감사보고시차와 자기자본비용과의 관련성: 정보환경을 중심으로
The Association between Audit Report Lag and Cost of Equity Capital: Focusing on Information Environment
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[연구목적]본 연구는 감사보고서에 나타난 감사보고시차와 자기자본비용 간의 관련성을 분석하고, 이러한 관계에 대한 정보환경의 차별적인 영향력을 조사한다. 이를 통하여 감사인의 감사절차가 반영된 회사의 재무보고 적시성이 투자자의 재무제표 신뢰성에 대한 인지에 어떠한 영향을 미치는지 조사한다. [연구방법]연구표본은 국제회계기준 도입 후인 2011년부터 2019년까지 한국거래소 유가증권 및 코스닥시장에 상장된 1,204 회사－연도로 선정한다. 독립변수는 결산일로부터 감사보고서일까지의 기간을 감사보고시차로 측정하고, 종속변수는 Ohlson and Juettner(2005)의 OJ모형, Easton(2004)에 의한 PEG, MPEG 연구모형에 따른 자기자본비용 측정치의 산술평균 값을 이용한다. [연구결과]분석 결과, 감사보고시차는 차기 사업연도의 자기자본비용 측정치와 유의한 양(＋)의 관련성을 보였다. 이와 같은 결과는 재무보고의 적시성이 지연될수록 투자자는 재무제표의 신뢰성에 대한 의구심이 높아져, 투자에 대한 위험프리미엄을 더욱 부과하는 것으로 해석된다. 또한 감사보고시차와 자기자본비용 간의 양의 관련성은 외국인 투자자의 비중이 낮고, 재량적발생액 수준이 높으며, 재무분석가의 추종 숫자가 적은 표본에서 더욱 두드러지게 나타났다. 이는 재무보고의 지연에 대한 투자자의 의구심이 정보환경이 열악한 상황에서 더욱 크게 인식되고 있음을 시사한다. [연구의 시사점]본 연구는 감사보고시차가 회사의 자기자본비용 결정에 관련됨을 제시하여, 감사보고서 상 나타난 감사 관련 정보가 자본시장 참여자 및 정책당국 등에 유용한 정보로 작용할 수 있음을 시사한다.
Abstract
[Purpose]This study analyzes the relationship between audit report lag and cost of equity capital, and investigates the differential influence of the information environment on the relationship. And, the study also investigates how the timeliness of financial reporting affects equity investors' perception of the reliability of financial statements. [Methodology]The study use a sample of 1,204 firm－year listed companies from 2011 to 2019 after the adoption of the Korean International Financial Reporting Standards. The independent variable is measured by the audit report lag, which is the period from fiscal year－end date to the audit report date. And the dependent variable is the arithmetic mean value of cost of equity capital according to Ohlson and Juettner (2005) and the PEG and MPEG models by Easton (2004). [Findings]As a result of the analysis, audit report lag showed a significant positive(＋) relationship with the next year's cost of equity capital. This result can be interpreted that as the timeliness of financial reporting is delayed, investors' doubts about the reliability of financial statements increase, and a greater risk premium is imposed on investments. Additionally, the positive relationship between audit report lag and cost of equity capital was more pronounced in samples with a low proportion of foreign investors, a high level of discretionary accruals, and a small number of financial analysts. This result suggests that investors' suspicions about delays in financial reporting are perceived to be higher in situations where the information environment is poor. [Implications]This study suggests that audit report lag is related to the determination of a company's cost of equity capital, suggesting that audit－related information shown in the audit report can serve as useful information for capital market participants and policy authorities.
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