이익기준점의 미달과 공시지연

강내철(Kang Nae-Chul),정래용(Chung Rae-Yong) 한국국제회계학회 2017 국제회계연구 Vol.0 No.71

본 연구는 어떤 기업은 다른 기업보다 실적을 빨리(또는 늦게) 공시하는지를 규명한다. 구체적으로 실적공시의 적시성에 영향을 미치는 중요한 요인으로 이익뉴스의 성격에 주목하고, 악재를 가진 기업은 상대적으로 늦게 공시할 것이란 예측을 확인한다. 실적이 세 가지 기준점(0의 이익, 전년도의 이익, 재무분석가의 예측치)에 미달하는 경우를 악재로 정의하고, 분기실적이 이러한 세 가지 기준점에 미달하는 경우에는 실적공시가 지연될 것으로 예측한다. 이 분석에는 2011년부터 2015년까지의 기간 중에 공정공시나 수시공시로 분기실적을 공시한 기업들의 분기실적 자료-총 5,289건의 기업·분기-가 사용되었다. 분석결과 분기실적이 악재일 경우에는 공시지연이 생길 것이란 예측대로 분기실적이 적자인 경우, 전년 동기보다 악화된 경우 또는 재무분석가의 이익예측치에 미달하는 경우에는 보고시차가 유의하게 크다는 점을 확인할 수 있었다. 이것은 악재보고로 인한 투자자들의 비난을 회피하기 위해 경영자는 이익공시를 지연한다는 것을 의미한다. 이러한 결과는 호재는 조기에, 악재는 지연 공시됨을 확인한 기존연구들의 주장을 뒷받침한다. 그 밖에 다음과 같은 사실들이 확인되었다. 첫째, 투자자들의 공시압박이 클수록-주식의 거래규모가 클수록, 외국인투자자의 지분율이 높을수록-공시지연이 작은 것으로 확인되었다. 둘째, 소송위험이 높은 기업-기술집약형 기업이거나 사외이사비율이 높은 기업-은 공시지연이 작은 것으로 나타났다. 그 밖에 대규모 기업은 공시지연이 작은 반면, 정보비대칭도가 높은 기업은 공시지연이 큰 것으로 확인되었다. This study discuss a different timeliness in earnings announcements among firms from various industry. We investigate a reason why some firms announce their earnings performance earlier(later) than other firms. We focuss on the nature of earnings news as key determinant of timeliness of earnings announcement, and investigate whether firms with bad news are announce the earnings news relatively late. We define the bad news as firms report quarterly earnings number which miss the three thresholds (zero earnings, previous year"s earings, earnings forecasts). When the quarterly earnings number miss three threshold, we expect that quarterly earnings announcement would be delayed. We used quarterly data of firms that announce the quarterly earnings numbers either by voluntary or non voluntary from 2011 till 2015. According to a results, We could found facts that earnings announcements are significantly delayed when the quarterly earnings are negative, lower than previous year or lower than financial analysts" forecasts. This means that managers tried to avoid criticism from investors by delaying reporting bad news. This results support a good news early, bad news late hypothesis suggested by prior research (Givoly and Palmon, 1982; Chambers and Penman, 1984; Kross and Schroeder, 1984; Begley and Fischer, 1998; Bagnoli et al., 2002). In addition, We found the facts followings. First, firms that suffer a large pressure from the investors(larger trading volume, larger share ratio of foreign investors) has shorter reporting lag. Second, firms that has a large litigation risk(larger ratio of the outside director or technology incentive firm) has shorter reporting lag. Lastly, we found that the reporting lag of large firm is short, while that of high information asymmetry firm is long.

주당손익 둘째자리 숫자의 비정상성

강내철(Kang, Rae Chul),박진모(Park, Jin Mo) 한국국제회계학회 2013 국제회계연구 Vol.0 No.50

본 연구는 벤포드 규칙을 이용하여 주당손익의 둘째자리 숫자의 분포에 어떤 비정상적인 패턴이 나타나는지를 분석한다. 이와 함께 주당손익의 끝자리 숫자의 분포에도 어떤 비정상적인 패턴이 나타나는지를 분석한다. 이러한 비정상성이 주당손익의 첫 자리나 끝자리 숫자를 한 단위 높은 값으로 표시하려는 이익조정과 관련이 있는지를 규명한다. 이 분석에는 유가증권시장과 코스닥시장에 상장된 기업의 최근 13개연도(2004년∼2011년) 분기자료(26,669개 기업-분기)가 사용되었다. 주요 연구결과를 요약하면, 주당손익의 둘째자리에 0의 빈도는 비정상적으로 많고 9의 빈도는 비정상적으로 적은 것으로 나타났다. 특히 주당손익이 흑자이면서 전년 동기 대비 실적이 개선된 경우에 비정상성이 뚜렷하게 나타났으며, 재량적발생액을 이용한 이익조정 검증결과 이러한 비정상성이 이익조정과 관련이 있다는 증거가 확인되었다. 그러나 주당손익의 끝자리나 소수 첫자리에는 어떤 비정상성이 관측되지 않았다. Firms have various forms of motives for earnings management. For example, to smooth income and thereby, create image that a firm is low-risk to investors or creditors (Ronen and Sadan, 1981) or to enhance executive bonuses tied to income (Watts and Zimmerman 1978; Healy, 1985). Furthermore, the earnings are managed to achieve some cognitive reference points in income numbers, i.e. to avoid reporting losses or decreases in earnings (Burgstahler and Dichev, 1997) or to meet analysts’ earnings expectations, thus maintaining a steady growth in share price (Degeorge et al., 1999). In a subset of earnings management of this type, there is a case in which the first digit in earnings numbers is the objectives as a cognitive reference points. Carslaw (1988) finds that firms try to round up a second digit on earnings number to represent a higher first digit on earnings number. If such manipulation occurs, the frequency of occurrence of the second digit in earnings number would not follow expected frequencies. The frequencies in second digit numbers in earnings will have an unusual pattern, like as high frequency in zeros and few frequency in nines. Crucial to this research is specifying an appropriate expected frequency of second digit numbers for earnings. The digital frequencies developed by Benford (1938) are used as an appropriate expected frequency of second digit numbers. This study extends this line of research by applying Carslow"s study to second digit numbers on earnings per share(hereafter EPS) of Korean firms. This study investigates whether firms try to manipulate second digit number on EPS to achieve higher first digit number, just like second digit on bottom line numbers of income statement. Additionally, this study investigates whether this type of manipulation of second digit number on EPS is related with earnings management using abnormal accrual. Results show that manipulation of second digit on EPS numbers occur for the first time in this study and that the evidence on firms which report zero on second digit on EPS numbers are related with significantly higher abnormal accrual.

지분법 감사위험이 감사보수와 감사시간에 미치는 영향

강내철 ( Rae Chul Kang ) 한국회계학회 2009 회계저널 Vol.18 No.1

소송위험이 감사보수에 미치는 영향: 비재무적 접근

강내철 ( Rae Chul Kang ) 한국회계정보학회 2008 회계정보연구 Vol.26 No.2

가업승계 세제의 실효성 확보 방안 연구

정래용 ( Rae Yong Jung ),강내철 ( Na Chul Kang ) 홍익대학교 법학연구소 2016 홍익법학 Vol.17 No.3

원활한 가업승계는 기업의 지속가능한 발전 측면에서 중요성을 지닌다. 이에 정부는 중소기업의 원활한 가업상속을 지원하기 위해 1997년에 가업상속공제제도를 최초로 도입하였고 2008년부터 가업승계에 따른 증여세 과세특례제도를 도입하였다. 그러나 국세청 통계 자료에 따르면 가업승계 대상 기업이 2만개임에도 불구하고 가업상속공제 신청자가 매년 60여건(과세미달 포함 시 70여건)에 불과하여 매우 저조하다. 이는 가업승계 세제의 실효성 문제를 의미한다. 그리고 도덕적 해이 등 후계자의 자질 문제로 인한 부작용이 적지 않은 실정임에도 불구하고 현행 세법은 이에 대한 방지 규정을 두고 있지 않다. 이에 본 논문은 가업승계와 관련된 추가적인 세제혜택 방안뿐만 아니라 효율적인 가업승계 준비를 유도하기 위해 회계법인의 가업승계 적정성 확인 의무화 방안을 제시하고 자녀 이외의 제3자에게 가업을 승계시킬 수 있는 세제상의 대안을 함께 제시하여 가업승계 세제의 실효성을 제고하기 위한 세제상의 정책적 대안을 다음과 같이 제시하였다. 첫째. 가업승계 조건 완화 및 추가적인 혜택제공 방안으로서 증여세 특례세율을 현행 10%(20%)에서 5%(10%)로 완화하고 가업승계 시 5년 내 대표이사 취임 의무 규정은 폐지한다. 그리고 1회에 한하여 후계자 교체기회를 부여하되 이 경우 재차 증여에 따른 증여세를 부과하지 않는다. 또한 가업승계 준비과정에서 사후관리 요건을 구비하지 못하여 증여세를 추징할 경우 부담하는 이자 성격의 가산세율을 면제하거나 국세환급가산금 수준(연1.8%)으로 인하한다. 둘째, 가업상속공제 신청 시 회계 법인으로부터의 가업상속 적정성 확인을 의무화한다. 후계자의 경영 능력 또는 도덕성은 객관적인 검증의 대상이 되기는 어려우나 후계자의 일탈이나 도덕적 해이는 내부통제 시스템을 통해 견제되도록 하는 것이 바람직하기 때문이다. 셋째, 제반 세제 혜택을 부여하여 자녀 이외에 기존 경영자나 전문적인 M&A 펀드와 같은 제3자로도 가업이 승계될 수 있는 기회를 제도적으로 마련해 준다. 이는 자녀에게 가업을 승계시킬 수 없는 여러 가지 현실적인 여건을 고려한 것이다. The smooth succession of family businesses has significance in terms of corporate sustainable development. For this reason, the government introduced the tax deduction for family business succession for the first time in 1997 and special provisions on gift tax for those who succeed family businesses in 2008. According to statistical data provided by the Nation Tax Service, however, the number of applicants for the tax deduction for family business succession has been extremely low, recording only about 60 cases (or about 70 cases if those under tax threshold are included) per year although there are around 20,000 family enterprises that are potentially to be inherited to owners` children, questioning the effectiveness of the taxation system of family business succession. In addition, despite the large number of side effects caused by the incompetence of successors such as moral hazard, the current taxation system does not have provisions to prevent them. For this reason, this study proposes a compulsory measure to enforce accounting firms to verify the appropriateness of family business succession in order to encourage the effective preparation for inheriting a family business and an alternative taxation system to allow family business succession to a third person other than children as well as additional tax benefits related to family business succession. The policies suggested by this study for the purpose of increasing the effectiveness of the taxation on family business succession are summarized as follows. First, as a part of additional benefits and the measure to ease the regulations on family business succession, the special taxation rate for gift tax needs to be reduced to 5% (10%) from the present 10% (20%) and the provision that requires the successor to become the president of the inherited company within 5 years from the inheritance needs to be abolished. There should also be one-time-only opportunity for the current successor to find other person who can inherit the family business without the risk of being imposed additional gift tax. In addition, it is necessary to exempt the additional tax rate that is imposed as a kind of interest when gift tax is levied because the successor does not meet the post management requirements during the preparation of family business succession, or reduce it to the level of the additional rate of national taxes. Second, the confirmation of the appropriateness of family business succession from an accounting firm needs to be obligated when applying for the tax deduction for family business because it is desirable that the aberrational behaviors or moral hazard of successors are checked by an internal control system although their management abilities or morality are difficult to be evaluated in an objective manner. Third, given various situations where family businesses cannot be inherited by children, a systematic method with tax benefits that allows a family business can be inherited by a third party other than children such as the current professional manager or an M&A fund.

특허 기술의 사업화 촉진을 위한 세제적 접근

정래용 ( Rae-young Chung ),강내철 ( Nae-chul Kang ) 연세대학교 법학연구원 2016 法學硏究 Vol.26 No.4

It should be acknowledged that the existing knowledge industry policy in Korea has focused on intellectual property itself, such as expanding intellectual property and enhancing protection thereof. However, despite of being a top R&D spender as a proportion of GDP, the effectiveness of R&D in Korea lags behind China or Japan. Dormant patent technologies which are not commercialized account for 70% of patents held by public research institutions and 40% of those held by private sector firms. This points to a dire need to focus not only on the development of technology itself, but also on supporting active technology transfer and commercialisation. However, in spite of systematic and tax benefits from the government, patent transfer between firms and public research institutions remain low at around 3 - 5%. This raises a question of efficiency in patent technology transfer tax codes. These issues require a paradigm shift in the Korean government`s technology support tax codes. In other words, the government priority must shift from promoting the development of technology to promoting the commercialization of patent technology. This study examines ways to motivate patent technology transfer and commercialisation through tax codes. The findings are as follows. First, existing tax exemption for patent acquisition should be abolished. Instead, when a Korean firm acquires patent developed by Korean national from Koran national, and commercialises it, from the first tax year in which revenue has been generated, tax reduction of 100% for three years and 50% for the following two years should be offered to SMEs. However, firms that are not SMEs should be eligible for 50% of tax benefits available to SMEs (including technology licensing contract mentioned below). Tax exemption for R&D facility investment, controversial for their primary beneficiary being large corporates, should be abolished or reduced for large corporates. Second, based on the aforementioned structure, when revenue has been generated from a technology licensing contract and consequent commercialisation, tax reduction should be at 50% and 30%, respectively. Third, for family business succession, invoking the provisions on employment maintenance and post-management, stipulate an obligation of employment maintenance for five years after the aforementioned tax reduction. Violation should be punished with tax reclamation charge by phase.

금융업 매도가능증권평가손익 회계처리의 타당성에 관한 실증연구

김길훈(Kim, Gil-Hoon),강내철(Kang, Rae-Chul) 대한경영학회 2010 大韓經營學會誌 Vol.23 No.5

비영업발생액에 의한 이익지속성의 저하와 자본시장의 반응

최순재(Soon Jae Choi),강내철(Rae Chul Kang) 한국경영학회 2009 經營學硏究 Vol.38 No.4

Various forms of evidence of capital market anomalies have been suggested recently. One of well-known anomalies in accounting literature is the accrual anomaly reported by Sloan (1996). According to the study, although the accruals has lower persistence than cash flow, it seems that the investors are not able to appreciate the implication of accruals on future earnings. After the salient study of Sloan(1996), many studies repeatedly confirmed that investors did not fully appreciate the implications of accruals on future earnings (Collins and Hribar 2000, Thomas and Zhang 2002; Ali et al. 2001; Fairfield et al. 2003; Richardson et al. 2005; Kang 2007). In those studies which investigated the ‘accrual anomaly’, they looked at only the current portion of accruals. When we define the accruals as the difference between net income and cash flows from operation, it include accruals from non-operating activities as well as accruals from operating activities. Non-operating accruals include the gains(or losses) from investment or financial activities such as gains(or losses) on valuation or disposition of assets. However, Sloan(1996) measured accruals as changes in current assets and liabilities and depreciation, so non-operating accruals were left out. Similar methods were used in subsequent studies which investigated the accrual anomaly. However, this study posits that the accrual anomaly is not limited to current accruals and we expect that non-current accruals may also lead to anomalous pricing as current accruals. We expect that accruals anomaly is not limited only to operating accruals, non-operating accruals also could be mispriced. In this study, we try to find empirical evidence of non-operating accruals anomaly. In fact, this issue of mispricing of non-operating accruals was indirectly dealt with by Xie (2001). He thought that accruals anomaly was related to opportunistic earnings management and verified that normal part of accruals was free from mispricing and only the abnormal part of accruals was related to mispricing. However, the Jones (1991) type model he used for dividing normal and abnormal accruals, classifies non-operating accruals as abnormal accruals (Bernard and Skinner 1996). Therefore non-operating part of abnormal accruals may also be related to anomalous response of market. However this issue was not paid direct attention before Dechow and Ge (2006) reported that the capital market failed in fully appreciating the implication of special items on future earnings when the reported earnings contains large negative accruals, namely transitory special items. When the firm recognizes large negative special items due to conservative accounting selection during restructuring, withdrawal or reduction of business, it seems that the capital market over-value the persistence of special items. We try to find evidence of this thought. We analyzed the 3,695 firm-year observations of 458 firms of accounting and financial data from 1997 to 2005. According to the results, although the earnings persistence is significantly lowered by the inclusion of transitory nonoperating items, and the capital market participants are unable to appreciate the implication of low earnings persistence of non-operating accruals on the stock price. Given that nonoperating items is reported on the face of financial statement as separate items, it is more intriguing that such transitory nature of non-current accruals are not reflected in the stock prices. It seems that the reason of accrual anomaly can’t be explain with opacity of accounting information but with intelligence of market participants