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최대주주의 잦은 변경과 횡령 및 배임이 이익조정에 미치는 영향
손호철 ( Ho Cheol Son ),박성규(교신저자) ( Seong Kyu Park ) 한국회계학회 2016 회계저널 Vol.25 No.3
본 연구는 2005년부터 2011년까지 코스닥 시장에서 연중 2회 이상 최대주주가 변경되고 횡령 및 배임이 발생한 기업의 경영자가 이익을 조정하여 회계투명성에 부정적인영향을 미치는지 분석하였다. 최대주주의 변경과 횡령 및 배임 자료는 한국거래소의 상장공시시스템(KIND)에 공시된 투자유의사항과 수시공시 자료를 이용하여 수집하였다. 표본의 재무자료는 NICE평가정보(주)의 Kis-Value에서 수집하였다. 실증분석에 사용한 표본은 6,229개(기업-연도)이다. 이익조정은 우선 재량적 발생액을 이용한 이익조정 측정방법으로 Dechow et al.,(1995)의 수정 Jones 모형과 Kothari et al.,(2005)이 수정 Jones 모형에 성과변수를 반영하여 개발한 성과대응모형을 사용하였다. 실제이익조정의 측정방법은 Roychowdhury(2006)가 개발한 모형을 사용하여 실제이익조정의 대용치(proxy)로 사용하였으며, 실제이익조정의 종합측정치는 Cohen and Zarowin (2008)과 Cohen and Zarowin(2010)에 따라 측정하였다. 분석결과를 요약하면 다음과 같다. 첫째, 최대주주가 자주 변경된 기업은 재량적 발생액을 통해 이익을 하향조정하며 그 조정액도 큰 것으로 나타났다. 그러나 최대주주가 자주 변경된 기업은 실물활동을 통해 이익을 상향조정하며 그 조정액도 큰 것으로 나타났다. 둘째, 횡령 및 배임을 공시한 기업은 재량적 발생액을 통해 이익을 상향 조정하며 조정액도 큰것으로 나타났다. 그러나 실물활동을 통한 이익조정의 증거는 발견하지 못하였다. 이러한 결과는 최대주주가 자주 변경되고 횡령 및 배임이 발생한 기업이 그렇지 않은 기업보다 회계정보의 신뢰성이 낮다는 것을 의미함으로 투자자와 이해관계자들의 주의가 요구된다. The purpose of this study is to analyze the impact of frequent change of the largest shareholder, embezzlement and misappropriation on earnings management. The Financial Supervisory Service of Korea distributed the report of the investor alerts three times in the year of 2012. The Financial Supervisory Service was concerned about the fraudulent accounting and the violation of accounting standard in order to protect the investors in the stock market in that year. The Financial Supervisory Service reported the companies that should be given close scrutiny. They included the companies that had the significant weakness in the internal accounting control systems and that did not submit the operating report of internal accounting control systems. They also included the companies that are suspicious of embezzlement and misappropriation. The companies that reported the change of the largest shareholder more than two times a year were also included in the report for the investor alert. The companies that reported fines and penalties were also included in the investor alert of the Financial Supervisory Service of Korea. Kim JeongAea’s(2010) study reported that the earning’s management decreased in the year of the largest shareholder change because the new largest shareholder strengthen the monitoring function as well as the effective accounting control systems. She also reported that the earning’s management decreased a year after the largest shareholder change due to the same reason. However, this study used only accrual earning’s management. This study also included the companies that changed the largest shareholder only one time a year. Kim YooChan’s(2011) study found statistically significant positive relationship between the report of the current year’s embezzlement and the previous year’s earning’s management. The positive relationship was more consistent in the KOSDAQ compared to KOSPI. The frequent change of the largest shareholder means changing the largest shareholder more than two times a year for this study. The data on the change of the largest shareholder, embezzlement and misappropriation were selected from the investor alerts and interim disclosures reported in the KIND of the Korean Stock Exchange during the year of 2005 through 2011. The sample financial data were gathered from the KIS-Value of NICE credit valuation company. The final research samples for this study were 6,229 (firms-years). We used the Dechow et al.’s(1995) revised Jones model and the Kotarie et al’s(2005) performance matched discretionary accrual model to measure the discretionary accrual. We also used the Roychowdhury(2006)’s model to measure the real earning’s management. The Cohen and Zarowin(2008 and 2010) method was used to get the comprehensive measure of the real earning’s management The research findings support our hypothesis generally. Firstly the companies reporting frequent change of the largest shareholder were found to decrease earnings using discretionary accruals. The magnitude of the earnings management were found to be significantly large. The companies reporting frequent change of the largest shareholder were found to increase earnings using real activities. The magnitude of the earnings management were also found to be significantly large. Secondly the companies reporting embezzlement and misappropriation were found to increase earnings using discretionary accruals. The magnitude of the earnings management were found to be significantly large. However, we could not find the evidence of earnings management using real activities in this case. Our findings suggests that stake holders including investors and government agencies should be careful with the companies that report the frequent change of the largest shareholder, embezzlement and misappropriation.
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