 기업에 비해 재량적 발생액을 이용한 이익조정뿐만 아니라, 생산활동, 비용지출활동의 실제 영업활동을 통한 이익조정의 정도도 낮은 것으로 나타났다. 이는 공적부채의 투자자들이 정보비대칭과 직접적인 통제권의 부족으로 인해 부담하게 될 위험을 정보중개인(information intermediary)을 통해 해소하고 있으며 결과적으로 자본시장에서 공적부채 발행 기업에 대한 보다 높은 수준의 투명한 회계정보가 요구되고 있음을 보여주는 것으로 해석된다. 본 연구의 결과는 부채의 특성에 따라 시장에서 요구하는 정보의 질이 상이하며 이는 곧 기업의 재량적 발생액과 실제 활동을 이용한 이익조정행태에도 영향을 미친다는 점을 부분적으로 밝혀냈다는 점에서 의의를 지닌다.
Abstract
Firms raise funds through multiple sources such as stock issuance, public debt (i.e., corporate bond) issuance, or private debt contracts (i.e., loan), in order to finance investment and to cover operating shortfalls. This study investigates whether the types of debt financing (i.e., public versus private debt) are associated with the firms' tendency to manage earnings. The different debt financing methods can have differential effects on firms' incentive to manage earnings. In private debt contract, creditors can directly control and monitor the firm, which may reduce the firm's incentive to manipulate earning. In contrast, public debt are traded in the capital market, which implies that the effect of monitoring depends on the efficiency of capital market. The efficiency depends on the role of market intermediaries, such as analysts or credit rating agencies. If the market is efficient enough, the monitoring effect of the efficient market is likely to restrict firms' incentive to manipulate earnings. As a result, it is an empirical question if the magnitude of the earnings management differs between firms issue private and public debts. To proxy for the degree of earnings management, we use both accrual-based earnings management, that was extensively covered in prior studies, and real activity-based earnings management. Accrual-based earnings management is measured by cross-sectional version of modified Jones model (Dechow et al. 1995) and real activity-based earnings management is measured by cross-sectional version of Roychowdhury's (2006) model. We use the ratio of corporate bond to total assets to measure the public debt and the ratio of loan to total assets to measure the private debt. The empirical analyses are conducted with a 2,053 firm-year observations from the firms listed in the Korea Stock Exchange from 2000 to 2009. We find that firms with relatively more public debts are less likely to engage in both real- and accrual-based earnings management, compared with firms with relatively higher proportion of private debts. In addition, the level of private debts are also positively associated with the level of both real- and accrual-based earnings management. The results is robust after controlling for endogeneity between bond issuance and level of earnings management. These finding suggest that, in the case of public debt issuances, the capital market plays an important role to minimize information asymmetry, which reduce the firms' incentives to manage earnings.
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