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최정호 ( Jung Ho Choi ) 한국회계학회 2006 회계학연구 Vol.31 No.4
본 연구에서는 회계정보에 근거하여 공모주식의 발행가액을 결정하였던 과거의 IPO 기업과 수요예측방식으로 공모가 결정방식이 변경된 이후 최근의 신규 상장 기업을 대상으로 감사인의 감사품질과 이익조정의 관련성에 관하여 실증적으로 분석하였다. IPO 경우 발행회사와 투자자간에 심각한 수준의 정보 불균형이 존재하기 때문에 투자자는 공모가의 적정성을 정확히 평가하기가 어렵다. IPO 기업은 공모주식의 최초발행가격과 상장 후 시가를 될 수 있는 한 높이기 위해서 이익을 상향조정할 가능성이 높아 감사인의 역할이 강조된다. IPO 기업의 재무제표 감사에 수반되는 감사위험은 기존 상장기업의 재무제표를 감사할 때 보다 더 높다. 또한 부실감사에 관련된 소송위험에 상대적으로 더 많이 노출되어 있는 대형회계법인은 소형회계법인보다 보수적인 감사를 실시하기 때문에 감사인의 유형에 따른 감사품질이 더욱 차별화될 가능성이 많다. 본 연구에서는 이러한 이론적 배경과 선행연구를 토대로 감사품질과 IPO 기업의 이익 상향조정행위와의 관련성에 관한 가설을 설정하고 단일변량분석과 다변량 분석을 실시하였다. 연구결과는 다음과 같다. 첫째, IPO 기업은 공개한 이후부터 이익을 상향조정하고 있어 선행연구와 일치하는 것으로 나타났다. 신규공개기업은 공개하기 훨씬 이전부터 이익을 상향 조정할 것이라는 예측과는 일치하지 않았다. 둘째, 감사인의 크기와 명성으로 측정한 감사품질은 IPO 기업의 이익조정행위에 영향을 미치지 않았다. 이는 전체 조사대상 기간에 의한 분석과 상장 연도를 중심으로 한 연도별 분석에도 동일하게 관측되었다. 셋째, 감사인지정제도가 실시되기 이전에 상장된 기업과 마찬가지로 감사인지정제도가 실시된 이후에 상장된 기업의 감사에서도 감사품질의 차별화가 이루어지지 않았다. 이러한 결과는 감사인 지정제도의 긍정적 효과를 검증한 선행연구와 달리 과거의 IPO 감사시장에서 감사인 지정제도가 감사인의 독립성 제고에 기여하지 못했음을 시사한다. 넷째, 공모가의 결정방식이 수요예측방식으로 변경된 기간을 구분한 분석에서도 감사품질과 IPO 기업의 이익조정과의 관련성이 없는 것으로 나타나 제도 변경 이전과 차이가 없었다. When the initial public offerings (IPO) firm issues stocks in the market for the first time, there are high information asymmetries between the issuer and the investors. Since little information about the firm is available, it may be difficult for investors to judge the appropriateness of the firm`s offer price, and accounting information plays a critical role in such judgement process. In past IPO cases, stock price was determined mainly based on accounting performance measures such as book value and net income. This stock price determination mechanism provided firms with incentives to manage earnings opportunistically by reporting high positive accruals to boost the offer price and increase the chance of having the issue successfully subscribed. The context of the IPO naturally leads to a demand for credible auditors to deter managers from opportunistically manipulating earnings to obscure the true underlying firm performance and mislead investors. The purpose of this study is to investigate the relationship between audit quality and IPO firms` earnings manipulation. Since auditors are exposed to high risk in auditing the IPO firm`s financial statements, they may audit in a more conservative manner and do not allow managers to report unusually positive high accruals. Large and prestigious audit firms are perceived to provide increased coverage in the event of audit litigation, and therefore they are more frequently sued by investors claiming damages associated with the audit failure. It is hypothesized that audit quality is more greatly differentiated between big and small audit firms in the context of IPO firm audit than in the case of the listed firm audit; discretionary accruals of the firms audited by big audit firms is likely to be smaller than that of the firms audited by small audit firms. The sample consists of 383 IPO firms going public between 1986 and 2003. I examined the sample firms for seven years surrounding the IPO year (from -3 to +3 years) to measure whether they opportunistically manage earnings. 2,116 firm·years are included in the final sample. Big 6 firms audited 47.5% of the total sample. The dependent variable of the research model is discretionary accruals estimated by the modified Jones model. I estimated the Jones regression cross-sectionally for all the listed firms excluding IPO firms to separate total accruals into expected and unexpected components. The cross- sectional regression is re-estimated for each fiscal year and 2-digit SIC codes as the IPO firms. Discretionary accruals are calculated by subtracting the estimated expected accruals adjusted for the change in credit sales from the total accruals of the IPO firms. Current discretionary accruals in addition to the total discretionary accruals are separately computed excluding gross property, plant, and equipment(PPE) in the estimation process of the discretionary amount based upon the literature that current working capital accruals are more susceptible to manipulation. The time-series pattern of discretionary accruals is presented in Table 5. Panel A and Panel B indicate total and current discretionary accruals for each period, respectively. The mean and median values of discretionary accruals for years 0, 1, and 2 are significantly different from zero. This evidence indicates that managers tend to manipulate earnings upward subsequent to IPO, contrary to the expectation that highly positive accruals will be reported in pre-IPO years to establish a high IPO price. Table 6 reports the univariate analysis results. Panel A shows the discretionary accruals amount, the absolute value of discretionary accruals, and positive and negative discretionary accrual amounts, respectively. Both the mean and median of discretionary accruals of the firms audited by Big 6 are not different from that of the firms audited by Non-Big 6. This results are the same as Panel B (current discretionary accruals). But in the case of the absolute value of discretionary accruals and positive discretionary accrual, the median value of discretionary accruals of the firms audited by Big 6 are significantly smaller than that of the firms audited by Non-Big 6. Table 8 indicates the estimated results of the research model. This multivariate analysis does not support the hypothesis that discretionary accruals of the IPO firms audited by high quality audit firms is likely to be smaller than that of the IPO firms audited by low quality audit firms. The interaction variable(D·AUDITOR) is added to the regression model to investigate the possibility that the effect of audit quality on earnings manipulation will differ when IPO price determination mechanism changed from the accounting performance-based to the book building systems in 1997. The estimated regression coefficient of the interaction variable is not statistically significant, either and the change in IPO price determination mechanism does not influence the main results. I re-estimated the research model separating the sample period into pre-and post-1994 when the regulatory body(Securities and Futures Commission) began to mandatorily assign statutory auditors to the IPO firms to enhance auditor independence. The results are presented in Table 10. Panel A and Panel B indicate the IPO firms having gone public before and after 1994, respectively. Auditor assignment does not change the main results. The results of this study imply that in the Korean IPO audit market, auditor quality is not still differentiated between Big and Non-Big audit firms even when auditor are severely punished in the event of audit failure, and their perceived audit risk has remarkably increased recently.
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새롭게 진단된 한국인 제2형 당뇨병환자에서 내피세포 의존성/비의존성 혈관 확장반응의 경동맥내중막 두께와의 연관성
최정호 ( Jung Ho Choi ),민경완 ( Kyung Wan Min ),김효정 ( Hyo Jeong Kim ),구보경 ( Bo Kyung Koo ),임채영 ( Chae Young Lim ),김현진 ( Hyun Jin Kim ),박강서 ( Gang Seo Pak ),한경아 ( Kyung Ah Han ),김응진 ( Eung Jin Kim ) 대한당뇨병학회 2007 Diabetes and Metabolism Journal Vol.31 No.6
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최정호 ( Jeoung Ho Choi ),박영숙 ( Young Sook Park ),임채영 ( Chae Young Lim ),정준영 ( Jun Young Jung ),김성환 ( Seong Hwan Kim ),이원미 ( Won Mi Lee ),한준길 ( Jun Kil Han ),정윤영 ( Yun Young Jung ) 대한소화기학회 2009 대한소화기학회지 Vol.53 No.2
Most common cause of brisk hematochezia is diverticular bleeding in Western countries. It occurs in 15% of patients with diverticulosis and one-third of them appear to be massive. Most of diverticulosis in Western countries occur in the left colon but the right colon is more common in Korea. Especially, the reports of diverticular bleeding on left colon are rare in Korea. We report a case presenting with multiple diverticuli complicated by recurrent massive bleeding restricted to the left colon. 75-year-old female was admitted due to hematochezia and dizziness. On past history, two years and two weeks ago respectively, she was treated of diverticular bleeding with and without diverticulitis. Hemoglobin level was 9.8 g/dL. On Colonoscopy, numerous diverticuli were seen at sigmoid colon upto splenic flexure which showed fresh blood clots in the lumen. We diagnosed her as recurrent massive diverticular bleeding on the sigmoid colon. She received elective laparoscopic left hemicolectomy. (Korean J Gastroenterol 2009;53:111-115)
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