회계이익의 가치관련성과 판매관리비의 하방경직성

권대현 한국세무학회 2015 세무와 회계저널 Vol.16 No.4

This study examines how value relevance of earnings affects the degree of asymmetrical SG&A cost behavior. After Anderson et al.’s (2003) study, many other pieces of research provide evidence of the existence of asymmetrical cost behavior. A substantial body of research also show the drivers of asymmetrical cost behavior: adjustment costs, the manager’s expectations for future sales, (Anderson et al. 2003; Calleja et al. 2006; Subramaniam and Weidenmier 2003; Banker and Chen 2006a; Banker et al. 2010) and managers’ incentives to maximize their personal wealth (Chen et al. 2012; Dierynck et al. 2012; Kama and Weiss 2013). Besides the incentive of self-interested managers, managers make resource adjustment decisions based on optimal resource planning, considering adjustment costs and the expectations for future demand. The ultimate goal of rational resource planning is to increase the firm value. Accounting performance measures serves a purpose of valuing firm, among which earnings play a critical role and are used broadly for valuation (Collins et al., 1997; Ashbaugh and Olsson, 2002; Caylor et al. 2007). So managers who act in the best interests of shareholders may consider information on value relevance of earnings in the resource adjustment decision-making process in response to demand decline. However, there is little research examining the association between value relevance of accounting information and the degree of cost asymmetry. This study examines whether value relevance may explain asymmetrical cost behavior. Managers whose firm value is closely tied to earnings are likely to accelerate cuts of unused resources in response to sales drop because retaining resources can reduce current earnings, resulting in more rapid decrease of firm value compared to the firms whose value is relatively not closely tied to earnings. Cuts in committed resources beyond optimal level can increase firms’ earnings in periods of sales decline, leading to prevent the rapid decrease of firm value. Thus, this study hypothesizes that the degree of SG&A cost asymmetry is negatively associated with value relevance of earnings. I formally test this prediction using 7,538 firm-year observations for the period 2000-2012. The empirical results support my prediction. The degree of SG&A cost stickiness decreases with the value relevance of earnings. The negative association I document could result from managers whose firm value is closely tied to earnings accelerating reduction in committed resources in response to sales decrease to prevent the rapid decrease of firm value. I evaluate the robustness of my findings by considering cash flows as the supplementary performance measure in estimating the value relevance. Specifically, I use value relevance of earnings and cash flows, and value relevance of cash flows as alternative measures for value relevance of earnings. The result also support my prediction. This study contributes to the literature in the following ways. First, it integrates both financial and management accounting research topics: value relevance and cost behavior. Traditionally, cost behavior has attracted the attention of management accountants only. The current results show that researcher on value relevance benefit from understanding cost behavior as well. Second, this study expands the scope of value relevance research. The focus of value relevance research is usually on finding the factors affecting cross-sectional variation of value relevance of accounting performance. Value relevance itself can be an exogenous factor, as well as an endogenous one. However, there is little research considering value relevance as an explanatory variable which could affect other factors. This study adds to the existing literature by using value relevance factor as an exogenous one to influence firm's other characteristics. 본 연구는 회계이익의 가치관련성 정보가 원가의 비대칭성에 영향을 주는지에 대해 분석한다. 회계이익의 가치관련성이 높은 기업의 경우 매출 감소 시 유휴자원(slack resources)을 보다 적극적으로 줄이려고 할 것인데, 그 이유는 유휴자원을 유지할 경우 그렇지 않은 경우보다 회계이익이 감소할 것이고, 결과적으로 기업가치의 하락 정도가 회계이익의 가치관련성이 낮은 기업에 비해 커질 것이기 때문이다. 분석 결과 회계이익의 가치관련성이 증가함에 따라 판매관리비의 하방경직성의 정도는 감소하는 결과가 도출되었다. 이는 매출 감소에 직면한 경영자가 유휴자원의 조정과 관련한 의사결정 시 회계이익의 가치관련성 정보를 고려함을 의미한다. 다음으로 가치관련성 측정에서 영업현금흐름의 가치관련성을 추가적으로 고려하여 가설을 재검증하였다. 분석결과 영업현금흐름의 가치관련성을 추가적으로 고려해도 가설과 일치하는 결과가 도출되었다. 본 연구는 관리회계-원가의 하방경직성-와 재무회계-회계이익의 가치관련성-의 중요한 연구주제를 하나로 통합하고 있을 뿐만 아니라, 가치관련성 정보와 경영자의 의사결정 간 연관성 연구의 확대에 기여하고 있다.

IFRS 연결재무제표와 별도재무제표의 가치관련성

김영욱 ( Yung Wook Kim ),최영수 ( Young Soo Choi ),최정호 ( Jung Ho Choi ),김학운 ( Hak Woon Kim ) 한국회계학회 2014 회계학연구 Vol.39 No.1

본 연구에서는 국제회계기준(International Financial Reporting Standards: IFRS)에 의해서 작성된 연결재무제표와 별도재무제표의 상대적 가치관련성과 증분적 가치관련성을 실증적으로 분석하였다. 이를 통해 연결재무제표를 주 재무제표로 규정한 IFRS와 최근 일각에서 논란이 되고 있는 별도재무제표의 작성 및 공시 요구에 대한 타당성을 검증하였다. 실증분석 결과, 다음과 같은 증거를 얻을 수 있었다. 첫째, 주가 및 주식수익률에 대한 순자산(net assets)과 순이익(net income) 정보의 가치관련성은 별도재무제표와 연결재무제표 사이에 유의적인 차이가 없었다. 둘째, 연결재무제표 순이익에서 별도재무제표 순이익을 차감한 차이는 주가 및 주식수익률과 유의적인 양의 관련성이 있는 것으로 나타나, 연결재무정보가 별도재무정보에 추가하여 증분적 가치관련성을 갖는 것으로 보인다. 한편, 이러한 연결순이익의 증분적 가치관련성은 레버리지가 낮은 기업(low leverage firms)과 성장기업(growth firms)에서만 발견되고 레버리지가 높은 기업(high leverage firms)과 가치기업(value firms)에서는 발견되지 않았다. 또한 소규모기업 그룹과 대규모기업 그룹 모두에서 연결순이익의 증분적 가치관련성이 발견되었으나 두 그룹 사이에 유의적인 차이는 없었다. 결론적으로, 연결재무제표와 별도재무제표는 상대적 가치관련성 측면에서는 차이가 없으나 연결순이익은 별도순이익에 추가하는 정보가치를 제공함으로써 증분적 가치관련성 측면에서는 긍정적인 결과가 제시되었다. 이는 연결재무제표를 주 재무제표로 규정한 IFRS 기준이 타당함을 시사한다. 다만 연결순이익의 증분적 가치관련성은 기업특성에 영향을 받는 것으로 보인다. Korea has fully adopted International Financial Reporting Standards (IFRS) since financial year 2011. All companies with subsidiaries listed in Korea Exchange (KRX) are required to report both consolidated and separate financial statements (i.e., parent-only financial statements) prepared in accordance with IFRS. However, separate financial statements are exposed to such problems that difficulties and divergence exist in preparing them due to the lack of detailed implementation guidance, and they are often confused with previous individual financial statements presented before IFRS adoption. Our study empirically examines relative and incremental value relevance between consolidated and separate financial information under IFRS regime. The objective of the study is to verify in terms of value relevance whether it is appropriate to have consolidated financial statements as primary ones, and whether it is appropriate to require the presentation of separate financial statements along with consolidated financial statements at the same time. The study is performed for non-financial KOSPI (Korea Composite Stock Price Index) firms only with subsidiaries whose financial years end in December by analyzing their consolidated and separate financial statements for financial year 2011 first presented and reported in accordance with IFRS. For the analysis, the study uses both stock price model and stock returns model based on Ohlson`s model. The study documents that the relative value relevance is not significantly different between consolidated and separate accounting information: book value per share ( BPS) and earnings per share ( EPS). Specifically, coefficients on consolidated BPS and EPS and coefficients on separate BPS and EPS are all significantly positive, but not significantly different in their respective matching magnitudes and also in their respective explanatory power (Adjusted R2) for stock prices and returns. This result does not support our first hypothesis that value relevance will be larger for IFRS consolidated information than for IFRS separate information. Notwithstanding, consolidated EPS is observed to have incremental value relevance against separate EPS by the significantly positive coefficient on the variable EPSdiff (i,e., consolidated EPS minus separate EPS), which is consistent with our second hypothesis of IFRS consolidated information having value relevance incremental to IFRS separate information. This incremental value relevance of consolidated EPS is found only for low leverage firms and growth firms, not for high leverage firms and value firms, indicating that investors provide additional value for consolidated EPS of firms that have sound financial stability (i.e., low debt ratio) and growth opportunity (i.e., low book-to-market ratio). These findings are largely consistent with the part of the results reported in Barth et al. (1998), Feltham and Ohlson (1995) and Collins and Kothari (1989). However, the incremental value relevance of consolidated EPS (i.e., coefficient on EPSdiff) proves not to be significantly different for large versus small firms, although it is significantly positive in both cases. Taken together, consolidated financial statements are regarded to provide incremental value against separate financial statements on average, although firm-specific characteristics such as firm size, leverage and book-to-market ratio are likely to affect the existence and the magnitude of the incremental value relevance. This result is based on only quantitative information of net assets and net income of consolidated and separate financial statements, but conclusively it implicates that it is appropriate for Korean government to set consolidated financial statements as primary ones as IFRS regulates. However, we should be cautious not to extend this result to uselessness of separate financial statements because separate financial statements could provide larger usefulness in various aspects such as loan decision and dividend decision other than firm valuation or investment decision. This view is consistent with Niskanen et al. (1998) that points out the differential usefulness of separate information in aspects other than in investment decision-making. In addition, our results also implicate that the users of accounting information need to use consolidated financial statements rather than separate financial statements for their investment decision-making. Our research contributes to accounting literature on value relevance in the sense that it first empirically examines relative and incremental value relevance of consolidated versus separate financial information under IFRS regime. That is, this research is very meaningful in that it first verifies from the investors` perspective whether it is appropriate to set consolidated financial statements as primary ones and also to require firms to report separate financial statements simultaneously in addition to consolidated financial statements. On the other hand, this study has some limitations. Among others, this study includes in the sample consolidated and separate financial statements only for financial year 2011 in which IFRS is first adopted. To obtain more reliable conclusion, subsequently, this study needs to be extended to consolidated and separate financial statements for more financial years since 2011.

COVID-19 시기 기업설명회 및 비대면 IR이 회계정보의 가치관련성에 미친 영향

서정연,최영수 대한경영학회 2022 大韓經營學會誌 Vol.35 No.3

This study analyzes the effect of holing Investor Relations(IR) on value relevance of accounting information for Korean firms in COVID-19(Coronavirus Disease-19) period. An IR as one of the voluntary and active disclosures of firms have several functions on financial market. Firms provide useful information related to their business operation, financial performance and often earnings guidance through IR. Such IR lead to long-term reduction in information asymmetry between investors and companies. Accordingly companies which have held IR steadily could enhance confidence with market investors regarding business information, and therefore these firms’ accounting information also should have sound reliability from investors. Meanwhile the outbreak of COVID-19 had affected on the accounting performance of firms and expanded environmental uncertainties. Generally environmental distress decreases the value relevance of net income, while increases the value relevance of net assets that represent liquidation value. But COVID-19 was caused by external factor as contagious disease, so it seems different from the other past crisis. So recent study shows that the value relevance of net income declined and net asset declined significantly as well after the spread of COVID-19. It implies that COVID-19 negatively affected not only the value of net income but also the value of net assets contrary to the result in other crisis. Based on these prior studies, we are interested in whether IR event had a distinct effect on the value relevance of accounting information in COVID-19 period. One of the notable changes in firms’ business activities in 2020, at the start of COVID-19 year, the IR event decreased in frequency rapidly and the number of untact Online IR especially increased. In this paper, we analyze the effect of holding IR in COVID-19 period on value relevance of accounting information. If some company continued IR during that time though several constraints, we can infer that the firm is concerned with the communications and confidence with market investors. And those firms should leads to value relevance of accounting information increase compared to firms quit IR at that period. The samples are listed corporates on Korea Stock Exchange from 2015 to 2020. Financial data are extracted at Fn-Guide and the investor relations data are collected at KIND(Korea Investor’s Network for Disclosure System). Though we were interested in firms which had held IR steadily in the past, it is important to analyze whether the value relevance of firms with steady IR before 2020 didn’t decrease signigicantly in COVID-19 relative to that of firms with unsteady IR before. Firms that held more than 3 times IR for 5 years before 2020(2015~2019) were selected for firms with steady IR before. Overall this study uses 8,766 firm-year observations. The results of this study are as follows. First, the value relevance of accounting information of firms with regular IR before 2020 didn’t decrease significantly in COVID-19 crisis. On the other hand, that of firms with irregular IR before 2020 did decrease signigicantly in COVID-19. Second, the value relevance of net income of firms that continued IR in 2020 improved significantly compared to firms which quit IR at the same period. Lastly, the value relevance of net income of firms that hold untact online IR in 2020 period was lowered compared with companies with offline as usual. This study is the first to examine the effect of IR activities on value relevance on accounting information in COVID-19 period. It contributes to the literature by documenting that just holding IR regularly can improve value relevance of accounting information in such crisis period as COVID-19. Our findings can provide several insights to CEO, CFO, IR managers and policy makers who make a decision related to IR policy. 기업의 자발적이고 적극적인 홍보 활동인 기업설명회(IR, Investor Relations)는 투자자와 경영자 간정보불균형을 해소할 뿐만 아니라 기업이 제공하는 정보에 대한 신뢰를 형성하여 회계 정보의 가치관련성을높이기도 한다(박홍조·지현미, 2010). 한편, COVID-19라는 팬데믹은 경제 외적인 요인임에도 전 세계 경제에불확실성을 안겼고 자본시장 참여자들은 회계정보에 대한 의존도를 낮추는 모습을 보였다. 2020년 국내기업들의 회계정보 가치관련성이 하락하였다는 연구가 이를 뒷받침 한다(손혁·최성호·강유정·최관, 2021). 코로나 시기에 IR을 개최하는 경우 회계정보의 가치관련성에 차별화된 영향을 미쳤을지에 대한 궁금증에서본 연구는 출발하였다. 코로나는 2020년 기업들의 경영 활동에 많은 변화를 일으켰는데, 그 중 하나가기업설명회다. 2020년 국내 기업의 IR 개최 총 횟수는 2019년 대비 38% 감소한 반면 비대면 온라인 IR 횟수는10배 이상 급증하였다. COVID-19로 인해 많은 기업들이 IR을 중단하였음에도 이 시기에 IR을 지속했다면, 정보불균형을 해소하고자 하는 투자자들의 수요와 그 동안의 신뢰를 중시한 기업일 가능성이 높다. 이처럼코로나 이전 시기에 기업설명회를 꾸준히 개최함으로써 회계정보에 대해 투자자들과 신뢰를 형성한 기업이, 코로나 위기 시기에도 IR을 중단하지 않고 지속하였을 때 회계정보의 가치관련성이 증대되었는지를 분석하는것이 본 연구의 목적이다. 연구 결과, 코로나 이전에 꾸준히 IR을 개최한 기업의 경우 그렇지 않은 기업과달리 COVID-19와 같은 위기 시기에도 이전 대비 회계정보의 가치관련성이 유의하게 하락하지 않았다. 또한이 시기 IR을 지속한 경우 그렇지 않은 기업 대비 순이익의 가치관련성이 높은 것으로 나타났다. 아울러 코로나시기에 IR을 지속했지만 비대면 온라인 형식을 택한 경우, 대면 방식으로만 IR을 지속한 기업 대비 회계이익의가치관련성이 저하되었음을 발견하였다. 본 연구의 공헌점은 COVID-19와 같은 위기 시기에 기업이 자본시장투자자들과 적극적으로 소통하는 것만으로도 회계정보의 가치관련성 증대에 기여할 수 있음을 실증적으로밝혔다는 데 있다. 또한 기업의 자발적이고 적극적인 IR 활동이 위기 시기에 중요한 역할을 할 수 있음을밝힘으로써 경영진과 공시책임자를 비롯 관련 정책입안자들의 향후 의사결정에도 도움을 줄 것으로 기대한다.

브랜드 자산의 이익관련성 및 가치관련성 분석

김연희,김명종,김종규 한국세무회계학회 2019 세무회계연구 Vol.0 No.60

This study examines earnings relevance and value relevance of brand asset and verifies whether brand asset provides incremental effect on information value of other intangible asset expenditures in terms of earnings relevance and value relevance. To this end, we analyzed the earnings relevance and value relevance of brand asset for 4,265 year-firm data of non-financial listed companies from 2010 to 2016. Brand asset is analyzed to have significant positive (+) earnings relevance and value relevance. These results show that brand asset partially meets the recognition criteria of assets that provide future economic benefits and improve the usefulness of the financial statements if the brand assets are capitalized. As a result of verifying the incremental earnings effect of intangible asset expenditure according to the establishment of brand asset, brand asset was analyzed to provide a significant incremental effect on the earnings relevance of education expenditure and advertising expenditure. Finally, it is analyzed that brand asset provides a positive (+) incremental effect on the value relevance of research and development expenditure, advertising expenditure and education and training expenditure. The results of this study are as follows. These results indicate that the effects of advertising expenditure and education and training expenditure are not directly reflected in the business performance and corporate value. Instead, the advertising expenditure contributes to earnings relevance and value relevance through brand asset. The employee training expenditure contributes to enterprise performance and enterprise value when the employee training expenditure is linked to brand strategy. Therefore, brand asset has information value that is suitable for investor's decision making and improves information value of intangible asset expenditure. 본 연구는 기업의 핵심경영전략으로 채택되고 있는 브랜드 자산의 이익관련성과 가치관련성을 규명하고 브랜드 자산이 타 무형자산성 지출의 정보가치에 증분효과를 제공하는지를 이익관련성과 가치관련성 관점에서 검증하였다. 기존 브랜드 자산의 이익관련성과 가치관련성에 관련된 연구와 차별화하여 브랜드 자산 구축 기업뿐만 아니라, 미구축 기업을 포함한 확장기업을 대상으로 본 연구의 결과를 일반화하여 검증하였다. 이를 위하여 2010년에서 2016년까지 7개년 동안 비금융 상장기업의 4,265개의 년도-기업 자료를 대상으로 브랜드 자산의 이익관련성과 가치관련성을 분석하였다. 분석결과, 브랜드 자산은 유의적인 양(+)의 이익관련성과 가치관련성을 가지고 있는 것으로 분석되었다. 이러한 결과는 브랜드 자산은 미래 이익과 잠재적인 기업가치 등 미래의 경제적 효익을 제공하는 자산의 인식조건을 일부 만족하고 있으며 브랜드 자산을 자본화하여 재무제표에 반영하는 경우 재무제표의 유용성이 크게 개선될 수 있음을 의미한다. 또한 브랜드 자산의 구축에 따라 무형자산성 지출의 이익 효과에 대한 검증 결과, 브랜드 자산은 교육훈련지출 및 광고비 지출의 이익관련성에 대하여 유의적인 증분 효과를 제공하는 것으로 분석되었다. 마지막으로 브랜드 자산은 연구개발지출, 광고비 지출 및 교육훈련지출의 가치관련성에 유의적인 양(+)의 증분 효과를 제공하고 있는 것으로 분석되었다. 이러한 결과는 광고비 지출 및 교육훈련지출의 효과는 경영성과 및 기업가치에 직접적으로 반영되기 보다는 광고비 지출을 통하여 브랜드 자산이 형성될 때 광고비 지출은 브랜드 자산을 매개로 이익관련성 및 가치관련성에 공헌하고 있으며, 종업원의 교육훈련지출은 브랜드 전략을 연계되어 기업의 경영성과와 기업가치에 공헌하고 있음을 의미한다. 이러한 결과는 브랜드 자산은 투자자의 의사결정에 목적적합한 정보가치를 가지며, 매개변수로서 무형자산성 지출의 정보가치에도 영향을 미치는 요인임을 의미한다.

장부가치와 회계이익구성요소의 상대적 가치관련성 -외환위기와 금융위기 시점의 비교-

이화진,문병석 한국기업경영학회 2011 기업경영연구 Vol.18 No.4

The purposes of this paper are to investigate the relative value relevance of equity book value and accounting income components in the era of economic crisis. The paper examines the relative value relevance of book value of equity, accounting earnings, cash flow from operations and accruals over the period from 1992 through 2008 as a way to compare of the effect of economic crisis on the value relevance of accounting information. We compare the valuation coefficients of book value, accounting earnings, cash flow from operations and accruals between the era of economic crisis I (1992~1996), and the era of economic crisis Ⅱ(2003~2008). We explicitly examines the differences in the valuations coefficients on each accounting variable among the pre and peak periods of economic crises. As the financial health of a firm goes down, Barth et al. (1998) argues, equity book value (which reflects liquidation value) dominate a firm's net income (which reflects unrecognized net asset valuation). Hence, the value relevance of net income decreases and that of equity book value increases as the financial health of a firm deteriorates. Macro economic crisis deteriorates individual firms’ profitability,makes it difficult to finance, and may result in bankrupt. Korea and other major Asian nations had experiences of economic crisis caused by domestic shortage of foreign currency during 1997~1998. The world also has experienced of global economic crisis triggered by a rise in mortgage delinquencies and foreclosures in 2008/2009 in United States. Davis-Friday et al. (2006) finds that there is no significant changes in the value relevance of accounting information in Korea during the Asian economic crisis (1997~1998). However, Ho et al. (2001) reports contradicting results such that both net income and equity book value lose their significance during the crisis. First, the study compares the relative value relevance of equity book and net income between the era of economic crisis I (the IMF Foreign Currency Crisis), and the era of economic crisis Ⅱ (the global economic crisis). Our findings show that the valuation coefficient on book value decreases significantly during the economic crisis I, while the valuation coefficients on earnings does not change. On the contrary, during the economic crisis Ⅱ (the global economic crisis) the valuation coefficient of net income decreases significantly but that of equity book value increases. The results are different from those during the former Foreign Currency crisis but are consistent with the assertion of Barth et al. (1998). We also compares the relative value relevance of net income components, i.e., cash flow from operations and accruals between the era of economic crisis I (the IMF Foreign Currency Crisis), and the era of economic crisis Ⅱ (the global economic crisis). Our results show that the valuation coefficient on cash flow from operations increases significantly during the economic crisis I, while the valuation coefficients on accruals does not change. On the contrary, during the economic crisis Ⅱ both the valuation coefficient of cash flow from operations and accruals decrease significantly but that of equity book value increases. In the case of negative net income it loses its value relevance during the IMF Foreign Currency Crisis, but does not lose its value relevance during the global economic crisis, for changes of accruals value relevance. Subsequent to the IMF Foreign Currency Crisis, there are significant institutional changes in accounting and economic environment with a view to enhance the with a view to enhance firms’ transparency in Korea (firms’ governance structure with an audit committee and independent outside directors,removing the restrictions for the foreign investment). Certainly, these accounting environments may change the value relevance of accounting information during the economic crisis. But, the characters of economic crises also seem to change the va... 경제위기 기간 동안 기업 가치의 가치관련성을 1997/8년 외환위기와 2008년에 시작된 글로벌경제위기의 시기를 비교한 연구결과, 경제위기 I(외환위기) 기간에서는 순이익의 가치관련성은 중요한 변화가없었으나 순자산의 가치관련성은 유의하게 하락했다. 경제위기 Ⅱ(글로벌 경제위기) 기간에서는 순이익의 가치관련성이 유의하게 하락하고, 순자산의 가치관련성은 증가하여 대조적인 양상을 보였다. 한편, 순이익변수를 발생액과 영업현금흐름으로 분리하여 분석한 결과는 경제위기 I 기간에서는 발생액의가치관련성은 중요한 변화가 없었으나 영업현금흐름의 가치관련성은 유의하게 상승하고 순자산의 가치관련성은 유의하게 하락했다. 경제위기 Ⅱ 기간에서는 발생액과 영업현금흐름의의 가치관련성이 유의하게 하락하고, 순자산의 가치관련성은 증가하여 대조적인 양상을 보였다. 특기할 점은 음(-)의 이익의 경우 가치관련성이 경제위기 I 기간에서는 하락하고 경제위기 Ⅱ(글로벌 경제위기) 기간에서는 상승한 주요 요인이 현금흐름보다는 발생액의 가치관련성 변화에 기인한다는 것이다. 경제위기 I 기간과 경제위기 Ⅱ 기간에 회계정보의 가치관련성이 대조적으로 나타난 것은 회계환경 변화와경제위기의 성격차이가 영향을 미친 결과로, 본 연구는 회계환경 변화의 효과에 더하여 거시경제변수가 회계정보의 가치관련성에 영향을 미칠 수 있음을 나타낸 것에 의의가 있다. 거시경제 환경의 변화가 회계정보의 가치관련성에 영향을 미치는 기제에 대한 구체적 분석은 차후의 과제가될 것이다.

대규모기업집단의 회계정보의 가치관련성: 동일감사인 선임을 중심으로

김정옥 ( Jeong Ok Kim ),신유진 ( Yoo Jin Shin ) 한국회계학회 2016 회계학연구 Vol.41 No.4

본 연구의 목적은 대규모기업집단을 대상으로 소속 자회사가 모회사와 동일한 외부감사인을 선임하는지 여부에 따라 회계정보의 가치관련성에 차이가 있는지를 조사하는데 있다. 대규모기업집단은 특성상 2개 이상 기업집단으로서 상호 밀접한 관계를 형성하고, 이를 통한 내부거래가 존재하므로 이러한 요인들이 회계정보의 특성에도 영향을 미친다. 그러나 대규모기업집단이 제공하는 회계정보라고 하더라도 각 대규모집단이 가지고 있는 특성에 따라 회계정보의 질은 달라질 수 있다. 본 연구는 대규모기업집단 소속 기업들이 어떠한 외부감사인에게 감사를 받는지에 따라 회계정보의 가치관련성에 차이가 있는지를 조사하고자 한다. 왜냐하면 감사인의 특성에 따라 회계정보의 가치관련성은 차이를 보이므로 대규모기업집단에 소속된 기업의 외부감사를 수행한 감사인의 특성에 따라서도 대규모기업집단 소속 기업이 제공하는 회계정보의 가치관련성에 차이가 있을 수 있기 때문이다. 이에 본 연구는 대규모기업집단 소속 기업의 감사인 특성으로 자회사가 모회사와 동일감사인을 선임여부에 따라 투자자들이 이들 회계정보에 대한 가치관련성을 차별적으로 평가하는지를 분석하고자 하는 것이다. 본 연구의 결과는 다음과 같다. 첫째, 자회사만을 대상으로 분석한 결과, 대규모기업집단소속 자회사가 모회사와 동일감사인을 선임하면 그렇지 않은 경우에 비해 장부가치 및 순이익의 가치관련성이 모두 높았다. 특히, 자회사가 모회사가 동일감사인을 선임한 경우에는 장부가치와 순이익의 가치관련성이 모두 높으며, 장부가치와 순이익의 가치관련성 차이가 작았지만 비동일감사인을 선임한 경우에는 장부가치의 가치관련성이 순이익의 가치관련성에 비해 현격히 높아 장부가치와 순이익의 가치관련성 차이가 컸다. 이는 동일감사인을 선임함으로써 기업의 잠재적 능력을 대표하는 순이익에 대한 신뢰성이 더욱 높아진다는 것으로 해석할 수 있다. 둘째, 모회사와 자회사를 모두 포함한 전체 대규모기업집단을 분석대상으로 한 결과 동일감사인을 선임한 경우가 비동일감사인을 선임한 경우보다 순이익의 가치관련성이 월등히 높았지만 장부가치는 일관적인 결과를 보이지 않았다. 마지막으로 모회사만을 대상으로 하여 분석한 결과, 자회사가 모회사와 동일한 감사인을 선임함에 따른 모회사의 가치관련성의 차이는 자회사의 특성에 따라 영향을 받는다는 것을 발견하였다. 즉, 단순히 많은 숫자의 자회사가 모회사와 동일감사인을 선임하는 것으로 모회사의 가치관련성이 영향을 받는 것이 아니라 규모가 크고 상대적으로 비중이 높은 자회사가 모회사와 동일한 감사인을 선임할 경우에 모회사의 가치관련성이 증가하였다. 이와 같은 연구결과를 통해 대규모기업집단 소속 자회사가 모회사와 동일한 감사인을 선임함으로써 감사의 효율 및 효과를 높이고, 이는 궁극적으로 회계정보의 신뢰성으로 연결되어 가치관련성을 높인다는 것을 알 수 있다. This paper investigate whether the value relevance when the firm hire the auditor of the mother firm as the auditor of subsidiary firm has the systematic difference or not. Large business group consist of more than two company and there are internal transactions between the mother firm and subsidiary firm. Therefore those kinds of characteristics can affect the quality of accounting information. However although the accounting information are provided by the large business group, the quality of accounting information can be affected by the characteristics of the large business group. In this study, we examine the effect of the characteristics of external auditor on the value relevance of the large business group. Following the prior research the value relevance of accounting information have systematic differences according to the characteristics of external auditor. So this study examine the effect of auditor on the value relevance of the larege business group. For that, we use whether the company choose the same auditor between a mother firm and a subsidiary firm or not as a measurement of the characteristic of external auditor. Our research results as follows. First, we only use the subsidiary firm as the sample. We find the value relevance of book value and net income are higher when the company hire the auditor of mother firm as the auditor of subsidiary firm auditor rather than the company hire the non-same auditor between the mother firm and the subsidiary firm. And also the differences of the relevance of book value and the relevance of net income are smaller when the company hire the same auditor rather than the company hire the non-same auditor. These results can be interpreted that the same auditor appointment increase the audit quality and the accounting information quality. And our results are consistent with prior research results. That is, the same auditor appointment does influence on audit quality. Therefore, investors understand the accounting information which is audited by same auditor as the high quality and that kind of understanding is reflected in the value relevance. Second, we analysis the hypothesis using the whole large business group, that is, mother firm and subsidiary firm sample. As the result, the value relevance of net income increase in case of the same auditor appointment. But the value relevance of book value do not have systematic difference between the same auditor appointment and the non-same auditor appointment. Finally, we examine the hypothesis using only mother firm. We found that the value relevance of mother firm is influenced by the characteristics of subsidiary firm, not the number of subsidiary firm of same auditor appointment. That is, the effect of value relevance of mother firm depend on the subsidiary firm size and significant influence and etc. Using this results, we can interpret the difference of influence within large business group is crucial important role to accounting quality. Through the our research results, the same auditor appointment within the large business group increase the efficiency and effect of audit, and these effects increase the value relevance of accounting information. So our research results will provide useful information to the investor who want to invest the large business group.

한국 자본시장에서 가치관련성의 변화

김영준(Kim Young Jun),이준일(Lee Joon il),오승빈(Oh Seung bin) 韓國公認會計士會 2015 회계·세무와 감사 연구 Vol.57 No.1

본 연구는 유가증권시장 상장기업을 대상으로 1991년부터 2010년까지 20년간의 가치관련성 추이를 살펴보고, 그 함의를 분석한다. 회계정보의 주가설명력(수정 R2)을 이용하여 가치관련성을 측정한 결과, 한국 자본시장에서 전체 회계정보의 가치관련성은 1990년대에는 감소 추세를 보였지만 IMF 외환위기 이후에는 가파르게 상승하는 추세를 보였다. 회계정보를 회계이익과 장부금액으로 구분하여 각각의 증분적 가치관련성을 살펴보았을 때, 회계이익의 증분적 가치관련성은 전체 회계정보의 가치관련성과 유사한 결과를 보이고 있지만, 장부금액의 증분적 가치관련성은 유의한 변화가 관찰되지 않았다. 가치관련성 변화의 원인을 파악하기 위해 선행연구에서 가치관련성 변화의 원인으로 지목한 영업외손익 및 특별손익의 중요성 증가, 손실 기업의 증가, 서비스 및 혁신기술을 기반으로 하는 산업의 중요성 증가, 그리고 소규모 기업의 증가를 통제하여 분석하였다. 실증분석 결과 IMF 외환위기 이후 한국 자본시장에서 회계정보의 가치관련성 상승은 위의 네 가지 요인만으로는 설명되지 않으며 외환위기 이후의 회계이익 품질의 개선(이익의 유연성, 지속성, 예측성의 증가)과 관계가 있음을 보였다. 추가적으로 한국 자본시장의 가치관련성 증가가 규모효과(scale effect)와 같은 단순한 수리적 착시에서 비롯되는 것(Brown et al. 1999)이 아님을 보였다. 이러한 가치관련성 증가는 IMF 외환위기 이후, 이해관계자와 투자자들의 재무보고에 대한 관심 제고와 경제적 환경의 변화, 한국 정부의 회계제도 개혁의 결과를 반영한 것일 가능성이 있다. 한국시장의 회계투명성에 대한 많은 비판들이 있지만 2000년대 회계정보의 가치관련성이 증가했다는 결론은 경제구조의 변화나 회계개혁 노력이 주식투자자들에게 긍정적인 영향을 가져왔을 수 있음을 보이고 있다. This paper examines the changes in value relevance of financial statements in Korean capital market over past 20 years. Many prior literature, using U.S. firms, shows that the value relevance of financial statements has decreased over time because historical-cost-based financial statements do not reflect fast-growing business environment(Lev and Zarowin 1999; Amir and Lev 1996; Francis and Schipper 1999 etc). However, Collins et al. (1997) provide an approach using R2 in a regression of stock prices on earnings and book values and find that changes in R2 has been increased over time. R2 represents total explanatory power of financial statements which captures the value relevance of accounting information. Also, they decompose total R2 into three parts: incremental explanatory power of earnings and of book values, and the explanatory power common to both earnings and book values. They document that the incremental value relevance of earnings has declined. However, it has been replaced by the increases in the value relevance of book values. On the other hand, Brown et al. (1999) address a problem in the approach of Collins et al. (1997). They argue that a positive trend in R2 results from the size differences of observations, which they call "scale effect". Following the paper, this paper examines the changes in explanatory power over time based on Korean data and re-examines the results after controlling the scale effect. Most of the value relevance literature focuses on U.S. capital market. However, difference in accounting standards and practices across countries results in different consequence to investors, analysts, and accounting standards. Consequently, the changes in the value relevance of accounting disclosure have been different across countries (Ali and Hwang 2000; Graham and King 2000). Therefore, it is valuable research idea to analyze the time-series difference in the value relevance across countries. Especially, Korea suffered from the financial crisis in 1998 and International Monetary Fund (IMF) and International Bank for Reconstruction and Development (IBRD) required Korean government to strongly reform Korean accounting standards. This paper examines whether the changes in value relevance in Korea with these efforts of Korean government and accounting standard setters have improved over time. After controlling for the effects from intangible intensity, non-recurring items, negative earnings, and firm size, the increased trend of value relevance still appears. This result can be an evidence that the effect from four factors have not mainly driven the improvement of value relevance in Korea. Hence, this paper suggests a possibility that the reform activities of Korean government would be associated with the increase in value relevance. This study contributes to the accounting literature in some aspects. First, this paper provides evidence of the changes in the value relevance over time before IFRS adoption. This study summarizes the historical changes in value relevance of financial statement in Korea under Korean GAAP. From this, we can confirm the validity of reform activities of Korean government and learn the implication for preparing IFRS regime in Korea. Second, this paper extends a sample period of prior Korean research in terms of the value relevance. Several Korean studies examine the changes in the value relevance in Korea. Han (1998) shows the changes in the value relevance from 1981 to 1995 and it has been decreased over the past 15 years. Also, Park and Lee (2003) document a negative change in explanatory power of financial statement around the Reform of Korean accounting system in 1998. This paper re-examines the time-series changes in the value relevance in Korea in the longer sample period, from 1991 to 2010 compared to prior studies. Reform of Korean accounting system has influenced on an efficiency of Korean capital market after 1999 and global financial crisis occurred in 2008. Th

회계정보의 가치관련성에 대한 결정요인

김경순 ( Kyung Soon Kim ),조장연 ( Jang Youn Cho ) 한국회계학회 2011 회계학연구 Vol.36 No.4

가치관련성에 대한 기존연구는 주로 효율적 시장가설을 전제로 주가와 회계수치간의 동시적 연관관계를 이용하여 재무제표의 구성요소가 기업가치에 미치는 효과를 정보적 관점에서 분석해왔다. 그러나 최근 효율적 시장가설에 대한 이례적 현상들이 다수 발견됨에 따라 본 연구는 가치측정의 관점에서 회계정보의 가치관련성을 측정하고 그 결정요인을 분석하는데 초점을 맞추었다. 분석을 위해 2005년부터 2009년까지 유가증권시장에 상장된 기업을 대상으로 비회계정보를 제외한 Ohlson(1995)의 단순모형을 산업에 따라 횡단면적으로 적용하여 구한 예측가치와 주가 간의 괴리율을 이용하여 가치관련성의 상대적 강도를 측정하였다. 그리고 기업특성, 투자자유형별 지분율, 공시의 질, 산업유형 등 다양한 요인에 따라 가치관련성의 강도에 차이가 발생하는지를 회귀분석을 통해 분석하였다. 본 연구의 분석결과를 요약하면 다음과 같다. 첫째, 수익성·위험·기업규모·시장동조성 등이 클수록 투자자들이 회계정보를 주가에 반영하는 비율이 증가하였고, 유동성·성장성이 클수록 회계정보의 가치관련성은 감소하였다. 둘째, 투자자유형별 지분율과 가치관련성간의 관계를 확인해본 결과 기관투자자와 외국인투자자 지분율은 가치관련성과 통계적으로 유의한관계를 보이지 않았다. 반면에 소액투자자 지분율이 높을수록 가치관련성이 하락하였고 이는 분석적이지 못한 투자자가 많을수록 회계정보의 가치반영 정도가 낮음을 의미한다. 셋째, 재량적발생액의 절댓값이 작을수록 회계정보의 가치관련성은 증가하여 공시의 질이 높을수록 투자자들은 회계정보를 주가에 반영하는 비중을 증가시켰다. 넷째, 산업유형에 따라 가치관련성의 차이를 비교한 결과 비첨단제조업에서는 가치관련성이 높은 반면, 서비스산업에서는 가치관련성이 상대적으로 낮았다. 이러한 결과는 투자자들이 회계정보에 기록되지 않은 무형자산의 비중이 큰 산업일수록 회계정보를 주가에 반영하는 비율을 감소시킴을 의미한다. 본 연구는 회계정보의 가치관련성에 대한 결정요인을 가치측정의 관점에서 분석했다는 측면과 시장참여자들이 회계정보를 주가에 반영하는 크기가 다양한 요인에 따라 결정될 수 있음을 실증하였다는 점에서 공헌도가 있다. This paper examines whether investors interpret value-related accounting information differently when assessing stock prices. The value relevance of accounting information has been considered an important area of accounting research since the introduction of capital market based accounting research by Ball and Brown (1968). Value relevance studies examine the usefulness of accounting information by considering the contemporaneous relationship between accounting information and the stock price. More specifically, these studies examine the usefulness of main items of financial statements by examining the size of R2 and the importance of regression coefficients from the information perspective (Barth et al. 1998; Collins et al. 1999; Francis and Schipper 1999). However, these studies typically assume market efficiency, firm characteristics and surrounding factors are assumed as independent when evaluating stock prices because these factors reflect idiosyncratic risks. Recently, inconsistent with the efficient market hypothesis (EMH), there have been frequent reports of market anomalies, and thus, there has been a need for examining the value relevance from the measurement perspective. If a market is not efficient, then there exist information asymmetry and different levels of rationality among investors, which in turn can lead to different results for the same piece of information(Black 1986; Merton 1987). For these reasons, this study analyzed relative usefulness of the accounting information through the relationship of between the value relevance of accounting information and various determinants(firm characteristics, ownership structure by the investor types and disclosure quality) from the measurement perspective without assumption of the efficient market. we calculated the quantitative measures(ACCRSQ) to evaluate the strength of the contemporaneous relationship between accounting information and stock prices by following the methodology of Frankel et al(2006). then We analyzed whether the value relevance of accounting information(ACCRSQ) would vary according to various determinants(firm characteristics, ownership structure by the investor types, disclosure quality). Additionally, total sample is divided into three types of industries-Low tech manufacturing, High tech manufacturing, Service industry- according to the influence of intangible asset, and differences between them on degree and determinants of value relevance are analysed. We analyzed the determinants to affect at the extent to which stock prices was reflected accounting information for 2,861 firm-year sample listed on Korean stock for the 2005-2009 period. In addition, for comparing the effects of the financial crisis on the value relevance of accounting information, we divided these firms into 1,643 pre-crisis (2005-2007) firms and 1,167 post-crisis (2008-2009) firms. we ran the fixed effects regression by including year dummies and the separate regression to control for heteroskedasticity by year. Specially, the separate regression model was interpret the results with the average coefficient for each year and Statistical Significance was verified by using Newey-West`s(1987) Adjusted statistics (Fama and Macbeth 1973; Barth et al. 2001; Frankel et al. 2006). The results of the study are summarized as follows. Firstly, on the analysis of the degree that firm characteristic factors affect the value relevance, when profitability, risk, firm size, and market synchronicity increase, the degree of that accounting information is reflected in stock price increase. On the other hand, the liquidity and growth possibility is higher, the value relevance of accounting information is lower. These show that investors decide differently the degree of accounting information reflected in stock price according to the firm characteristics because they interpret the relative importance between accounting information and non-accounting information differently by firm characteristics. Secondly, in the analysis of the relationship between the ownership structure by investor types and ACCRSQ, the ownership of institutional and foreign investors does not show the meaningful relationship with ACCRSQ, on the other hand, the ownership of small investors shows the negative relationship with ACCRSQ. This means that the trading of small investors increase, the value relevance of accounting information decease, because they could not use accounting information in an analytical manner. Thirdly, on the result of that the quality of disclosure and information asymmetry have an effect on value relevance, ACCRSQ shows a positive relationship with the absolute value of discretionary accruals. This can be interpreted that investors tend to increase the weight of that accounting information of the firm with less adverse selection costs is reflected in stock price. Finally, this study also analyse whether the value relevance of accounting information is different by industry type. In service industry, in which the value of intangible assets is not sufficiently reflected in accounting information, the value relevance of accounting information is lower than that of other industries, and determinants of the value relevance fluctuate considerably by the market condition of bull and bear markets. On the other hand, for the Low-tech manufacturing industry with less value of intangible asset, the value relevance of accounting information is the most high. In addition, the fluctuation of determinants of the value relevance is lowest in High-tech manufacturing industry. These show that the weight of intangible asset, not recognized in financial statement, is higher, the value relevance of accounting firm could be lower.

공정공시제도 도입으로 인한 회계이익의 가치관련성 변화에 대한 연구

이세용 ( Se Yong Lee ),노밝은 ( Bahl Geun Roh ) 한국회계학회 2011 회계학연구 Vol.36 No.1

우리나라에서 2002년 11월에 도입된 공정공시제도는 경영자가 기업에 대한 중요한 정보를 재무분석가나 기관투자자 등 특정인에게 선별적으로 제공하고자 하는 경우, 모든 시장참가자들이 동 정보를 알 수 있도록 증권시장을 통해 이를 사전적으로 공시하도록 하는 제도이다. 이러한 공정공시제도의 효과와 관련하여 선행연구들은 공정공시일의 주가변동성이나 재무분석가 이익예측치의 정확성 등을 검증함으로써 공정공시제도의 효과를 분석하였다. 그러나 이들 선행연구들에서는 공정공시제도에 따라 회계이익의 유용성이 어떻게 변화하였는지에 대해서는 구체적인 분석이 이루어지고 있지 못하다. 이에 본 연구에서는 공정공시제도의 도입에 따라 회계이익의 가치관련성이 어떻게 달라지는지를 분석함으로써 공정공시제도의 도입에 따라 회계이익의 유용성에 어떠한 변화가 나타났는지를 분석하였다. 이의 분석을 위하여 본 연구에서는 1999년부터 2006년까지의 기간을 대상으로 공정공시제도 도입을 전후하여 일정 기간 동안에 나타나는 회계이익의 가치관련성 변화를 살펴보았다. 분석 결과, 공정공시제도의 도입 이후, 전체 기업에 대한 회계이익의 가치관련성은 유의하게 증가하는 모습을 보였으며, 공정공시 미시행기업의 경우, 회계이익의 가치관련성은 공정공시제도 도입 이후 기간에 증가하지 않는 반면, 공정공시 시행기업의 회계이익의 가치관련성은 공정공시제도 도입 이전 기간에 비해 유의하게 증가하는 것으로 나타났다. 이러한 결과는 공정공시제도의 도입에 따라 회계이익 정보의 선별적 제공이 제한됨으로써 자본시장의 정보비대칭이 완화되고 결과적으로 회계정보의 유용성이 증가된다는 것을 의미한다. In Korea, Regulation Fair Disclosure(RFD, hereafter) was adopted in November, 2002. The purpose of RFD is to prevent the selective provision of information on firms to selected interested parties, and to urge firms to announce the same information to the public that they want to give to the selected parties such as analysts or institutional investors. By blocking selective disclosure through the RFD, regulators` intention was to eliminate any informational advantages that had benefited the selected parties only. Prior studies in Korea show that the enforcement of RFD reduced the leakage of advanced information (Lee & Choi, 2004), which implies that information asymmetry among market participants was mitigated after the adoption of RFD. For example, volatility of abnormal returns or variation of stock trading volume has been decreased on the disclosure day in the concerned industries (Kim et al, 2005). And Oh & Sohn (2006) showed that there was significant decrease in both analysts` forecasting performance and their optimistic bias after the enforcement of RFD. Foreign prior studies also show that RFD reduces volatility of abnormal return in the earings announcement day, the leakage of advanced information, and the trading expense. Many studies also show that the forecasting accuracy has not been declined even if relative uncertainty in the forecasting of earnings has become large (Shane et al., 2001; Heflin et al., 2003; Gadarowski and Sinha., 2007; Eleswarapu et al., 2004). Although many prior studies, domestic or foreign, showed that (the 생략) RFD has positive effects as mentioned above, however, it might have negative effects as well. RFD can restrict the communication between analysts (or institutional investors) and firm managers, which leads to the result that analysts might have difficulty in gathering private information needed to forecast future earnings from managers. In addition, there could be a loss in available information for investors, because it is likely that managers are reluctant to announce information due to both the complicated procedure of RFD and penalties against unfair disclosure. Additionally, whether to disclose or not is subject to managers` arbitrary decision because of the ambiguity of the related regulations concerned with the requirement which the firms should disclose to satisfy the RFD. In the stream of research that we have seen in the above, we could not find any studies as to whether the usefulness of accounting earnings has changed after the adoption of RFD. Therefore, the purpose of our paper is to examine whether the adoption of the RFD has increased the value relevance of earnings or not. By doing so, we hope that we could answer the question, whether RFD has made positive effects on the usefulness of accounting information. Value relevance as a summary indicator of informativeness of accounting numbers is related with the question, "how well the accounting information summaries every information that affects stock price ex post facto at least". However, the most prominent problem about the value relevance is that current stock price is a noisy proxy about true firm value. So we can measure the value relevance by estimating how much the accounting information include distinct information independent with current stock price about true firm value. (Kwon et al, 2010. p.569) In this respect, by blocking selective disclosure, the earnings information can be transferred faster. In this case, we can expect that the relation of earnings and returns would be improved. If this expectation is appropriate, we can believe that earnings information would be transferred to the market participants more quickly by RFD. And then RFD might increase value relevance in the capital market. In this context we can find the validity of the RFD in the accounting perspective. To achieve our purpose, we selected the sample for the period from 1999 to 2006, and analyzed the changes in value-relevance of accounting earnings before and after the adoption og RFD. The results showed 1) the value-relevance of accounting earnings has increased significantly for the entire firms after the adoption of RFD, 2) for the firms that did not practice fair disclosure, increase in value-relevance of accounting earnings has not been observed, and 3) however, for the firms that did practice fair disclosure, the value-relevance of accounting earnings has increased more after the adoption of RFD compared with before the adoption of RFD. These results imply that with the adoption of RFD, selective provision of accounting information is restricted, information asymmetry in capital markets is also mitigated, and, as their results, the usefulness in accounting information is increased. Compared to prior studies, this paper has two distinctive implications as follows. Firstly, most of prior studies have analyzed the changes in information asymmetry driven from RFD. Concretely they examined the market response around the event day, which was mainly the date when regulators announced that they would enforce fair disclosure, or measured the increase or decrease in the accuracy of earnings forecasts by analysts after RFD, However, the prior studies have not worked on the concrete analysis about how RFD has affected the informativeness of earnings. In this kind of research stream, we investigated the effect of RFD on the value relevance which is an important measure of accounting earnings` usefulness. So we expect that our paper would tell how RFD improves the usefulness of accounting information by analyzing the changes in value-relevance of accounting earnings before and after the adoption of RFD. Secondly, most Korean prior studies have made short-term analyses such as the effect of the RFD by event study or immediate effect after the adoption of the system. Our study, however, analyzed the long-term effect of RFD by seeing value relevance of accounting earnings for eight years, each four years before and after the adoption, respectively. Nevertheless, our study has limitations as follows. Firstly, compared to the firms not practicing fair disclosures, firms practicing fair disclosures show value relevance significantly high after RED, but the significance level is about 10 percent, which means that our results is not robust. So we are hoping for studies that would back up our conclusion. The way of backing up could be adding more samples, rearranging samples used in this paper and so on. Secondly, it is risky to generalize the conclusion of our study to every firms because we could not observe the effect of RFD on small firms. We guess that the reason is not the ineffectiveness of RFD but the prejudiced market response toward the small firms. Even if a small firms disclose well, market may not trust the announcement for the simple reason that they are small ones. This kind of facts would be a subject studied afterward. In conclusion, we believe that the adoption of RFD improves informational environment in capital market and then strengthens value relevance. But in the cases of firms not practicing fair disclosure and small firms, there exist no effect of RFD. Therefore, we believe that we need to make some improvements to RFD to help it function properly.

경영자의 과대확신과 회계정보의 가치관련성

정현욱 ( Hyun-uk Jung ),이강일 ( Kang-il Lee ) 한국회계학회 2021 회계저널 Vol.30 No.1

본 연구는 경영자의 과대확신이 높고 낮음에 따라 투자자가 회계정보를 주가에 차별적으로 반영할 것으로 판단하여 가설을 설정하고 실증분석을 수행하였다. 구체적으로, 본 연구에서는 경영자의 과대확신이 높아질수록 순자산(순이익)의 가치관련성은 증가(감소)할 것이라는 가설을 설정하고 분석을 수행하였다. 분석결과, 경영자의 과대확신과 순자산 간의 교호변수 회귀계수는 양(+)의 부호를 가지는 것으로 나타났다. 경영자의 과대확신과 순이익 간의 교호변수 회귀계수는 음(-)의 부호를 가지는 것으로 나타났다. 이러한 결과에 따르면, 경영자의 과대확신이 높은 기업일수록 청산가치를 나타내는 순자산과 주가의 관련성은 높아지고, 순이익과 주가의 관련성은 낮아지는 것으로 해석할 수 있다. 이는 표본기간 변경 및 경영자의 과대확신 측정치를 다양하게 측정하여도 일관된 것으로 나타났다. 이러한 결과를 종합해 보면, 경영자의 과대확신이 높고 낮음에 따라 투자자가 회계정보를 차별적으로 인식하고 있음을 시사한다. 또한, 본 연구에서는 회계이익의 질이 경영자의 과대확신과 회계정보의 가치관련성 간의 관련성에서 매개효과를 가지는지 혹은 조절효과를 가지는 지를 추가분석하였다. 분석결과, 회계이익의 질은 경영자의 과대확신과 회계정보의 가치관련성 간에 제한적으로 매개효과를 가지는 것으로 나타났다. 그리고 회계이익의 질은 경영자의 과대확신과 순이익의 가치관련성 간의 관련성에는 조절효과를 가지는 것으로 나타났지만, 경영자의 과대확신과 순자산의 가치관련성 간에는 제한적으로 조절효과를 가지는 것으로 나타났다. 본 연구에서는 회계이익의 질이 높고 낮음에 따라 경영자의 과대확신이 회계정보의 가치관련성에 미치는 영향을 분석하였다. 회계이익의 질이 낮은 기업의 경우 경영자의 과대확신은 투자자들로 하여금 청산가치(미래 잠재적 성과)를 나타내는 순자산(순이익)에 보다 많(적)은 가치를 부여하는 유인으로 작용하고 있는 것으로 나타났다. 하지만, 회계이익의 질이 높은 기업의 경우 경영자의 과대확신은 제한적으로 순자산 및 순이익의 가치관련성을 모두 증가시키는 것으로 나타났다. 본 연구는 경영자의 특성이 회계정보의 가치관련성에 영향을 미칠 수 있다는 자료를 제공한다는 점에서 공헌점이 있다. 즉, 본 연구는 투자자들이 의사결정을 수행함에 있어 경영자의 특성을 고려한다는 실증자료를 제공한다는 점에서 기여점이 있다. 따라서 본 연구의 결과는 투자자들의 의사결정과 정책결정자의 정책수립에 의미 있는 정보를 제공할 것으로 기대된다. This study investigates whether the managerial overconfidence is associated with the value relevance. Lee(2014) reports that high-earnings quality increases the value relevance of earnings but decreases the value relevance of equity. Previous researches related to the managerial overconfidence explain that high-managerial overconfidence induces excessive investment and optimistic evaluation of future performance. Therefore, Kim(2015) and Hwang and Cha(2015) report positive relation between managerial overconfidence and earnings management. High-earnings management decreases quality of earnings. We expect high-managerial overconfidence increases the value relevance of equity, and decreases the value relevance of earnings. In this respect, we analyze the effect of managerial overconfidence on the value relevance. Specifically, we examine the coefficient for interaction term(managerial overconfidence×equity and managerial overconfidence×earnings). We find significant positive coefficient for the managerial overconfidence×equity and significant negative coefficient for the managerial overconfidence×earnings consistent with our expectations. This is found to be consistent even with various measurements of sample duration and managerial overconfidence proxies. Taken together, these results suggest that investors perceive accounting information differently due to the high and low managerial overconfidence. In this study, it is additionally tested whether the quality of earnings has a mediated effect or a moderator effect between managerial overconfidence and the value relevance of accounting information. The quality of earnings is found to have a limited mediated effect between managerial overconfidence and the value relevance of accounting information. In addition, the quality of earnings is found to have a moderator effect on the relationship between managerial overconfidence and the value relevance of earnings, but the moderator effect is limited between managerial overconfidence and the value relevance. These results provide empirical evidence that investors take managerial characteristics into account when making decisions. Similarly, this study suggests that investors evaluate the degree of managerial overconfidence before they determine portfolio selection. This study contributes to extant literature about value relevance(of earnings and equity) by providing evidence that the managerial overconfidence affects investors’ portfolio selection.