계속기업특기사항과 보수주의

김학운 ( Hak Woon Kim ),손혁 ( Hyuk Shawn ),이효익 ( Hyo Ik Lee ) 한국회계학회 2013 회계저널 Vol.22 No.1

계속기업특기사항 기업의 재무보고특성

김학운 ( Hak Woon Kim ) 한국회계학회 2013 회계저널 Vol.22 No.6

본 연구는 개정회계감사기준이 적용된 1999년부터 2010년까지 적정감사의견을 받았지만 계속기업 존속능력에 대한 불확실성이 감사보고서에 특기사항(이하 계속기업특기사항이라 함)으로 기재된 기업의 재무보고특성이 어떠한지를 검증하였다. 재무보고특성을 파악하기 위하여 재량적 발생액과 발생액의 품질, 그리고 실물활동을 통한 이익조정을 대용치로 이용하였다. 또한 전기 또는 당기에 계속기업특기사항 감사의견을 받은 기업과 당기의 재무보고특성을 비교하는 방법을 사용하였다. 이러한 감사의견을 받은 기업은 재무적으로 심각한 곤경에 처해 있고 계속기업가정의 불확실성이 내재되어 있기 때문에 기업이 당면한 재무상황에 따라 회계처리특성에 체계적인 차이를 보일 것으로 예상된다. 본 연구를 통하여 전기와 당기에 계속기업특기사항 감사의견을 받은 기업은 공격적인 회계처리성향을 나타내고 있으며, 재무적 곤경에 따라 발생액 또는 실물활동을 이용하여 회계조정방법을 선택적으로 활용하고 있음을 확인하였다. 즉 전기에 계속기업특기사항 감사의견을 받은 기업은 발생액을 통한 이익조정을 실시하는 반면에 실물활동을 통한 이익조정은 당기에 계속기업특기사항 감사의견을 받은 기업에서만 유의하게 나타났다. 이는 기업의 재무곤경이 지속적으로 심화됨으로써 계속기업특기사항 감사의견을 받게 되는 당기에 이르러서는 미래의 기업성과가 희생됨에도 불구하고 실물활동을 통한 극단적인 방법을 동원하여 이익조정하고 있음을 보여준 것이다.

계속기업 존속능력 불확실성 해소전략에 따른 이익조정

김학운 ( Hak Woon Kim ),이효익 ( Hyo Ik Lee ),신용인 ( Yong In Shin ) 한국회계학회 2014 會計學硏究 Vol.39 No.5

본 연구는 계속기업 존속능력에 대한 불확실성이 감사보고서에 특기사항(이하 계속기업특기사항이라 함)으로 기재된 기업을 대상으로 감사의견의 기술내용에 따라 기업의 재무보고특성이 어떠한지를 검증하였다. 감사인은 기업의 계속기업 존속능력 불확실성 요인을 완화시키기 위해 경영자로부터 입수한 기업의 경영개선방안을 계속기업특기사항 감사의견에 기술할 수 있다. 감사보고서에 기술한 경영진의 경영개선을 위한 방향전환전략을 전략부재, 영업운영(단기)방향전환전략, 그리고 비영업운영(장기)방향전환전략의 세 가지로 분류하였다. 방향전환전략이 없는 기업은 생존을 위해 실행 가능한 전략이 거의 없는 상태이기 때문에 파산할 가능성이 매우 높고 이익조정할 여력이 거의 없을 것으로 예상된다. 원가절감이나 자산매각과 같은 영업운영방향전환전략을 기술한 기업은 신규사업진출이나 기업흡수·합병과 같은 비영업운영(장기)방향전환전략을 기술한 기업보다 현금흐름 부족이 긴박한 상태일 것이다. 단기적인 영업운영방향전환전략이 기술된 기업은 남아 있는 재량적인 회계정책 선택의 폭이 적고 이전에 가능한 모든 이익조정 방법을 이미 사용하였을 것으로 추론된다. 반면에 비영업운영(장기)방향전환전략이 기재된 기업은 비록 긴박하게 영업현금흐름이 부족한 상태는 아닐지라도 계속기업 존속능력으로서의 불확실성이 존재하고 있다. 따라서 이러한 기업은 최소한 연속되는 계속기업특기사항 감사의견을 피하기 위해서나 투자자를 안심시키기 위해 가까운 시일 내에 계속기업 존속능력에 대한 불확실성을 해소할 수 있다는 것을 감사인에게 설득시키고자 할 것이다. 이와 같은 과정에서 보다 많은 이익조정여지가 존재할 것으로 추정된다. 본 연구는 이러한 감사인의 계속기업특기사항 감사의견이 투자자나 이해관계자에게 유용한 정보를 제공하고 있는지와 기업의 재무보고특성과 관계가 있는지를 실증분석한다. This paper investigates earnings management behavior of firms whose proposed turnaround strategies are requested by independent auditors in the going-concern (GC) explanatory paragraph in modified audit reports. Managements` turnaround plans documented by auditors are grouped into three categories: no strategy, operating turnaround strategy and non-operating (long-term) turnaround strategy. Firms reporting no strategy are generally more likely to go bankrupt in the near future due to the lack of remaining viable strategies. We expect that these firms no longer participate in earnings management behavior since prior research indicates that the survival rate of these firms decreases. Firms proposing operating turnaround strategies, such as cost-cutting or asset disposals, are under imminent cash pressure with greater GC uncertainty than firms reporting long-term, non-operating turnaround strategies, such as new business developments, mergers or strategic alliances. Firms suggesting short-term operating turnaround strategies are suspected to have used most of the possible earnings management tools in the past years resulting in few remaining discretionary reporting choices. On the other hand, firms suggesting non-operating turnaround strategies upon auditor`s request are still under auditor`s substantial doubt regarding GC even though they are not under immediate shortage of cash-flows. Accordingly, they are also in an urgent position to avoid GC modified audit report or, in the least, to provide comfort to investors by persuading auditors that they can get over GC uncertainties soon. Meanwhile these firms are presumed to have more earnings management opportunities remaining.

감사의견 표현방법에 따른 이익조정: 계속기업특기사항을 중심으로

김학운 ( Hak Woon Kim ) 한국회계학회 2014 회계저널 Vol.23 No.6

This paper investigates whether firm’s earnings management behaviour differs by the going-concern wordings quoted by an independent auditor in the audit report. The auditor``s expression types regarding unqualified opinion with going-concern uncertainty in the explanatory paragraph(GC) for audit reports started from the year 1999 to 2010. The auditor’s going-concern wordings are classified into two types of expressions; ambiguously conditional language and clear opinion. In general, GC firms are in a serious financial distress, and have a high going-concern uncertainty with high business risk. In order to reduce the potential litigation risk, auditor requests manager to a conservative accounting choice. It makes a manager to report lower discretionary accruals. I expect that different financial reporting characteristics exist between firms with ambiguously conditional language and firms with clear opinion in the audit report. The issuance of going-concern opinions is closely related with the auditor’s litigation risk. It means that firms with high litigation risk are more likely to have going-concern opinions. The simultaneous equations and the self-selection bias exist in between GC firms and litigation risks. And systematic differences also exist between GC firms and non-GC firm``s financial reporting characteristics. In order to resolve this matter and to improve the internal validity, I conduct the Heckman(1979)’s two stage least square regressions for the relation between ambiguous and clear audit wording to control endogeneity and self-selection bias. I find that firms documenting ambiguously conditional language in going-concern wordings report larger discretionary accruals than those using clear GC wordings. This finding indicates that firms quoted by ambiguous wordings are more likely to choose income-increasing financial reports than those quoted by clear wordings. It implies that firms with ambiguous wording by auditors are experiencing relatively less serious financial distress and have rooms of reconstruction for improving short-term cash flows. Therefore auditors may feel lower litigation risks and may put less audit efforts for those firms describing ambiguous wordings. A key implication of this study is in proving an importance of wordings and contents of the going-concern wordings in audit reports. The auditors need to provide more detailed information of their views and evaluations on management’s accounting choices, judgements and estimates in the audit reports.

비대칭 그루브 저널 베어링으로 지지되는 하드디스크 스핀들 시스템의 동특성 해석

이상훈(Sang-Hoon Lee),김학운(Hak-Woon Kim),장건희(Gun-Hee Jang),김철순(Chul-Soon Kim) 한국소음진동공학회 2004 한국소음진동공학회 학술대회논문집 Vol.2004 No.5

IFRS 연결재무제표와 별도재무제표의 가치관련성

김영욱 ( Yung Wook Kim ),최영수 ( Young Soo Choi ),최정호 ( Jung Ho Choi ),김학운 ( Hak Woon Kim ) 한국회계학회 2014 회계학연구 Vol.39 No.1

본 연구에서는 국제회계기준(International Financial Reporting Standards: IFRS)에 의해서 작성된 연결재무제표와 별도재무제표의 상대적 가치관련성과 증분적 가치관련성을 실증적으로 분석하였다. 이를 통해 연결재무제표를 주 재무제표로 규정한 IFRS와 최근 일각에서 논란이 되고 있는 별도재무제표의 작성 및 공시 요구에 대한 타당성을 검증하였다. 실증분석 결과, 다음과 같은 증거를 얻을 수 있었다. 첫째, 주가 및 주식수익률에 대한 순자산(net assets)과 순이익(net income) 정보의 가치관련성은 별도재무제표와 연결재무제표 사이에 유의적인 차이가 없었다. 둘째, 연결재무제표 순이익에서 별도재무제표 순이익을 차감한 차이는 주가 및 주식수익률과 유의적인 양의 관련성이 있는 것으로 나타나, 연결재무정보가 별도재무정보에 추가하여 증분적 가치관련성을 갖는 것으로 보인다. 한편, 이러한 연결순이익의 증분적 가치관련성은 레버리지가 낮은 기업(low leverage firms)과 성장기업(growth firms)에서만 발견되고 레버리지가 높은 기업(high leverage firms)과 가치기업(value firms)에서는 발견되지 않았다. 또한 소규모기업 그룹과 대규모기업 그룹 모두에서 연결순이익의 증분적 가치관련성이 발견되었으나 두 그룹 사이에 유의적인 차이는 없었다. 결론적으로, 연결재무제표와 별도재무제표는 상대적 가치관련성 측면에서는 차이가 없으나 연결순이익은 별도순이익에 추가하는 정보가치를 제공함으로써 증분적 가치관련성 측면에서는 긍정적인 결과가 제시되었다. 이는 연결재무제표를 주 재무제표로 규정한 IFRS 기준이 타당함을 시사한다. 다만 연결순이익의 증분적 가치관련성은 기업특성에 영향을 받는 것으로 보인다. Korea has fully adopted International Financial Reporting Standards (IFRS) since financial year 2011. All companies with subsidiaries listed in Korea Exchange (KRX) are required to report both consolidated and separate financial statements (i.e., parent-only financial statements) prepared in accordance with IFRS. However, separate financial statements are exposed to such problems that difficulties and divergence exist in preparing them due to the lack of detailed implementation guidance, and they are often confused with previous individual financial statements presented before IFRS adoption. Our study empirically examines relative and incremental value relevance between consolidated and separate financial information under IFRS regime. The objective of the study is to verify in terms of value relevance whether it is appropriate to have consolidated financial statements as primary ones, and whether it is appropriate to require the presentation of separate financial statements along with consolidated financial statements at the same time. The study is performed for non-financial KOSPI (Korea Composite Stock Price Index) firms only with subsidiaries whose financial years end in December by analyzing their consolidated and separate financial statements for financial year 2011 first presented and reported in accordance with IFRS. For the analysis, the study uses both stock price model and stock returns model based on Ohlson`s model. The study documents that the relative value relevance is not significantly different between consolidated and separate accounting information: book value per share ( BPS) and earnings per share ( EPS). Specifically, coefficients on consolidated BPS and EPS and coefficients on separate BPS and EPS are all significantly positive, but not significantly different in their respective matching magnitudes and also in their respective explanatory power (Adjusted R2) for stock prices and returns. This result does not support our first hypothesis that value relevance will be larger for IFRS consolidated information than for IFRS separate information. Notwithstanding, consolidated EPS is observed to have incremental value relevance against separate EPS by the significantly positive coefficient on the variable EPSdiff (i,e., consolidated EPS minus separate EPS), which is consistent with our second hypothesis of IFRS consolidated information having value relevance incremental to IFRS separate information. This incremental value relevance of consolidated EPS is found only for low leverage firms and growth firms, not for high leverage firms and value firms, indicating that investors provide additional value for consolidated EPS of firms that have sound financial stability (i.e., low debt ratio) and growth opportunity (i.e., low book-to-market ratio). These findings are largely consistent with the part of the results reported in Barth et al. (1998), Feltham and Ohlson (1995) and Collins and Kothari (1989). However, the incremental value relevance of consolidated EPS (i.e., coefficient on EPSdiff) proves not to be significantly different for large versus small firms, although it is significantly positive in both cases. Taken together, consolidated financial statements are regarded to provide incremental value against separate financial statements on average, although firm-specific characteristics such as firm size, leverage and book-to-market ratio are likely to affect the existence and the magnitude of the incremental value relevance. This result is based on only quantitative information of net assets and net income of consolidated and separate financial statements, but conclusively it implicates that it is appropriate for Korean government to set consolidated financial statements as primary ones as IFRS regulates. However, we should be cautious not to extend this result to uselessness of separate financial statements because separate financial statements could provide larger usefulness in various aspects such as loan decision and dividend decision other than firm valuation or investment decision. This view is consistent with Niskanen et al. (1998) that points out the differential usefulness of separate information in aspects other than in investment decision-making. In addition, our results also implicate that the users of accounting information need to use consolidated financial statements rather than separate financial statements for their investment decision-making. Our research contributes to accounting literature on value relevance in the sense that it first empirically examines relative and incremental value relevance of consolidated versus separate financial information under IFRS regime. That is, this research is very meaningful in that it first verifies from the investors` perspective whether it is appropriate to set consolidated financial statements as primary ones and also to require firms to report separate financial statements simultaneously in addition to consolidated financial statements. On the other hand, this study has some limitations. Among others, this study includes in the sample consolidated and separate financial statements only for financial year 2011 in which IFRS is first adopted. To obtain more reliable conclusion, subsequently, this study needs to be extended to consolidated and separate financial statements for more financial years since 2011.

골프 지속 행동에 영향을 미치는 참여결정요인 분석

박수정,김학운 한국스포츠리서치 2004 한국 스포츠 리서치 Vol.15 No.4

The purpose of this study was to Exploratory analysis of the determinants on golf participants, in order to meet this purpose, this study used qualitative research method. Comprehensive selection strategy was used for selecting of research informants. The participants of this study are consisted of 2 males and 3 females of which have engaged in golf, This study employed In-Depth interview Method. On the basis of the procedure, the conclusions were drawn as follows; The participation determinants factors of golf participants were 4: significant others, goal, ecstacy, competition. The conclusion suggested that understanding of various experience such golf participants go through is deemed highly meaningful as it will trigger a change in terms of concepts of leisure as well as behavior towards leisure in a positive way, which will, in turn, change overall life patterns of individuals while enhancing quality of life.