지분법회계제도의 이익조정 억제 효과
Earnings Management under the Equity Method System
0
조회
0
다운로드
3
인용
0
참고문헌
키워드
초록
본 연구의 목적은 1999년부터 시행되고 있는 지분법회계제도가 기업의 이익조정행위를 억제하고 있으며, 특히 상향조정을 억제하는 효과를 가지고 있는가를 검정하고자 하는 데 있다. 표본은 지분법회계제도 시행전 그룹, 지분법을 사용한 그룹, 지분법회계제도 시행기간 중 지분법을 사용하지 않은 그룹으로 구성하여 전체 6,617개이다. 이익조정의 억제효과를 검정하기 위한 재량적 발생액은 성과반영모형(Kothari et al. 2005)을 사용하여 추정하였다. 재량적 발생액 절대값의 분석에서는 지분법기업의 이익조정 가능성이 일반기업에 비하여 유의하게 낮게 나타났으나 재량적 발생액 분석에서는 유의한 결과가 나타나지 않았다. 다음으로 행한 기업특성변수를 통제하고 추출한 재량적 발생액 절대값 분석에서는 지분법기업의 이익조정 가능성이 유의하게 낮게 나타났으며, 재량적 발생액 분석에서도 지분법기업의 이익 상향조정이 유의하게 억제되는 효과를 관찰할 수 있었다. 기업특성변수를 통제한 다중회귀분석은 지분법회계제도가 재량적 발생액과 유의한 음(-)의 관계를 보여주었으며, 이로부터 지분법회계제도가 이익의 상향조정을 억제하는 효과를 가지고 있다고 확인하였다. 연도별로 행한 다중회귀분석에서도 전체적으로 이익의 상향조정을 억제하는 유의한 결과가 도출되었으며, 3차연도부터 이익의 상향조정 억제효과가 나타나기 시작하여 2003년과 2007년에는 유의한 결과를 보여주었다. 요컨대 지분법회계제도는 이익조정을 억제하는 효과, 특히 상향조정을 억제하는 효과가 있다고 할 수 있다.
Abstract
This study aims to examine whether the equity method system controls earnings management of the investor company or not. This study hypothesizes that the equity method system would control earnings management, especially earnings upward management. For the study, the sample consists of three groups ; 1,832 firm-year data before the enforcement of the equity method system, 3,353 firm-year data using the equity method system, and 1,432 firm-year data not using the equity method system during enforced period. The years of the sample range from 1995 through 2007. In estimating the discretionary accruals, the study uses performance-matched model(Kothari et al. 2005). With the tests of the absolute value of discretionary accruals(DA), the study confirms that the equity method system significantly controls earnings management. And the tests of DA says that the equity method system significantly controls earnings upward management. After controlling the firm character variables, would the equity method system still control the earnings upward management? Firm character variables such as total assets(LASS), debts to total assets ratio(LEV), cash from operations divided by total assets(CFO), and the equity method system(EQU) are used in the test. The multiple regression analysis shows that the equity method system significantly controls the earnings upward management. And with the year-by-year tests, the coefficient of the EQU is significantly negative, which means that the equity method system has control effects on earnings upward management. The yearly results of 2003 and 2007 are significantly negative. So I can conclude that the equity method system has controlling effects on earnings management, furthermore on earnings upward management. And the above mentioned results can be observed since 2003.
참고문헌 (30)
- 김문철, "고급재무회계" (2007), 신영사
- 박성환, "관계회사 투자주식의 회계처리 실태에 관한 연구", 회계정보연구, pp.107~120 (2001)
- 신현걸, "연결당기순이익을 이용한 지분법 적용의 적정성 평가", 회계와 감사연구, 36, pp.1~17 (2000)
- 申鉉杰, "持分法評價를 利用한 利益調整行爲", 회계와 감사 연구, (38) (2002), 한국공인회계사회
- 위준복, "연결재무제표의 이익조정 억제 효과", 회계정보연구, 25(3), pp.29~53 (2007), 한국회계정보학회
- 위준복, "지분법회계와 이익조정", 회계정보연구, 26(3), pp.343~369 (2008), 한국회계정보학회
- 이종대, "유가증권의 지분법 평가방법이 회계이익에 미치는 효과", 산경논집, (17), pp.159~173 (2002)
- Becker, C., "The Effect of audit quality on earnings management", Contemporary Accounting Research, 15, pp.1~24 (1998)
- Bergstresser, D, "CEO Incentives and Earnings Management", Journal of Financial Economics, 80, pp.511~529 (2006)
- BØhren, Ø, "Managing Earnings with Intercorporate Investments", Journal of Business Finance & Accounting, 33(5), pp.671~695 (2006)
- Chung, H, "Client Importance, Nonaudit Services, and Abnormal Accruals", The Accounting Review, 78, pp.931~955 (2003)
- Daske, H., "The distribution of earnings relative to targets in the European Union", Accounting and Business Research, 36(3), pp.137~167 (2006)
- Dechow, P, "The Quality of Accruals and Earnings: The Role of Accrual Estimation Errors", The Accounting Review, 77, pp.35~59 (2002)
- Dechow, P, "The relation between earnings and cash flows", Journal of Accounting and Economics, 25(2), pp.133~168 (1998)
- Dechow, P, "Why are earnings kinky? An examination of the earnings management explanation", Review of Accounting Studies, 8(2-3), pp.355~380 (2003)
- Dechow, P, "Detecting Earnings Management", The Accounting Review, 70, pp.193~225 (1995)
- DeFond, M. L, "Debt covenant violation and manipulation of accruals", Journal of Accounting & Economics, (17), pp.145~176 (1994)
- DeFond M. L, "The Reversal of Abnormal Accruals and the Market Valuation of Earnings Surprises", The Accounting Review, pp.375~404 (2001)
- Frankel, R, "The Relation Between Auditors' Fees for Nonaudit Services and Earnings Management", The Accounting Review, 77, pp.103~135 (2002)
- Healy, P, "The Impacts of Bonus Schemes on the Selection of Accounting Principles", Journal of Accounting & Economics, 7, pp.85~107 (1985)
- Hribar, P, "Errors in Estimating Accruals: Implications for Empirical Research", Journal of Accounting Research, 40, pp.105~134 (2002)
- Hribar, P, "The Use of Unsigned Earnings Quality Measures in Tests of Earnings Management", Journal of Accounting Research, 45(5), pp.1017~1053 (2007)
- Jones, J. J, "Earnings Mangement during Import Relief Investigations", Journal of Accounting Research, 29, pp.193~228 (1991)
- Kang, S. H, "Issues in testing earnings management and an instrumental variable approach", Journal of Accounting Research, 33, pp.353~367 (1995)
- Klein, A, "Audit committee, board of director characteristics, and earnings management", Journal of Accounting and Economics, 33(3), pp.375~400 (2002)
- Kothari, S. P, "Performance matched discretionary accrual measures", Journal of Accounting and Economics, 39(1), pp.163~197 (2005)
- Leuz, C, "Earnings management and investor protection: an international comparison", Journal of Financial Economics, 69, pp.505~527 (2003)
- Peasnell, K. V, "Detecting earnings management using cross sectional abnormal accruals models", Accounting and Business Research, 30(4), pp.313~326 (2000)
- Thomas, W. B., "Earnings Management through Affiliated Transactions", Journal of International Accounting Research, 3(2), pp.1~25 (2004)
- Young, S., "Systematic Measurement Error in the Estimation of Discretionary Accruals: An Evaluation of Alternative Modelling Procedures", Journal of Business Finance & Accounting, 26(7-8), pp.833~862 (1999)