이익의 질이 외부자본비용과 투자 간의 관련성에 미치는 영향 = The Effects of Earnings Quality on the Association between External Costs of Capital and Investments

다국어 초록 (Multilingual Abstract)

This paper examines the implications of earnings quality for the external cost of capital, which is dependent on the magnitude of reported earnings. That is, this paper examines whether the capital market recognizes the magnitude of reported earnings as a mere earnings quality or as a pricing earnings quality by analyzing the relation between earnings quality and discretional accruals. In empirical analyses, they are consisted of the samples of 2,556 manufacturing firm-year companies listed in the Korea Stock Exchange from 2000 to 2008.
The summary of empirical results is as follows; Firstly, most empirical results show that the systematic negative association between earnings quality and the external cost of capital is significantly different from discriminant accruals. Also, this paper finds evidences that lower earnings quality reduces the efficient investment decision-makings, thus, they are negatively associated with next profitability. The negative association between earnings quality and next profitability(or the external cost of capital) almost exclusively driven by the sample of investment firms with the most positive-discretionary-accruals, where over-investment is more likely to occur, rather than by the other samples. Lastly, the responses of the stock market on implications of reported earnings for earnings quality are as follows; That is, the stock market are not recognized the negative implications of reported earnings with the relative higher positive-discretionary-accruals on earnings quality. Moreover, the non-recognition is much more significant in the investment samples of the most positive-discretionary accruals. Consequently, in next period, the lower earnings quality(or the higher external cost of capital) shows the lower next profitability.
All empirical evidences show that over-investment may be responsible for the higher positive-discretionary-accruals. This paper is contributed that the first empirical test of the positive(or negative) relation between earnings quality(or the higher external cost of capital) and future performance is performed in the domestic studies.

국문 초록 (Abstract)

본 논문은 2000-2008년간 상장기업을 대상으로 이익의 질이 투자재원의 조달방법과 투자의 효율성 등에 미치는 영향을 검증하여 이익의 질이 외부 자본비용과 투자 간의 관련성에 미치는 영향에 관하여 분석하였다. 실증결과는 3가지로 요약할 수 있다. 첫째, 시장에서 보고이익에 대한 투자자의 기능적 고착화현상으로 인하여, 대규모 양(+) 재량적 발생액을 계상한 기업군은 상대적으로 낮은 외부 자본비용에 의존하여 투자자금을 조달하고 있는 것으로 나타났다. 둘째, 시장에서 보고이익에 대한 투자자의 기능적 고착화현상으로 인하여, 전기에 이익조작에 의해서 대규모 양(+)의 재량적 발생액을 계상한 기업군의 투자수준은 상대적으로 낮은 외부 자본비용의 자금조달이 가능하게 되어 결과적으로 전시적이며 과시적인 과잉투자로 이어져 차기에는 더욱 악화된 영업성과(실적)를 나타냈다. 셋째, 양(+)의 대규모 재량적 발생액의 계상이 차기의 외부 자금조달과 관련하여 시장에서 어떠한 반응을 보이는지를 분석한 결과, 양(+)의 대규모 재량적 발생액과 주식수익률과는 음(-)의 관계를 보여주고 있다. 이러한 실증결과는 다음의 중요한 두 가지 함의를 갖고 있어 향후 문헌연구 등에서의 활용도 기대된다. 첫째, 재량적 발생액으로 대리되는 이익의 질과 자본비용간의 음(-)의 관계는 낮은 이익의 질을 갖고 있는 기업군의 경우, 보다 낮은 자본비용으로 조달된 자본을 비효율적으로 투자하게 되어 기업의 미래현금흐름(실적)에 악영향을 미치고 있었다. 둘째, 경영자의 기회주의적인 보고유인에 의해서 계상된 대규모 양(+)의 재량적 발생액을 시장에서 적시에 인식하지 못하고 있다는 것을 투자의 관점에서 실증한 점이다.

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