연구논문 : 한국상장 중국기업의 이익조정과 가치평가

양동훈 ( Dong Hoon Yang ),김령 ( Ling Jin ),홍영도 ( Young Do Hong ) 한국회계학회 2015 회계저널 Vol.24 No.5

2005년 외국기업의 국내 상장이 허용된 이래 16개 중국기업들이 국내 증권시장에 상장하였다. 그러나 그중 3개 기업이 회계부실문제로 상장이 폐지되고 또 다른 3개 기업은 국내시장에서 기업가치가 저하되자 자진하여 상장을 폐지하는 등 국내에서 상장된 중국기업이 한국 시장에서 신뢰를 얻지 못하고 있다. 본 연구는 국내에 상장된 중국기업이 시장에서 신뢰를 얻지 못하는 이유를 중국기업의 상장전후의 이익조정으로 보고 중국기업이 같은 기간에 상장한 한국기업보다도 상장전후에 이익조정이 더 큰지를 검증하였다. 실증분석 결과 한국상장 중국기업은 같은 기간에 상장한 한국기업보다 상장직전년도와 상장년도에 이익조정을 더 많이 하는 것으로 분석되었다. 또한 이러한 이익조정결과 중국기업들의 ROA가 상장 이후에 한국기업에 비하여 하락폭이 더 큰 것으로 나타났다. 그리고 2011년 3월 중국고섬기업이 회계부실문제로 거래가 정지된 사건은 중국기업이 보고한 재무제표에 대하여 시장이 불신하게 된 계기가 되었다. Ohlson모형으로 분석한 결과 고섬사태이후에는 중국기업이 보고한 회계이익의 기업가치반영정도가 고섬사태이전에 비하여 유의하게 약화되었음을 확인하였다. 추가로 한국상장 중국기업의 Tobin Q비율을 고섬사태전후로 나누어 비교한 결과 고섬사태이후에 중국기업의 기업가치가 한국상장기업에 비하여 유의하게 낮음을 확인하였다..중국기업이 중국에 상장하지 않고 한국시장을 선택하게 되는 이유로 한국시장의 상장요건이 중국에 비하여 엄격하지 않고 또한 상장에 소요되는 기간이 짧아 중국시장에 상장하는 경우보다 용이하게 자금을 조달할 수 있음에 기인한다. 따라서 한국시장을 선택한 중국기업들은 재무상태나 회계이익의 질이 취약할 수 있다. 회계가 부실한 기업들이 국내시장에 상장을 할 경우 국내투자자들의 투자손실을 초래할 뿐 아니라 시장의 불신으로 인하여 우수한 해외기업이 국내시장에 상장하는데 장애요인이 되고 있다. 본 연구는 외국기업의 한국시장 상장전의 회계감사절차를 강화해야 할 필요가 있으며 상장심사기준에서도 회계부실여부를 보다 면밀히 검증할 필요가 있음을 시사한다. Sixteen Chinese firms have initiated public offerings in Korean stock market since foreign firms were allowed IPO in Korean securities market. As of 2015, three firms of them have been delisted due to their accounting scandals and other three firms volunteerly delisted because their stock prices were devaluated in Korean market compared to other markets caused by alleged investors’ distrust about financial statements of Chinese firms. Under the assumption that the distrust of Chinese firms resulted from Chinese firms’ earning management around IPO, we investigated whether Chinese IPO firms’ earning management had been higher than that of Korean IPO firms in one year prior to IPO and in the year of IPO by using discretionary accruals as the earnings management proxy measured by the both modified Jones model and Kothari``s performance matched model. Our empirical results indicates that Chinese firms listed in Korean market had exhibited significantly higher discretionary accruals than those of Korean firms around IPOs, which means Chinese firms had managed the reported earnings of one year prior to IPO and in the year of IPO using discretionary accruals to increase IPO prices. Further, the earnings management had led to the decline in ROA in the next year of IPO, thereby resulting in significant investment loss of Korean investors. Our study also showed that the degree of decrease in ROA of Chinese IPO firms had been greater than that of Korean firms. We next found that the relationship between stock prices and reported earnings of Chinese IPO firms became weaker after the Chinese “Gosum accounting scandal” which was a crucial event that triggered Korean investors’ distrust of financial statements of Chinese firms. We have also found that Tobin’s Q ratios of Chinese firms were significantly lower than those of Korean firms after the scandal, suggesting that Chinese firms suffered from devaluation of their stock prices after the scandal. The devaluation of Chinese firms in Korean market had led voluntary delistings of additional Chinese firms, their movements to stock markets of other countries and, to make things worse, the stop of new IPO of Chinese firm in Korean market. As a result, many Korean investors who invested in the stocks of Chinese IPO firms had made losses and lost the opportunity to invest new Chinese IPO firms in Korean market. We conjecture there are three plausible reasons for Chinese firms to choose Korean market for IPO rather than Chinese market. First, Chinese IPO firms applying for Korean market may not be so financially sound as those applying for Chinese market because the listing criteria to Korean market is relatively easier than the criteria of Chinese market. Also, Chinese firms that were urgent in financing IPO money would choose Korean market of which IPO process is generally faster than that of Chinese stock market. Second, the complicated corporate governance may have caused the earnings management. If Chinese firms intend to list in foreign stock markets, they need approvals from Chinese financial authority. Due to difficulty with getting the approval, they set up the holding companies in other countries to get around the difficulty and list these holding companies in foreign stock markets including Korean market. This practice may result in the irresponsibility of the compliance. Finally, the probable low accounting quality of Chinese firms could be attributable to the difference between K-IFRS and C-IFRS. Chinese firms have to prepare financial statements of both standards, but they may not fully understand K-IFRS and Korean auditors have difficulty with auditing Chinese firms that are located geographically far away and culturally unfamiliar. Collectively, empirical results of our study imply that audit process for foreign pre-IPO firms should be more thorough and the policy makers should tighten screening criteria in examining accounting reports of foreign IPO firms.

중국진출 한국 제조업체의 중국시장 인식에 관한 연구 - 산둥성 진출기업을 중심으로 -

서운석 ( Woon Seok Suh ) 한중사회과학학회 2007 한중사회과학연구 Vol.5 No.1

The advance into chinese market by the korean manufacture firms has accelerated over the past 15 years. But many barriers make it difficult for the korean manufacture firms to enter into the chinese market. Carrying out their successful penetration into the chinese market, the korean manufacture firms should have market orientation which reflect appropriately the ever changing the chinese market environments and are compatible for their resource pool. This paper make an empirical research on the korean manufacture firms` orientation to the chinese market depending on the korean manufacture firms` types of industry, annual sales, period of advance time and employee scale. The samples of research are used based on Shandong province in China and used nonparametric statistic by Friedman test. Major findings are as follows: First, this study classify advance motivations of the korean manufacture firms into chinese market, which is the growth possibility, the future prospect, the competition of market and the government regulation policy. Among them motivations for growth possibility is the most significant market orientation with the korean manufacture firms in chinese market. Study also finds that there are little distinct differences in market orientation among the korean manufacture firms` types of industry, annual sales, period of advance time and employee scale. Finally, the study suggest that the chinese market is asking the korean manufacture firms for considering the dynamism of the chinese market. The korean manufacture firms with investment tied only to cost efficiency cannot be assured of better performance than those with aggressive strategies for penetrating the chinese market.

中國企業의 發生額과 現金흐름의 有用性

정태범 고려대학교 중국학연구소 2014 中國學論叢 Vol.44 No.-

There are some Chinese firms whose stocks has been listed on Korean stock market. It not only provides the investor new alternative opportunities to be able to invest foreign companies but also contributes the globalization of capital market in Korea. But ex post supervision on those firms is required to keep up the better investment environment. Recently, 2 Chinese firms were delisted due to the disclaimer of audit opinion or the spontaneous abandonment. It can be the actualization of the concern on the reliability of accounting information of chinese firms. This paper has taken the empirical test of the relationship between the stock returns and the net income or cash flow from operations. According to the accounting principles, net income is measured using the accruals which mitigates timing and matching problems inherent in cash flows so that earnings more closely reflects firm performance. As a results, Chinese firms’ stock returns is more closely related to cash flows and there is no empirical evidence for the role of accruals. On the contrary, accruals are highly utilized for domestic Korean firms. This results raise the seriousness of management for Chinese firms’s accounting information in Korea since the measurement of firm performance is not fully exercised when predicting the real value of Chinese firms. Therefore, institutional strategies should be provided to improve the investment condition reducing the ‘China-discount’ on Chinese firms.

중국조세제도 변화에 대한 중국진출 국내기업의 인식 및 대응전략 분석

강승구(Seung-Koo Kang),최순권(Soon-Gwon Choi) 한국관세학회 2008 관세학회지 Vol.9 No.2

Most of multinational firms (including Korean firms) have been managed their businesses in China. Recently, there are increasing a lot of changes in Chinese business environments, especially in related to national tax system. In this paper, recent change of Chinese tax system are analyzed and the perception and counter strategy of Korean firms to the change of Chinese tax system. The results show that Korean firms are recognized with the change of Chinese tax system very well. Above all, they are worried about that Chinese tax system has been affected by government policy. Because of worsening Chinese tax system, many of Korean firms (61.4%) are not convinced that they will continue to do business in Chinese market. Only 38.6% of sample firms answered that they will maintain their investment in China, regardless of change of Chinese business environments. It probably means that it will be difficult to increase Korean firms' investment into Chinese market without special complementary cooperation between Chinese and Korean governments. Thus, Korean firms as well as Korean government have to prepare counter strategy for the change of Chinese tax system.

중국기업의 국제인수합병이 기업성과에 미치는 영향요인 분석: 자원기반시각을 중심으로

김원령,박영렬 한국국제경영관리학회 2019 국제경영리뷰 Vol.23 No.1

Due to the continuing growth of Chinese firms and the change of the global market ,many Chinese firms are exploring overseas markets. China is a developing country which has a short history of merger and acquisition and insufficient experience, therefore the recent explosion of mergers and acquisitions has depended on its abundant foreign reserve and financial capability. The fundamental causes of this phenomenon include the Chinese government raised the banner of "Go global" and actively supported overseas investments by Chinese firms, and predicted that in order to secure resources, technology, market and professional skills, it is necessary to promote mergers and acquisitions. Therefore, this article attempts to analyze the influence factors on the performance of Chinese enterprises after merger and acquisition. After the simple understanding on the timing and motivation of Chinese firms’ mergers and acquisitions, through the resource- based theory. This article theoretically explains the influence factor of merger and acquisition and tests and analyzes this idea according to the statistical data of Zephyr database from 2008 to 2014. Taking 532 listed companies which have already been acquired in international market as the research object. The result shows that the industry relevance between acquiring and acquired enterprises, the past experiences of merger and acquisition, and the government financial support factors have a positive effect. On the other side, the cultural difference between acquiring and acquired firm has a negative impact on the achievement level of international mergers and acquisitions. In addition, this article confirms that Chinese firms which have a high dependency on government supports, by adding the variables of government financial support, by considering adjustment effect of national development level, and by complementing existing relationships. 중국기업의 지속적인 성장과 글로벌 시장의 변화로 많은 중국 기업들은 해외 시장 진출을 모색하고 있으며, 인수합병방식을 통해 해외시장에 적극 진출하고 있다. 중국은 신흥국가로 인수합병 역사가 짧고 경험이 부족하지만 그들의 인수합병은 중국의 최근 활발한 해외직접투자와 정부의 재정적 지원에 의존하고 있다. 중국정부는 “저우추취 (走出去)”기치아래 중국기업의 해외투자를 적극 지원하고 있으며 중국기업은 자원, 기술, 시장, 역량을 인수합병을 통해 획득 하고 있다. 본 연구에서는 중국기업의 인수합병 성과에 미치는 요인을 분석하고자 먼저 중국의 인수합병 시기와 동기에 대해 살펴본 후 2008년부터 2014년까지 국제인수합병을 시행한 중국 상장기업 532개를 대상으로 국제 인수합병 성과에 영향을 미치는 요인을 자원기반시각(resource-based view of firm)을 활용하여 실증 분석하였다. 연구결과에 의하면 인수-피인수기업간의 산업연관성, 과거 국제인수합병경험 및 정부 재정지원은 국제인수합병 성과에 긍정적인 영향을 미치는 것으로 나타났고 인수기업과 피인수기업의 문화적 거리는 국제인수합병 성과에 부정적인 영향을 미치는 것으로 나타났다. 본 연구의 시사점으로 중국기업은 중국 정부의 재정적지원에 강하게 의존하며 이는 국가발전수준이 높을수록 정부 재정지원과 인수합병 성과간의 관계는 더 긍정적으로 조절되는 것으로 나타났다.

중국기업(中國企業)의 발생액(發生額)과 현금(現金)흐름의 유용성(有用性)

鄭泰範 고려대학교 중국학연구소 2014 中國學論叢 Vol.44 No.-

There are some Chinese firms whose stocks has been listed on Korean stock market. It not only provides the investor new alternative opportunities to be able to invest foreign companies but also contributes the globalization of capital market in Korea. But ex post supervision on those firms is required to keep up the better investment environment. Recently, 2 Chinese firms were delisted due to the disclaimer of audit opinion or the spontaneous abandonment. It can be the actualization of the concern on the reliability of accounting information of chinese firms. This paper has taken the empirical test of the relationship between the stock returns and the net income or cash flow from operations. According to the accounting principles, net income is measured using the accruals which mitigates timing and matching problems inherent in cash flows so that earnings more closely reflects firm performance. As a results, Chinese firms` stock returns is more closely related to cash flows and there is no empirical evidence for the role of accruals. On the contrary, accruals are highly utilized for domestic Korean firms. This results raise the seriousness of management for Chinese firms`s accounting information in Korea since the measurement of firm performance is not fully exercised when predicting the real value of Chinese firms. Therefore, institutional strategies should be provided to improve the investment condition reducing the ‘China-discount’ on Chinese firms.

한국과 중국의 회계정보 가치관련성 비교연구

정태범 고려대학교 중국학연구소 2013 中國學論叢 Vol.39 No.-

After Korea stock exchange allowed foreign firms to list their stocks on Korea stock market, many Chinese firms have listed their stocks. But prior studies raised the reliability problems on Chinese firms` financial statements on the viewpoint of earnings management. This results gave the motivation of testing the value relevance of accounting information of Chinese firms. This paper has taken the empirical test of value relevance of Chinese firms using the book value of net assets and earnings per share to verify the level of explanation of stock price. As a result, Chinese firms have less value relevance of accounting information comparing with Korean companies. And the income information has the incremental explanation power of stock prices while the net assets have not. This kind of results reinforce the previous studies where Chinese firms` accounting information has less reliability. Therefore, it requires additional concern on Chinese firms in Korea stock market.

OverPowering Influence of Institutional Distance on Chinese Firms’ Cross-border M&A Performance

박용석,진굉,양이 한국경영학회 2014 한국경영학회 통합학술발표논문집 Vol.2014 No.8

The performance of Chinese firms’ cross-border M&As is analyzed with an institutional perspective. Two core variables of institutional view: institutional distance and state ownership are examined in this study related to M&A performance of Chinese firms. 198 cross-border M&As undertaken by Chinese firms between 2000 and 2010 were examined in this study. The results indicate that institutional distance has a negative impact on Chinese firms’ cross-border M&A performance. While state ownership has a positive impact on Chinese firms’ cross-border M&A performance, its impact became negative when moderated by institutional distance. In addition, the same effect has been shown with the international experience of the firm: a positive relationship of international experience on performance turned negative when moderated by institutional distance. In sum, the institutional perspective may explain the poor performance of Chinese firms’ cross-border acquisitions. Further discussion in addressed at the end of the paper.

입지특성분석을 통한 중국 서비스기업의 대(對)한국 직접투자의 요인에 관한 연구

송인혁,왕붕,강명구 국토연구원 2018 국토연구 Vol.98 No.-

최근 한국에 입지하는 중국 FDI는 2009년 이후로 빠르게 증가하고 있으며, 2015년 17.7억 달러의 투자가이루어지면서 미국에 이어 2위를 기록하였다. 기존연구에서는 FDI의 주요 요인으로 4가지를—비용절감 지향형, 자원 지향형, 기술 지향형, 시장 지향형— 제시하는데, 이는 주로 선진국에서 개발도상국으로의 FDI를 대상으로 한 설명이다. 하지만 비용이 더비싼 한국으로 진입하는 중국 FDI에 대해 설명하기위해서는 추가적인 연구가 필요하다. 현황분석을 통해 한국 내 중국기업은 주로 도소매 및 음식숙박업이라는 점을 확인하였으며, 패널자료 분석을 통해 한국으로 진출하는 중국 FDI에 한국 내 중국인 규모가크게 영향을 미친다는 것을 알 수 있다. 한국 내 중국인을 대상으로 하는 서비스업의 경우, 중국기업이 오히려 한국기업보다 언어와 문화 측면에서 우위를 가지기 때문이다. 한국이 과거 해외직접투자의 양적 팽창에 초점을 둔 정책을 가져왔다면, 향후에는 질적측면을 고려한 정책으로 전환될 필요가 있음을 시사한다. Nowadays the Chinese FDI into Korea has been rapidly increasing since 2009 and the investment of 1.77 billion dollar in 2015 ranked second after United States. Existing literature identified the four main motives for FDI, efficiency-seeking,resource-seeking, knowledge-seeking and market-seeking. Yet, it is limited in explaining the Chinese FDI into Korea. Where wage is high, resource is limited and market is relatively small. This study examined why Chinese FDI comes to Korea with panel data. By the number of firms, almost 80% of Chinese FDI in Korea is non-business service industry, such as wholesale, retail, logistics, food, accommodation, etc. Chinese FDIs in Korea increased as Chinese people in Korea increased. The cross-sectional time-series FGLS regression analysis confirms that areas with many Chinese people in Korea induce Chinese FDIs. Chinese FDI firms are more competitive in language and culture in the business with Chinese people in Korea than Korean firms. Up until today, the Chinese FDI in Korea simply follows a new market of Chinese people in Korea and doesn’t show strong economic interactions with Korean economy.

Corporate Governance and the Global Reach of Chinese Family Firms in Singapore

Henry Wai-chung Yeung,Tse Min Soh 서울대학교 경제연구소 2000 Seoul journal of economics Vol.13 No.3

The emergence of Chinese business conglomerates in recent decades has spurned a lot of interesting literature in the field of Chinese business. Much has been attributed to the "bamboo networks" in explaining the entrepreneurial success of ethnic Chinese outside China. In this paper, we examine the international linkages of 157 public-listed Chinese family firms in Singapore. We show that although they conform to some of the characteristics mentioned in the existing literature, public-listed Chinese family firms have forged global linkages directly by means of overseas principal bankers and auditors. These global linkages help to influence the corporate governance practices of Chinese family firms. We conclude the paper with some implications for future research and management policies.