협력사의 계약환경이 협력사의 회계선택에 미치는 영향

허진숙 글로벌경영학회 2022 글로벌경영학회지 Vol.19 No.2

This study analyzes whether the effect of the business relationship of large customers and subcontractors on the downward adjustment of subcontractors' profits is differentiated according to the contract environment of subcontractors. Subcontractors may show a downward earning trend on average compared to a company without a partner relationship, but discretionary earnings management cannot be used continuously.The situation in which subcontractors must use the downward earning adjustment may be discriminatory depending on the subcontractors contract environment..In this paper, information asymmetry, profitability of subcontractors, profitability of large customers, and bargaining power of subcontractors were used as contract environment. As a result of analyzing, a total of 9,205 listed companies from 2004 to 2014, only when the information asymmetry between large customer-subcontractors was high, the downward earning management was found. High information asymmetry means that earnings management opportunities increase. In addition, a downward earning management was observed only when prices-cut pressure increased, such as when the profitability of subcontractors increased or when the profitability of large customers decreased. This suggests that the subcontractors' downward earning management is not a regular accounting choice, but rather an accounting choice to alleviate unit price cut pressure. In addition, only when the bargaining power of subcontractors is relatively low, the tendency of downward earning management was observed. This indicates that subcontractors who have no choice but to accept the customer's request for unit price reduction have a high tendency of downward earning management. The results of this study show that the efforts of subcontractors to improve unequal negotiating power against large companies, such as diversifying their customers, can have an impact on accounting choice. In addition, downward earning management can be observed not only in specific circumstances, but also in regular contractual relationships, and it can be said that there is a contribution point in that it shows that the incentives are differentiated according to the contractual environment of subcontractors. 본 연구는 대기업 고객사와 협력사의 거래관계가 협력사의 이익의 하향조정에 미치는 영향이 협력사의 계약환경에 따라 차별적으로 나타나는지 분석한다. 협력사가 협력관계가 없는 기업에 비하여 평균적으로 이익의 하향조정 성향을 나타낼 수는 있으나 재량적 이익조정은 지속적으로 사용할 수 없다. 협력사가 이익의 하향조정을 사용해야만 하는 상황은 협력사가 처한 계약환경에 따라 차별적일 수 있다. 본 논문은 계약환경으로 고객사-협력사의 정보비대칭, 협력사의 수익성, 고객사의 수익성, 협력사의 협상력을 사용하였다. 2004년부터 2014년까지 유가증권상장기업을 대상으로 총 9,205개의 기업을 분석한 결과 고객사-협력사의 정보비대칭이 높은 경우에만 이익의 하향조정 성향이 나타났다. 정보비대칭이 높다는 것은 이익조정의 기회가 증가한다는 것을 의미한다. 또한 협력사의 수익성이 증가하거나 고객사의 수익성이 감소한 경우와 같이 단가인하 압력이 높아지는 상황에서만 협력사 이익의 하향조정 성향이 관찰되었다. 이는 협력사의 이익의 하향조정 성향이 상시적인 회계선택이 아니라 단가인하 압력을 완화하기 위한 회계선택임을 시사한다. 그밖에도 협력사의 협상력이 상대적으로 낮은 경우에만 협력사 이익의 하향조정 성향이 관찰되어, 고객사의 단가인하 요구를 수용할 수밖에 없는 협력사에게서 이익의 하향조정 성향이 높은 것으로 나타났다. 본 연구의 검증결과는 협력사가 고객사를 다변화 하는 등 대기업과의 불평등한 협상관계를 개선하려는 노력이 회계에도 영향력을 미칠 수 있다는 것을 보여주고 있다. 또한 이익조정이 특정한 상황에서만 발생하는 것이 아니라 상시적인 계약관계에서도 관찰될 수 있으며 고객사-협력사의 계약환경에 따라 차별적으로 그 유인이 달라짐을 보여준다는 점에서 공헌점이 있다고 할 수 있다.

일반연제 발표 : 산과학 1 ; 호흡곤란증 방지를 위한 Corticosteroid 치료효과

허진숙,서찬호,김홍배,이근영,강성원,이영아,김덕하 대한산부인과학회 1995 대한산부인과학회 학술대회 Vol.76 No.-

Association between Detailed Disclosure on External Audit Execution and Audit Quality

허진숙,기은선 한국회계학회 2017 회계학연구 Vol.42 No.6

New International Standards on Auditing adopts a top-down risk based approach. It emphasizes an appropriate audit planning and the involvement of key engagement team members in the planning phase. We examine how additional audit efforts to the planning are related to audit quality. In addition, we investigate whether the relation between abnormal audit planning ratio and audit quality varies with the extent of the involvement of engagement partner. We use a total of 1,479 listed companies with detailed disclosure on audit hour by audit team members in 2014. We employ discretionary accruals as a proxy for audit quality. Abnormal audit planning ratio is measured as the difference between actual audit planning ratio and expected audit planning ratio. We find that abnormal audit planning ratio is negatively related to discretionary accruals. It implies that the sufficient time commitment to the audit planning can enhance audit quality. However, the proportion of partner time (as a fraction of total audit hours) does not affect this relation significantly. These findings add to our understanding of how the assignment of audit resources can affect audit quality.

포스타 : 산과 ; 심한 산후출혈시 (자궁적출술을 피할 수 있었던) Hydrostatic balloon catheter를 이용한 응급처치

허진숙,전현아,이근영 대한산부인과학회 2002 대한산부인과학회 학술대회 Vol.88 No.-

The Effect of Customer-Subcontractor Relationship on Subcontractors’ Accounting Choices

허진숙 한국국제회계학회 2022 국제회계연구 Vol.- No.101

[Purpose]This study analyzes the effect of the customer-subcontractor relationship on the subcontractor’s accounting choice. Subcontractors want to maintain a continuous relationship with large customers. For subcontractors, relationships with large customer create two conflicting incentives. Since large customers want stable supply partner that can observe delivery due date and quality, subcontractor have an incentive to report stable performance. On the other hand, if profits are excessive, pressure to lower unit prices may increase from large customers, so there is also an incentive to report earning to a low level. In this paper, we analyze whether subcontractors have a high incentive to report stable earning or a high incentive to report low earning. [Methodology]This study used earning smoothing to measure incentives to report stable earning levels of subcontractors, and discretionary accruals were used to measure incentives to report low earnings. Using data from 2004 to 2014, it was analyzed whether there was a significant difference in earning smoothing and earning downward adjustment using discretionary accruals by comparing companies that are large customers’ subcontractors and those that do not. [Findings]As a result of test, it was found that subcontractors chose earning downward adjustment rather than earning smoothing. This can be interpreted as reflecting the subcontractors’ accounting choice tendency to avoid pressure to lower unit prices due to excessive earning rather than incentives to maintain a continuous relationship with large customers by reporting stable earnings. [Implications]This study has several contribution in that it revealed that the transactional relationship is a factor that can affect the subcontractors’ accounting choices. It also showed that the transactional relationship is another governance structure that can affect the decision-making of subcontractors without an equity relationship. Finally, previous studies on the earning downward adjustment studied this behavior in specific circumstances, but this study showed that earning downward adjustment may occur even in continuous transaction relationships.

자체분양공사 중 수분양자의 조기착공에 대한 법인세법과 일반기업회계기준의 수익인식 문제점 분석 :산업단지 분양법인 사례를 중심으로

허진숙,심준용,손시영 한국세무학회 2022 세무와 회계저널 Vol.23 No.4

This study examines the problems caused by different processing of Accounting Standards for Non-Public Entities and corporate tax laws when there is an early start of the pre-sale corporation. In the case of a general long-term construction, both Accounting Standards for Non-Public Entities and corporate tax laws do not require separate tax adjustments, but problems arise due to different processing of corporate accounting standards and tax laws if the buyer of the part of the land starts his own construction before the pre-sale corporation completes the construction. The pre-sale corporation also applies Accounting Standards for Non-Public Entities to account for buyer’s early construction, but the tax authorities apply Article 68 (1) 3 of the Enforcement Decree of the Corporate Tax Act for buyer’s early construction. The following problems arise when the Enforcement Decree of the Corporate Tax Act is applied to the early construction part of the buyer. First, the tax adjustment burden due to the difference between corporate accounting and corporate tax law is excessive, resulting in an increase in tax compliance costs. Second, corporate tax payments are likely to increase compared to total construction gains and losses. If the delivery standard is applied to early construction, a tax amount to be paid is generated at the beginning of the construction and a tax amount to be refunded at the end of the construction is generated. If this is not refunded, corporate tax will increase compared to the total construction profit and loss. Third, if the early construction generates initial construction profits and therefore the corporate tax has to be paid, the pressure of a large cash outflow on the pre-sale corporation increases. Lastly, the use of the progress standard for long-term construction under the Corporate Tax Act presupposes that the progress rate can be reasonably predicted, but since the progress rate changes due to exogenous factors such as the early construction of the buyer. The Corporate Tax Act does not specify the criteria for recognizing profits, but only requires the recognition by ‘confirmation of rights and obligations’. However, legal disputes are frequent because the timing of “confirmation” may vary for each individual case. Accepting corporate accounting standards may be more conforming to the real taxation principle, except in cases where legal problems such as tax equity and fair taxation may arise. In the case of the United States and Japan, in principle, corporate accounting is accepted in the period of attribution of profits. It may be a criterion that is more consistent with the real taxation principle to specify the progress criteria in the corporate accounting standards and accept the progress criteria for early construction to the pre-sale corporations that comply with them. 본 연구는 산업공단 분양법인의 사례를 중심으로 분양공사에서 수분양자의 조기착공 부분이 존재하는 경우 일반기업회계기준과 법인세법의 처리가 달라 발생하는 문제점에 대해 살펴보고 개선점을 제시한다. 일반적인 장기공사의 경우 일반기업회계기준과 법인세법 모두 진행기준을 사용하므로 별도의 세무조정이 필요하지 않다. 그러나 분양된 산업단지 중 수분양자가 단지 조성완료 전 착공을 개시하는 경우 기업회계기준과 세법의 처리가 다를 수 있다. 분양법인은 조기착공 된 부분에 대해서도 일반기업회계기준을 적용하여 진행기준으로 회계처리하나, 과세당국은 수분양자의 조기착공 부분에대해서는 법인세법 시행령 제68조 제1항 제3호를 적용하여 사용이 개시된 것으로 보아 인도기준을 적용하도록 하고 있다. 수분양자의 조기착공 부분에 대하여 법인세법 시행령을 적용하는 경우 다음과 같은 문제점이 발생한다. 첫째, 기업회계와 법인세법의 차이로 인한 세무조정 부담이 과도하게 발생하여 납세 순응비용이 증가한다. 둘째, 법인세 납부액이 전체 공사손익에 비하여 증가한다. 조기착공에 대하여 인도기준을 적용하면 공사초기에는 납부할 세액이 발생하고 공사후기에 결손금이 발생할 수 있다. 이를 공제받지 못하는 경우 전체 공사손익에 비하여 법인세가 증가하게 된다. 셋째, 조기착공에 대한 법인세법 적용 방식으로 인하여, 현금유출이 많은 공사초기에 법인세액까지 납부하는 경우 분양법인의 자금조달 압박이 가중된다. 마지막으로, 수분양자의 조기착공과 같은 외생적 요인으로 인하여 진행률이 왜곡되는 경우 재무제표의 신뢰성에 영향을 미칠 수 있다. 법인세법에서는 수익인식 기준에 대해 구체적으로 명시하지 않고 ‘권리의무확정주의’에 의하여 인식하도록 하고 있으며, 이에 대한 법적분쟁이 빈번한 상황이다. 따라서 기업회계기준에 명시된진행기준을 준수하고 있는 분양법인들에게는 조기착공 부분에 대해서도 법인세법 상 진행기준을적용하도록 허용할 필요성이 있다. 본 연구의 사례분석은 실무상 발생하고 있는 사례를 보기 쉽게 제시하고 분석함으로써 향후 기업회계와 법인세법의 관계를 조정해 나가기 위한 정책적 시사점을 제공한다는 점에서 공헌점이있다

자산부채 평가가 회계정보의 가치관련성에 미치는 영향

허진숙(Jin Sook Heo),심준용(Jun Yong Shim),권수영(Soo Young Kwon) 한국경영학회 2016 經營學硏究 Vol.45 No.2

This study investigates how the value relevance of accounting information differs by the extent of valuation of assets and liabilities under the measurement criteria specified in the Conceptual Framework for Financial Reporting. Previous studies about the trend of value relevance of accounting information reported that the value relevance of net assets (from the statements of financial position) has increased for past decades while the value relevance of net income (from the statements of income) has deteriorated (Collins et al., 1997; Francis and Schipper, 1999; Han, 1998; Jang et al., 2002; Park and Paek, 2013). Most prior studies focus on the decrease in value relevance of net income, but there are few studies about the increase in value relevance of net assets. In this study, we posit that the statement of financial position has better reflected the real economic value of firms since the recognition criterion of assets and liabilities changed from historical cost to current cost, realizable (settlement) value, or present value. We define the sum of allowance for bad debts, accumulated impairment losses, and the absolute value of other comprehensive income as the new measure, DV(degree of valuation of assests and liabilities), to capture the extent of firms’ adopting current cost, realizable (settlement) value, or present value in the recognition of assets and liabilities. For the empirical analysis, we use the sample firms listed in Korean market (KOSPI and KOSDAQ) from 2003 to 2013. In the cross-sectional regression analysis, we find that firms with larger DV show higher value relevance of net assets from the statement of financial position. In the time-series regression analysis, we find that DV has increased since 2003. We also find that the increase inDV has a significantly positive (negative) association with the value relevance of net assets(net income). These results are consistent with our hypotheses and indicate that the value relevance of net assets is enhanced by the increase in valuation of assets and liabilities. This study differs from prior studies focusing on the reason why the value relevance of net income has reduced. Our results suggest that not only non-accounting factors but also accounting factors can influence the value relevance of accounting information. Our results also suggest that standard setters should consider the trade off of the value relevance of net assets and accounting income when modifying accounting standards.

질식자궁적출술 후 질식초음파로 발견된 질단부혈종과 수술 후 경과에 관한 연구

허진숙 ( Heo Jin Sug ),이우영 ( Lee U Yeong ),전현아 ( Jeon Hyeon A ),김홍배 ( Kim Hong Bae ),이근영 ( Lee Geun Yeong ),강성원 ( Kang Seong Won ) 대한산부인과학회 2003 Obstetrics & Gynecology Science Vol.46 No.5

목적 : 질식자궁적출술 후 질식초음파로 발견된 질단부혈종이 수술 후 이환율의 예측인자가 될 수 있는지를 평가하였다. 연구 방법 : 2000년 12월부터 2001년 5월까지 강남성심병원 산부인과에서 질식자궁적출술을 시행한 418명의 환자를 전향적으로 연구 관찰하였다. 질식자궁적출술 후 3일이나 4일째 질식초음파를 통해 질단부를 검사하였다. 질단부혈종의 유무와 열성이환율, 혈색소 변화, 수혈의 필요성 여부와 입원기간 등과의 관계를 평가하였다. 결과 : 질식초음파로 검사한 418명의 환자 중 103명 (24.6%)에서 질단부혈종이 발견되었다. 이 군과 315명의 질단부혈종이 없는 군을 비교하였다. 열성이환율 (22.3% vs 7.6%), 수술 후 혈색소 변화 (2.39 g/dL vs 1.58 g/dL), 수혈의 필요성 (10.7% vs 1.3%)과 입원기간 (8.6일 vs 6.2일) 등이 질단부혈종이 있는 군에서 유의하게 증가하였다. 결론 : 질식자궁적출술 후 질식초음파를 통해 발견되는 질단부혈종은 열성이환율의 증가, 혈색소의 감소, 수혈의 필요성, 입원기간의 연장과 관계된다. 이러한 질식초음파는 이학적 검사를 통해서는 쉽게 발견하기 어려운 수술 후 질단부혈종의 진단을 촉진할 수 있다. Objective : To assess whether ultrasound detection of vault hematoma can be used as a predictor of post-operative morbidity following vaginal hysterectomy. Methods : Prospective observational study of 418 consecutive cases of vaginal hysterectomy was performed between December 2000 and May 2001. The transvaginal sonographic examination of vaginal vault in the first postoperative week (3rd or 4th day) after vaginal hysterectomy was done. Routine observation and clinical assessments were made by established management protocol : febrile morbidity, hemoglobin drop, need for transfusion, length of stay in hospital. Results : Of the 418 scaned patients, 103 (24.6%) had a vault hematoma. This group was compared with the 315 patients without hematoma. Significant increases in febrile morbidity (22.3% vs 7.6%), postoperative hemoglobin drop (2.39 g/dL vs 1.58 g/dL), need for blood transfusion (10.7% vs 1.3%) and length of hospital stay (8.6 days vs 6.2 days) were seen in the hematoma group. Conclusion : Ultrasound detection of vault hematoma following vaginal hysterectomy is a common finding associated with increased febrile morbidity, hemoglobin drop, need for blood transfusion and longer hospital stay. Transvaginal sonography may faciliate the diagnosis of posthysterectomy vault hematoma, which are not readily detected by pelvic examination.

ABC테크 회계부정에 관한 사례연구

허진숙 ( Jin Suk Heo ),정경철 ( Kyoung Chol Jung ),마희영 ( Hee Young Ma ) 한국회계학회 2015 회계저널 Vol.24 No.4

1999년 상장된 차량용 고장진단기 제조업체인 ABC테크는 2003년부터 2007년까지의 사업보고서와 재무제표에 대한 금융감독원 감리를 받았다. 그 결과 2008년에 매출채권 과대계상 및 대손충당금 과소계상으로 감리지적을 받고, 과징금과 감사인 지정 2년, 담당임원 해고 및 전·현직 대표이사의 검찰통보조치가 부과되었다. 본 사례에서는 비재무정보와 재무정보의 분석을 통하여 외부정보이용자들이 ABC테크의 부실징후를 사전에 예측할 수 있는지 알아보고자 한다. 이를 위해 신문기사, 사업보고서 등으로부터 회사의 영업환경을 분석하고, 최대주주나 이사의 변경 내역, 특수관계자 간 거래, 법률 위반사항, 내부회계관리제도 검토의견 등을 통해 경영환경의 취약점 및 지배구조의 문제점을 파악한다. 감리기간 전·후를 포함하여 장기간의 재무제표 분석과 재무비율분석으로 경영성과의 추세를 살펴보는 것과 함께, 감사보수와 감사시간, 감사의견, 계속감사기간, 비감사서비스제공 여부 등으로 대략적인 감사품질을 분석하여 회사의 분식위험을 평가한다. 마지막으로 감사인이 입증감사에 이를 충분히 활용하였는지 분석함으로써 감사절차의 문제점을 파악한다. This paper explores an accounting fraud case of ABC Tech. Its frauds were mainly related with overreporting accounts receivables and booking unreasonable accounting estimate for allowance for bad debt. Although these fraud techniques are typical and well known to the auditors, theses fraud schemes were successful for several years. Thus, we investigate how accounting information was manipulated by the company and why these frauds were not discovered through regular internal and external audit procedures. And we discuss whether outside investors could detect these fraudulent manipulation in advance. ABC Tech is a car diagnostic scanner company established in 1990. Its business was successful along with booming of high tech cars with expensive and complex electronic systems and they went public in 1999. But its new multimedia business failure in 2001 made the company hard to maintain the minimum requirement to remain listed. After all, the company manipulated financial statements under financial pressure. First, they report fictitious accounts receivables after receiving money from the customer to inflate its receivables. Second, the company understated the allowance for doubtful accounts to decrease expenses. In 2008, FSS(Financial Supervisory Service)``s inspection revealed that financial statements were manipulated by the company. In this paper, we analyse this fraud case from various points of view. As various information such as financial information, management information and important business environment change etc, is freely available to the public via DART system(Korea``s equivalent to EDGAR), we conduct detailed examinations of the company``s accounting information and business environment analysis. First, we explain the accounting fraud schemes and calculate its effects on financial statements. We also suggest adjusting journal entries and correct financial statements. This procedures reveal the company``s intention to meet the listing requirement. Thus this analysis shows the whole picture of fraud structure and financial consequence of the financial manipulation. Second, the company``s disclosures are thoroughly examined. Especially non-financial disclosures are investigated. They showed typical warning signs that the company might be fraudulent. The company reported unusual related party disclosures and invested in the companies which are not related with their business. And the CEO and CFO were changed without reasonable explanation. They conducted small amount of seasoned public offerings frequently which showed the lack of cash flows. Third, we conduct basic financial ratio analysis. The profitability, solvency, liquidity and stability of the firm are investigated. This procedure shows that the company``s business was getting worse in profitability and solvency. And we find that accounts receivables turn over ratio was dropped sharply. This implies that there might be a problem in the timely collection of accounts receivables. Fourth, we investigate auditors`` audit procedures were reasonable. We obtain a FSS investigation report about the audit firm``s audit procedures related with the company``s fraud. This report shows that auditor``s procedures were not enough to find out the company``s fraud. We also compare the audit hour and audit fee of the company with the average figures of matched firms. As a result, the company``s audit fee was higher than the average but the audit hour was lower than the average. Based on these findings, we try to show how accounting information is useful for investors to detect signs of insolvency in the firm. Especially, accounting information users need to know the limitations of audited reports and financial statements. We believe that this case provides a good example to learn how the accounting fraud works and how to find it.

낙수효과 및 동반성장정책이 대기업 협력사의 이익조정에 미치는 영향

허진숙(Jin Suk Heo),권수영(Soo Young Kwon) 한국경영학회 2017 經營學硏究 Vol.46 No.6

In this study, we analyzed whether the downward profit adjustment of the subcontractor`s arising from the relationship between customer and subcontractor appears to be differentiated by the effects of the trickle-down effect and the mutual growth efforts of the clients and the government. The results of this study show that the operating profit margin and the net profit margin of the subcontractor that have a high degree of trickle-down effect are superior to those of the subcontractor that have low trickle-down effects and they don’t do downward earnings management to avoid unfavorable contracts. In addition, for the subcontractor that trade with companies with customer that are willing to encourage mutual growth is no tendency to downgrade profits. This result implies that trust relationship and win - win relationship with customer - subcontractor mitigate subcontractors opportunistic accounting choice. This study empirically analyzed whether the management policy or government policy for trickle-down effect and mutual growth worked effectively and suggested that the establishment of the trust relationship between can contribute to enhance the transparency of accounting.