변경된 감사인 지정제도가 신규상장기업의 이익조정과 감사보수에 미치는 영향

배지헌,김상일,이호영 한국회계정보학회 2009 회계정보연구 Vol.27 No.3

본 연구는 2006년부터 상장예정기업에 대해 변경된 감사인 지정제도가 시행됨에 따라, 지정감사인이 감사를 수행하게 되는 신규상장기업의 상장 직전년도 이익조정이 감소하는지 여부와 지정감사인의 유형에 따라 감사품질이 차별화되는지를 분석하였다. 또한 변경된 감사인 지정제도의 시행으로 감사인의 감사보수가 증가하는지 여부와 지정감사인의 유형에 따라 감사보수가 차별화되는지도 살펴보았다. 분석결과 변경된 감사인 지정제도 실시 이후에 신규 상장된 기업의 재량적 발생액이 뚜렷이 감소하고 있는 것으로 나타났다. 그러나 감사인 유형(BIG4 여부)에 따른 감사품질의 차별화는 이루어지지 않았다. 이는 신규상장기업의 경우 감사인 지정제도에 따른 감사품질의 제고가 이루어지지 않는다는 선행 연구결과와 달리, 상장예정기업에 대해 강화된 감사인 지정제도가 감사품질 제고에 기여하고 있음을 시사한다. 이러한 결과는 최근 상장예정기업에 대한 감사인 지정제도의 실효성 논란에 대해 근거를 제시하고 있다는 점에서 의의를 찾을 수 있다. 즉 상장예정기업에 대한 이전의 형식적 감사인 지정제도와 비교하여 변경된 감사인 지정제도가 상장예정기업의 회계이익의 질을 증대시켜 궁극적으로 투자자보호에 기여하고 있음을 알 수 있다. 그러나 감사보수의 증가여부에 대한 분석결과에서 변경된 감사인 지정제도 실시 이후 상장예정기업에 있어서 감사보수가 뚜렷이 증가하는 것으로 나타나, 제도변화로 인하여 기업의 비용부담이 증가하는 현상을 확인할 수 있었다. 이러한 결과는 기업공개(IPO)를 도모하는 비상장기업의 부담을 덜어주기 위한 정책입안자의 역할 측면에서 시사점이 될 수 있다. 본 연구는 신규상장기업을 대상으로 새롭게 실시된 감사인 지정제도의 실효성을 검증한 것에서 의의를 찾을 수 있다. 그러나 감사보수 증가효과에 대해서는 정책당국 차원에서 보다 실효성 있는 제도로 정착되기 위한 노력이 필요할 것으로 보인다. In 2004, the Act on External Audit was revised requiring that initial public offering (IPO) firms prior to their IPOs be audited by auditors designated directly by the Securities and Futures Committee. This revised rule became effective on January 1, 2006. This study examines whether IPO firms with designated auditors experience decrease in mangers' accounting discretion after the change in auditor designation rule. This study also examines whether accounting discretion of IPO firms with designated auditors is different between Big4 and non-Big 4 audit firms. Using KSE and KOSDAQ firm-years during the four year period from 2003 through 2006, we find evidence that IPO firms use less accounting discretion after the change in auditor designation rule than before, suggesting that the new rule is effective in reducing earnings management. This finding is possibly an indication of enhanced auditor independence. We are, however, not able to find the difference in accounting discretion between IPO firms with Big4 and those with non-Big4 audit firms. We also examine whether the rule change positively affected audit fees for IPO firms and whether this positive effect is more pronounced for Big4 clients than non-Big4 clients. We find evidence that audit fees significantly increased after the change in auditor designation rule, suggesting that the rule change may be costly to IPO firms. Net benefits of the rule change is subject to a further study.

생존분석을 활용한 항공기 지연 특성 비교

배지헌,김명현 대한교통학회 2020 대한교통학회 학술대회지 Vol.83 No.-

비감사서비스가 회계이익과 과세소득의 일시적 차이에 미치는 영향 : 국제회계기준도입 용역서비스를 중심으로

박재홍,배지헌,이호영 韓國公認會計士會 2009 회계·세무와 감사 연구 Vol.50 No.-

본 연구에서는 감사인이 동일 기업에 대하여 감사와 비감사서비스를 동시에 제공하는 경우 회계이익과 과세소득의 일시적 차이(이익조정)에 영향을 미치는지를 분석하였다. 특히 비감사서비스의 유형 중 최근의 회계환경 변화에 따라 중요한 이슈로 대두되고 있는 국제회계기준도입 용역서비스가 기업의 일시적 차이에 영향을 미치는지를 분석하였다. 2007년부터 2008년까지 2년 동안 유가증권시장 및 코스닥시장 상장기업을 대상으로 한 실증분석결과에 따르면, 비감사서비스 보수의 수준 및 전체 보수에서 차지하는 비감사서비스 보수 비율은 기업의 일시적 차이에 영향을 미치지 않는 것으로 나타났다. 그러나 비감사서비스를 유형별로 세분화한 분석에서 세무자문서비스는 기업의 일시적 차이에 음(-)의 유의적 영향을 미치는 것으로 나타났으며, 국제회계기준도입 용역서비스는 양(+)의 유의적 영향을 미치는 것으로 나타났다. 이는 세무자문서비스의 경우 회계감사와 밀접한 관련이 있으므로 감사인의 독립성을 저하시키기보다 감사인의 전문성을 증가시켜 기업의 일시적 차이를 감소시키는 것으로 해석할 수 있다. 국제회계기준도입 용역서비스의 경우 최근 회계법인의 중요한 신규 수입원 중 하나이므로 감사인의 독립성을 저하시켜 일시적 차이에 양(+)의 영향을 미치는 것으로 해석할 수 있다. 이를 토대로 금융감독원 및 한국공인회계사회에서 제시하는 ‘자기검토위협을 통제할 수 있는 적절한 안전장치를 구비한 경우 자문수준의 국제회계기준도입 용역을 감사대상법인에게 제공할 수 있다’는 규정의 실효성을 제고하기 위해서는 구체적인 시행세칙의 정비가 필요하다는 것을 제안한다. 본 연구는 동일 감사인에 의해 제공되는 비감사서비스 유형 중 국제회계기준도입 용역서비스가 기업의 일시적 차이에 미치는 영향을 검증하였다는데 의의를 찾을 수 있다. The adoption of International Financial Reporting Standards(IFRS) cause various practical issues on recent accounting atmosphere. As one of important issues, IFRS introduction advisory service could be controversial in auditor independence perspective. IFRS introduction advisory service became lucrative revenue source for audit firms due to relatively big amount of payment, leading audit market to be severely competitive. IFRS introduction advisory service, however, has two contradictory aspects in auditor independence view. On one hand, IFRS introduction advisory service could enhance auditor expertise because it enables auditors to understand audited company more thoroughly. On the other hand, however, IFRS introduction advisory service could impair auditor independence due to economic dependence on audited company. This paper examines whether auditors can affect the book-tax temporary difference(a proxy for earnings management) of audited companies if non-audit service was concurrently provided with audit service to audited companies. Specifically, this paper examines whether IFRS introduction advisory service can affect the temporary difference(earnings management) of audited company. The study sample is composed of 773 firms with both audit service and non-audit service, listed on the Korea Stock Exchange(KSE) and Korean Securities Dealers Automated Quotations(KOSDAQ) in 2007 and 2008. Of those samples, 59 companies are classified as those that have received IFRS introduction advisory services from their auditors while 714 companies are classified as those that have not. This study uses four regression models to examine the associations between four aspects of non-audit services and the book-tax difference. These four non-audit services include the natural logarithm of total non-audit fees (NAF), the natural logarithm of fees paid for tax consulting (TAX), the natural logarithm of fees paid for international financial reporting standards (IFRS), and the natural logarithm of other fees than the fees mentioned above (OTHERS). Consistent with prior studies, control variables include cash flows from operating activities scaled by total assets (CFO), the natural logarithm of total assets (SIZE), leverage ratio defined as the proportion of total liability to total assets (LEV), an indicator representing a Big 4 auditor (BIG4), the ownership by primary owners (OWN), the ownership by foreign investors (FOR), a firm growth measured as asset growth (GROW), and a measure of capital intensity (CAPINT). As additional analyses, this study also examine the associations between non-audit services and the direction of earnings management by separating the sample in terms of positive and negative effects on earnings. According to the result of examination, level of non-service fee and the ratio of non service fee occupying in the revenue from audited company can't effect on temporary difference(earnings management) of audited company. In addition to, tax consulting service fee which is kind of non-audit service can significantly have negative effect on temporary difference(earnings management) of audited company and IFRS introduction advisory service can significantly have positive effect on temporary difference(earnings management) of audited company. Because of close relation with auditing, the result of tax consulting service is interpreted that tax consulting service increases specialty of auditor rather than impairs the independence of auditor. However, the result of IFRS introduction advisory service is interpreted that IFRS introduction advisory service impair the independence of auditor to effect on temporary difference(earnings management) of audited company because IFRS introduction service which is the major revenue source of accounting firm. This paper contributes two things compared to prior studies. To begin with, we examine IFRS introduction advisory service independently from non-audit services. Prior studies mainly classify non-audit services into tax consulting service and other service. By separating IFRS introduction advisory service from other non-audit service, the results could provide policy makers with insights whether IFRS introduction service could be concurrently provided with audit service or not. In addition, we use the temporal book-tax difference as an earnings management measure. Most of prior studies use discretionary accruals as a measure of auditor independence. However, as we know, the measurement error problem of discretionary accruals has been stated in many prior studies. Compared to discretionary accruals, book-tax difference is relatively free from measurement error. The rationale for book-tax differences comes from the less lenient regulations of tax codes in Korea compared to financial accounting principles. If firms manage the book income upwards without affecting the taxable income, such management would be reflected in the tax footnotes of financial statements. Taxable income could serve as a benchmark for the quality of book income which can be managed more easily. Temporal book-tax differences are measured as discretionary components of book and taxable income. In summary, the results of this paper suggest that regulatory bodies need to revisit the current regulations on the restriction of non-audit services. Some of the restricted non-audit services may not lower the quality of earnings while some of the permitted non-audit services have a negative effect of earnings quality without proper safeguards. In order to maintain the independence of auditors, detailed practical guidelines for safeguards can be considered. With the introduction of International Financial Reporting Standards (IFRS), we expect the auditing industry in Korea will experience a dramatic change pertaining to non-audit services. This is because of the change in primary financial statements from individual to consolidated statements. With the consolidated financial statements, audit

실제 이익조정이 장기 경영성과에 미치는 영향

김지홍 ( Jee Hong Kim ),배지헌 ( Ji Hun Bae ),고재민 ( Jai Min Goh ) 한국회계학회 2009 회계학연구 Vol.34 No.4

Roychowdhury(2006)가 영업현금흐름, 제조원가, 재량적비용 등 영업 활동 전반에 대한 실제 이익조정(Real earnings management) 측정 모형을 제안한 이후, 이를 활용한 후속 연구들이 활발히 이루어지고 있다. 이 모형은 그동안 개별적인 경영 활동만을 대상으로 해왔던 실제 이익조정의 지평을 넓혔다는 중요한 공헌점을 지니고 있지만, 반면 잠재적으로 측정오차가 포함될 수 있다는 문제점 또한 내포하고 있다. 만약 실제 이익조정 측정치가 평균적으로 실제 이익조정이 아닌 경영자의 사적 정보를 반영한다면, 기업의 경영성과는 오히려 개선될 수 있다. 본 연구는 Roychowdhury(2006)의 추정 모형을 통해 도출된 실제 이익조정 측정치가 사후의 장기 경영성과와 어떤 관계가 있는지 살펴보았다. 실증분석 결과는 다음과 같다. 첫째, 실제 이익조정은 장기 영업성과 및 주가성과에 부정적영향을 미치고 있다. 즉 실제 이익조정 기업은 차기뿐만 아니라 그 이후의 영업성과 역시 악화되는 사실을 관찰하였고, 그 정도는 기간이 장기화될수록 더욱 심화되었다. 또한 주식시장에서는 이러한 실제 이익조정이 영업성과에 미치는 부정적 영향을 인지하고 있는 것을 발견하였다. 둘째, 이익조정의 유인에 따라 이익 구간을 나누어 살펴본 분석에서 상향의 이익조정 구간에서는 장기 영업성과가 감소하였고, 반대로 하향의 이익조정 구간에서는 증가하였다. 주가성과의 경우 상향의 이익조정 구간에서만 유의하게 나타나 주식시장이 상향의 실제 이익조정에 대해 부정적으로 인지하고 있음을 알 수 있다. 셋째, 실제 이익조정을 이용한 차익거래에서 초과이익을 얻을 수 있다는 사실을 확인하였다. 이는 주식시장에서 실제 이익조정을 많이 한 기업은 과대평가되어 있고 적게 한 기업은 과소 평가되어 있다는 것을 의미한다. 본 연구는 Roychowdhury(2006)의 실제 이익조정 모형을 개선하였고, 이를 활용하여 실제이익조정이 기업성과에 미치는 장기 영향을 검증하였다는 점에서 의의가 있다. 또한 본 연구 결과는 Roychowdhury(2006)의 실제 이익조정 측정치가 경영자의 사적 정보를 전달하기보다는 평균적으로 이익조정을 반영하고 있다는 실증적 근거를 제공하고 있다. Since Roychowdhury (2006) developed estimation models for real earnings management, such as abnormal cash flow from operation (ACFO), abnormal production cost (APC), and abnormal discretionary expenses (ADE), several researches have been conducted using his estimation models. Although his models have contributed to studies on real earnings management in terms of helping researchers overcome the limitations of previous studies that were only able to capture individual operating activities, these models are still vulnerable to measurement error problems. It is argued that managers tend to relax their credit policy to boost sales and they reduce research and development (R&D) expenses to improve accounting numbers. However, similar to discretionary accruals, managers` activities considered to be real earnings management may deliver their private information (Subramanyam 1996). A manager who is aware that a customer whose operating performance will improve in a later period does not restrain the employee from selling products on credit. In addition, a manager who enhances the efficiency of their R&D process can achieve the same level with a smaller budget. Namely, Roychowdhury`s (2006) metrics may have positive as well as negative meaning. The former is related to private information, whereas the latter is associated with managers` opportunistic earnings management. If Roychowdhury`s (2006) metrics as to real earnings management embrace managers` private information instead of earnings management, it will be related to even an higher operating performance in succeeding period. This study investigates whether Roychowdhury`s (2006) measurement is negatively associated with a firm`s performance. Negative relationship can serve as the evidence that the measurement captures opportunistic earnings management on average. The followings are the empirical results of the study. First, real earnings management has a negative effect on long-term operating performance and stock performance. In other words, current real earnings management impairs not only the very next period`s but also the later period`s performances. We also find that stock price reflects this negative impact of real earnings management on long-term performance. Furthermore, this negative impact is more serious in long-term periods than in short-term periods, consistent with Graham et al. (2005). Unlike accruals-based earnings management, real earnings management distorts managers` operating decisions damaging actual performance. Although discretionary accruals are reversed in next period without a longer effect, the negative impact of real earnings management accelerates with the lapse of time. Second, upward (downward) earnings management has a negative (positive) impact on long-term operating performance. We analyze the differential impact with the direction of real earnings management. We define the earnings management brackets that are suspected to have different earnings management incentives: upward, downward, and unclear. While long-term operating performance decreases with upward real earnings management bracket, it increases with downward real earnings management bracket. Stock price declines only with upward earnings management bracket, showing that investors are more sensitive to bad news. Third, we find that investors can obtain abnormal profit with hedge portfolio based on real earnings management. It implies that firms with larger real earnings management are overvalued because real earnings management brings about mispricing in stock market. This study has some contributions. First, we try to mitigate measurement error problem in Roychowdhury`s (2006) model. In addition to his estimation models, we add the return on asset (ROA) variable to control a firm`s performance like performance-matched discretionary accruals model (Kothari et al. 2005). Although Roychowdhury (2006) included net income as a control variable in the regressions, we cannot control operating performance with his model. It is because the proxy for the real earnings management is independent variable in our analysis. Thus, we eliminate the correlation between real earnings management and firm performance in the estimation stage to minimize the measurement error. Second, we examine the gradual long-term impact of real earnings management on firm`s operating performance with the modified real earnings management model. Our finding suggests that his model contains not managers` private information but opportunistic earnings management on average. Third, we find that upward and downward real earnings management have differential impacts on the long term performance. While upward real earnings management aggravates future performance, it gets better with downward real earnings management. Our detailed analysis furthers the result of earlier studies.

Control Design for Human-like Reaching Movements using Redundancy in Robot Arm-Trunk Systems

Tapomayukh Bhattacharjee,오용환,배지헌,오상록 제어·로봇·시스템학회 2011 International Journal of Control, Automation, and Vol.9 No.6

This paper develops a control algorithm to show the human-like reaching movements in humanoid redundant systems involving the trunk. This algorithm neither requires the computation of pseudo-inverse of Jacobian nor does it need the optimization of any artificial performance index. The control law accommodates the time-varying temporal properties of the muscle stiffness and damping as well as low-pass filter characteristics of human muscles. It uses a time-varying damping shaping matrix and a bijective joint muscle mapping function to describe the spatial characteristics of human reaching motion like quasi-straight line trajectory of the end-effector and symmetric bell shaped veloc-ity profile as well as the temporal characteristics like the occurrence of the peak velocity of the trunk motion after the peak velocity of the arm motion. The aspect of self-motion is also analyzed using the null-space motion of the manipulator Jacobian. The effects of the control parameters on the motion pattern are analyzed in detail and some basic guidelines have been provided to select their proper val-ues. Simulation results show the efficacy of the newly developed algorithm in describing human-motion characteristics.

서비스 블루프린트 기법을 활용한 도심항공교통 통행시간 절감 요인 분석

김연웅,김명현,김영호,배지헌 한국항공우주정책⋅법학회 2021 한국항공우주정책·법학회지 Vol.36 No.4

Urban air mobility is emerging as an alternative to solving the congestion problem of urban traffic(road congestion). That very fast and there are fewer restrictions than ground transportation. Therefore, the competitiveness of urban air mobility is the reduction of travel time. However, the time(access time, waiting time, check-in and ticketing time, security checks time etc.) that occurs additionally was not considered. In this paper, a service scenario for urban air mobility was developed to compare and analyze transportation on the ground travel time. The scenarios used in the analysis utilized the Trip chain and there are seven types((1)Airport shuttle bus, (2)railway, (3)ride-sharing, (4)UAM and railway;before the improvement, (5)UAM and ride-sharing;before the improvement, (6)UAM and railway;after the improvement, (7)UAM and ride-sharing;after the improvement). The result show that an integrated transportation service system is needed and the procedures for check-in and ticketing, security checks should be simplified to reduce time. 도심항공교통(UAM: Urban Air Mobility)은 도심 상공을 이용하여 매우 빠른 이동과 함께 지상 교통수단 대비 통행시간 절감을 통해 도심 교통의 혼잡 문제를 해결할 수 있는 대안으로 급부상하고 있다. 도심항공교통의 경쟁력은 통행시간이라고 할 수 있으며, 이러한 장점을 극대화하기 위해서는 부가적으로 발생하는 접근시간, 대기시간, 수속 및 보안 검색 시간 등이 최소화 되도록 노력해야 한다. 본 연구에서는 서비스 블루프린트를 활용하여 장래 도심항공교통 서비스를 도식화하고, 이 중 통행시간 절감을 위한 이슈 도출과 함께 시나리오 기반으로 기존 수단과의 비교분석을 수행하였다. 시나리오 분석은 출발지(헬리오시티)에서 도착지(인천국제공항 제1여객터미널)까지 이동을 기준으로 수행하였으며, 해당 구간을 통행함에 있어 기존 교통수단(승용차, 대중교통)과 UAM간의 통행시간 차이를 분석하였다. 구체적으로 통행사슬 구조를 활용하여 7개의 시나리오를 작성하였고 작성된 시나리오를 기반으로 통행시간을 산정해 비교하였다. 결과적으로 UAM은 승용차와 같은 개인형 교통수단과 통합, 또는 접근수단과의 연계가 이루어져야 하며, 수속 및 보안 검색을 간소화하여 통행시간이 최소화되어야 함을 확인하였다.

A Study on Reliability Enhancement for Laser and Camera Calibration

신용득,백문홍,박재한,배지헌 제어·로봇·시스템학회 2012 International Journal of Control, Automation, and Vol.10 No.1

The laser and camera calibration problem has been the primary issue in the subject of fusion of 3D space and 2D image information. While the solution for the calibration is mathematically well defined as closed-form by least squares techniques, reliability of the solution can be degraded by uncertainties in measurements. To enhance the reliability of calibration results, we adopted the EM (Expectation-Maximization) algorithm as a noise removal process in the sensor system. The simulation and real experimental results show the effectiveness of our approaches.

기부금 지출이 기업가치에 미치는 영향

김상일(Sang Il Kim),최원욱(Won Wook Choi),배지헌(Ji Hun Bae) 한국경영학회 2009 經營學硏究 Vol.38 No.6

We address a basic question of corporate charitable contribution’s effect: Does it really contribute to firm’s profit maximization or shareholder value creation? Or does it just represent a drain on resources by opportunistic managers? If the capital market expects the expenditure creates the positive relation with consumers and subsequent sales increases, firm’s charitable contributions would increase the firm’s value in the capital market. On the contrary, if the capital market perceives the expenditure is more for the manager’s private gain than for the benefit of all shareholders, firm’s charitable contributions would decrease the firm’s value. Using the sample of charitable contributions by public companies from 2001 through 2006, we empirically test whether charitable contributions enhance the market value of the firm. We extend our analysis to the effects of non-tax-deductible contributions on the firm value. We hypothesize that the positive effect of charitable contributions on the firm value would decline if the amount of contributions becomes excessive. The Korean corporate tax law provides the guideline regarding how much is the excessive contribution. The tax law prescribes the limit on tax deductibility of charitable contributions up to 5%~75% of pre- tax income, proportions depending on the characteristics of donees. We use the amount of contribution above that limit, non-tax-deductible contribution, as the proxy for excessive contribution. Non-tax-deductible contributions could have negative impact on the firm value but only because the expenditure is excessive but also the amount does not save the tax and thus further decreases the firm’s cash flows. Still many firms in Korea report that they have paid more charitable contributions than their tax-deduction limit. A potential reason why firms would pay such excessive contributions would be that the contributions can be made for the private benefit or personal reputation of managers or large shareholders. Excessive charitable contribution could be an indicator of agency problem between managers, large shareholders and minority shareholders. Thus, we expect that the capital market perception of charitable contributions could be different between the amount within the limit and above the limit. The effects of non-tax-deductible contributions on the firm value would depend on the degree of firm’s ownerships by largest shareholders. If the firms owned by large shareholders spend excessive amounts of charitable contributions, the market would tend to perceive that the contributions are more for the private gains of managers or large shareholders than for the benefit of all investors including minority shareholders. Thus, the positive relation between charitable contributions and firm value would decline further when the firms owned by largest shareholders spend excessive amount of contributions. The effects of non-tax-deductible contributions on the firm value would also depend on the degree of firm’s ownerships by foreign investors. The effects of foreign investors on the firm’s spending pattern are not straightforward. Foreign investors may be less knowledgable of managers’behavior than domestic investors and thus they may not monitor managers as effectively as domestic investors do. On the other hand, foreign investors may have more experiences of monitoring managers in international capital markets and thus would exercise more effective monitoring on the managers’behavior and prevent any excessive spending intended for the managers’private gains. We expect that the latter effect dominates in Korean capital market and the firms owned more by foreign investors would spend charitable contributions more effectively. Thus we hypothesize that the capital market values the excessive charitable contributions positively if they are spent by the firms owned foreign investors. The market perceives the charitable contributions would be paid after tight monitoring of managers’