방산업체의 이익조정에 관한 연구

정형록 ( Hyung Rok Jung ),이우종 ( Woo Jong Lee ),윤성만 ( Sung Man Yoon ),안태식 ( Tae Sik Ahn ) 한국회계학회 2007 會計學硏究 Vol.32 No.1

규제산업에 속한 기업들은 규제완화를 위하여 대정부 협상력을 높이고자 하는 유인이 있다. 본 연구에서는 정치비용가설, 원가이전가설, 그리고 이익유연화가설을 통하여 규제산업에 속한 방산업체의 이익조정에 대한 증거를 제시한다. 첫째, ``방산물자의 원가계산에 관한 규칙``이 1982년, 1997년 그리고 2003년에 개정되면서 방산업체에 대한 규제가 완화되었다. 본 연구에서는 규제완화 전에 방산업체가 정부에 대한 협상력을 확보하기 위하여 이익을 감소시키는 이익조정을 하였다는 간접적인 증거를 발견하였다. 이러한 결과는 방산업체가 사전적인 이익조정을 통하여 정부의 규제완화를 유도하기 위한 일련의 정치적 행위로 볼 수 있다. 둘째, 방산업체의 원가이전가설을 이용하여 이익조정 행태를 분석하였으며, 원가보상형 계약 매출이 이익조정의 계기가 된다는 것을 실증하였다. 이러한 결과는 민수부문에서 방산부문으로 원가가 이전되고 있으며, 방산업체가 이익조정의 수단으로 원가보상형 계약 매출을 이용한다는 것을 보여주고 있다. 셋째, 원가이전금액 중에서 정산원가로 인정받는 금액비율이 86.21%~91.74% 미만일 경우 민수부문의 이익은 증가하고 방산부문의 이익은 감소하지만, 이익조정은 부문별 손익변화의 방향과는 반대로 이루어짐을 보여주고 있다. 이러한 결과는 이익유연화가설을 지지하는 것으로 원가이전을 통한 민수 및 방산부문의 왜곡된 손익을 상쇄시키는 방향으로 이익조정이 이루어지고 있음을 의미한다. This paper investigates the incentives of firms in the Korean defense industry to engage in earnings management. We posit that firms in the Korean defense industry are more likely to manage earnings to preserve their bargaining power in government contracts since firms are better able to take advantage of management discretions under a low competition environment in the industry, Specifically, this paper examines the incentives to manage earnings using the political cost hypothesis, the cost shifting hypothesis, and the income smoothing hypothesis. The defense industry has experienced several deregulating changes. Major changes occurred in 1982, 1997, and 2003. These changes were made to improve financial performance of defense contractors. Expecting deregulating changes, we hypothesize that defense contractors are more likely to decrease their reported earnings, which can be regarded as a political action to take advantageous position against the Ministry of National Defense. Our findings indicate that they report income-decreasing abnormal accruals before the amendments of regulation in 1982, 1997 and 2003. Our second hypothesis is related to the cost shifting within segments. We additionally test whether defense contractors tend to manage earnings using the cost shifting opportunities. Prior studies examined the relationship between opportunistic cost shifting and excess profitability in the defense industry (e.g., Rogerson 1992; Thomas and Tung 1992; Lichtenberg 1992), while McGowan and Vendrzyk (2002) find no evidence regarding the relationship between managers` opportunities to manipulate cost allocations and excess profits. Our evidence supports the idea that a reimbursement contract in the defense industry allows defense contractors to manage earnings through opportunistic cost shifting within segments. Abnormal accruals from the cost reimbursement contract is larger than that from the fixed cost contract indicating that managers have more discretion in earnings management and cost shifting under the cost reimbursement contract. We posit that defense contractors try to smooth the income of segments since cost shifting results in abnormal profits or losses in each segment. Specifically, defense contractors are hypothesized to reduce overstated commercial segment income and enhance understated defense segment income. We confirmed income- decreasing management in the commercial segment as well as income-increasing management in the defense segment. Moreover, these abnormal accruals are negatively associated with each other even after controlling for firm characteristics. This paper contributes to the literature by providing empirical evidence on earnings management in the Korean defense industry. Our overall results arguably suggest the policy implication that the regulatory body should pay more attention to the incentives of earnings management among defense contractors. This paper also introduces segment-based estimates of abnormal accruals to examine our predictions across segments. These segment-based abnormal accruals can be estimated from the segment disclosure of defense contractors, which makes our tests distinguishable from firm-level analyses in earnings management literature.

비대칭적 원가행태에 대한 연구동향

정형록(Hyung-Rok Jung) 한국관리회계학회 2015 관리회계연구 Vol.15 No.2

본 연구의 목적은 Anderson et al.(2003) 이후 활발하게 진행되고 있는 비대칭적 원가행태에 대한 국내외 연구동향을 살펴보고 추후 연구주제에 대해 논의하는 것이다. 비대칭적 원가행태는 매출증가시 원가증가율보다 매출감소시 원가감소율이 작게 나타나는 하방경직적 원가행태와 매출증가시 원가증가율보다 매출감소시 원가감소율이 크게 나타나는 하방 탄력적 원가행태로 세분할 수 있다. 이러한 비대칭적 원가행태의 원인으로 원가의 고정성, 경영자의 원가통제 실패, 매출감소시기에 자원유지에 대한 경영자의 경제적 의사결정, 조정원가와 경영자 의사결정과의 관계를 들고 있다. 2003년~2014년의 비대칭적 원가행태에 대한 국내논문을 분석하였다. 분석결과 14개 학술지에 55편의 논문이 게재되었다. 논문주제를 비대칭적 원가행태의 결정요인, 영향, 모형차용, 기타로 구분한 결과 결정요인이 46편으로 가장 높은 비중을 차지하고 있었다. 다음으로 영향 6편, 모형 차용 2편, 기타가 1편이다. 가장 사용빈도가 높은 분석모형은 Anderson et al. (2003) 모형 이었다. 결정요인분석에서 종속변수는 판매관리비, 인건비, 노무비 순으로 이용하였다. 활동량 대용치는 매출액을 가장 많이 사용하였다. 독립변수는 대리인, 재무상태, 경영자 수요전망, 이익조정 변수 순으로 이용하였다. 영향분석에서는 이익 예측치, 추정오차의 절댓값, 재무분석가 이익 예측오차, 누적초과수익률, 총발생액, 당기순이익, 차기 이익 변화를 종속변수로 이 용하였으며, 독립변수는 Hamburg and Nasev(2008), Weiss(2010)를 기반으로 한 개별기업 원가항목의 하방경직성 변수가 가장 많이 이용되었다. The main purpose of this paper is to review the growing body of research on cost stickiness and also, to discuss research opportunities. While the traditional cost behavior model describes a mechanistic relation between activity and costs, recent studies on cost behavior find that costs are sticky- i.e., costs decrease less with activity decreases than they increase in response to the activity increases by an equivalent amount. This alternative view recognizes the primitives of cost behavior-resource adjustment costs and managerial decisions. By following Anderson et al.(2003), researchers investigate the determinants, consequences and different aspects of the cost stickiness. This review provides the following evidence in Korean research on the cost stickiness. First, total number of studies on asymmetric cost behavior in Korea is 55 from 2003 to 2014. Second, in terms of research model, 46 studies examined issues related to determinants the most. Third, in terms of research topic, Anderson et al.(2003)’s model was employed the most. Fourth, in terms of dependent variables of determinant studies, SG&A expenses, employment expenses, labor costs were used the most. Fifth, in terms of independent variables of determinant studies, agency, financial conditions, demand expectation were used the most. Sixth, in terms of variables of consequence studies, earnings forecast, individual firm’s stickiness index was used the most.

한국제조기업의 원가구조변화에 관한 연구

정형록(Hyung-Rok Jung),안태식(Tae-Sik Ahn) 한국관리회계학회 2005 관리회계연구 Vol.5 No.2

제조원가의 구조는 최근에 상당히 변화하였다. 이러한 원가구조의 큰 변화는 지원원가가 총원가에서 차지하는 비율이 대단히 높아졌다는 것이다. 이러한 변화는 더 많은 생산엔지니어링, 일정계획 및 기계작업준비활동을 필요로 하는 공장 자동화 경향 때문에 발생한 것이다. 또한 원기구조의 변화는 보다 나은 고객서비스에 대한 강조와 다양한 제품생산에 대한 지원활동의 증가에 기인한다고 볼 수 있다. 따라서 간접제조원가는 보다 중요하게 되고, 직접노무원가는 계속 감소하고 있으며, 유통, 판매, 마케팅 및 관리활동과 관련된 간접원가는 증가하고 있다. 본 연구는 1980-2003년까지의 기간 동안 총 6,506개의 제조기업 자료를 이용하여 우리나라 제조기업의 원가구조 변화요인을 분석하고자 한다. 제조원가명세서 원가항목에 대하여 표본기간 동안의 변화추이와 산업별 차이를 제시하고 회귀분석을 통해 원가구조의 변화차이를 분석하였다. 세부적으로 제조원가 항목 중 인건비, 노무비, 경비에 대한 분석을 수행하였다. 원가구조의 추이를 분석한 결과 노무비를 제외한 재료비, 경비, 기본원가, 가공원가는 시계열적으로 감소하는 결과를 보여 주었으며 자동화수준은 시간이 지남에 따라 증가하는 결과를 보였다. 또한 자동화수준이 높아짐에 따라 노무비, 기본원가 비율은 감소하고 경비의 비율은 증가하는 결과를 보였다. Recently manufacturing cost structure was considerably changed. This structure change is that supporting costs is given much more weight in the total costs. This change is caused by factory automation which is needed more production engineering, scheduling and setup activities. And this phenomenon is also caused by improvement of customer satisfaction and various product mix. So the importance of overhead is increasing and direct labor cost is decreasing. This study analyzes the cost structure changes of Korean manufacturing firms over 24 years using 6,506 firm-year data. specifically Korea accounting standards regulation require reporting of statement of cost of goods manufactured until 2003 unlike U.S.A. we can investigate behavior of manufacturing cost items. This structure change analyses indeed show that manufacturing overhead, increases over time while labor costs and prime costs decrease partly due to factory automation. The results of our study support the previous findings on SG&A costs.

2017년 장애인고용기업 추가비용 조사

정형록(Jung, Hyung Rok),김재준(Kim, Jae Joon),김미옥(Kim, Mi Ok) 한국장애인고용공단 고용개발원 2017 위탁과제보고서 Vol.2017 No.-

지분율 괴리도와 투자이상현상

조형진 ( Hyung Jin Cho ),김미옥 ( Mi Ok Kim ),정형록 ( Hyung Rok Jung ) 한국회계학회 2014 회계학연구 Vol.39 No.6

본 연구는 기업의 지배구조가 투자와 미래주식수익률 간의 음(-)의 관계에 미치는 영향을 분석하고자 한다. 투자와 미래주식수익률간의 음(-)의 관계에 대하여 선행연구에서는 두 가지 견해를 제시하였다. 첫 번째는 투자에 대한 시장의 과대평가로 인한 차기의 주가조정현상으로 보는 견해(가격이상현상)이다. 향후 투자로 인한 실적 변동이 시장의 기대에 못미치면 주식가격이 하락하는 가격조정이 이루어지기 때문이다. 두 번째는 투자수익률과 투자선호기업 간의 체계적인 관계에 의해 나타난 결과로 보는 견해(q-이론)이다. 본 연구는 두가지 견해 중 가격이상현상에 초점을 맞추어 지분율 괴리도가 투자와 미래주식수익률간의 음(-)의 관계에 어떠한 영향을 미치는 지를 분석하였다. 연구결과는 다음과 같다. 첫째, 지배주주의 사적이익을 위한 비효율적인 의사결정으로 비효율적인 투자가 존재하는 지를 분석하였다. 투자수준에 영향을 미치는 기업특성을 통제하였음에도 불구하고 지분율 괴리도는 비효율적인 투자와의 유의한 양(+)의 상관관계가 있다는 것을 발견하였다. 둘째, 투자와 미래주식수익률간의 음(-)의 관계가 비효율적인 투자로 인해더 강하게 나타나는지 분석한 결과, 지배주주의 사적이익추구행위가 일어날 가능성이 높은 지분율 괴리도가 높은 기업에서는 비효율적인 투자와 미래주식수익률 간의 음(-)의 관계가 강하게 나타났으며 이러한 관계는 투자 후 3년간 지속되는 것을 발견하였다. 즉 지분율 괴리도가 높은 기업의 비효율적인 투자는 장기간 기업 가치를 낮추는 요인임을 제시하였다. 본 연구는 투자와 미래주식수익률의 관계를 지배구조와 투자의 관계를 통해서 규명하고자 하였다. 또한 지배구조가 약할수록 비효율적인 투자가 이루어질 가능성이 높음을 제시하고, 이러한 비효율적인 투자는 기업의 미래가치를 낮추는 요인임을 제시하였다는 점에 공헌점을 둔다. This paper investigates the impacts of corporate governance on the negative relation between corporate investment and future stock returns. Prior research provides two explanations on the negative relation between investments and future stock returns, which is labeled as the growth anomaly. First explanation is the mispricing originated from the investors`` over-valuation of investments. The stock price can decline when the actual performance after investments fail to meet the market``s expectation on the future performance. Second explanation is based on the q-theory. Firms with lower systematic risks will have larger investments, resulting in the negative association between future stock returns and investments. This paper focuses on the mispricing explanation and examines the effect of corporate governance on the negative association between investments and future returns using the divergence between voting rights and control rights, henceforth wedge, as the proxy for corporate governance. Previous studies document that the wedge is positively related with the major shareholders`` expropriation of other shareholders. Therefore, firms with a large value of wedge are more likely to engage in investments which can increase the private benefits of control for major shareholders while having no or negative effect on other shareholders`` wealth. Our sample includes the firms listed in the Korean stock exchanges from 2000 to 2011 with available data of the divergence between voting rights and cash flow rights. We obtain the wedge data from Fair Trade Commission. We use the total amount of investment (the sum of capital expenditure and research and development expenses) and the asset growth as proxies of investments. To better understand the effect of inefficient investment on future returns, we also consider the abnormal level of investment. Normal level of investments is measured by the predicted value from the regression of investments on firm characteristics. Before the regression analysis, we construct the hedge portfolio to test the effect of wedge on the relation between investment and future stock returns. The hedge portfolio test results show that the wedge is positively related with abnormal investments. They also provide that the negative relation between investments and future stock returns is stronger for firms with a larger divergence between voting rights and control rights. The regression results are as follows. First, after controlling for firm characteristics related with the level of investments, we find that there is the positive relation between the divergence between voting rights and control rights and inefficient investments. This indicates that the private benefits of control from a large divergence between voting rights and control rights result in inefficient investments decisions. Second, we find that the negative association between investments and future returns is stronger for firms with a larger divergence between voting rights and control rights. We find that the investments of firms with a large divergence between voting rights and control rights have negative effects on future returns at least for three years. This can be explained in two folds: (1) consistent with q-theory, firms with lower systematic risks can invest more than those with higher systematic risks because they have lower required rate of returns, resulting in the negative relation between investments and future stock returns, and (2) investors fail to recognize the inefficient investments and adjust their mispricing to the investments of firms with a large divergence between voting rights and cash flow rights, resulting the negative stock returns. To understand whether our findings can be explained by the mispricing, we perform a battery of robustness tests. We find that investments of firms with a large wedge is negatively related with future operating cash flows. This supports our first finding that investments of firms with a large wedge are more likely to be inefficient than those of firms with a low wedge. We also regress the contemporaneous stock returns on investments, wedge, and their interaction. We find that investors react more positively when firms with a large wedge invest more. Therefore, this last finding provides evidence that our results can be attributable to investors`` misunderstanding on the value implication of investments by large wedge firms. This paper contributes to the accounting research by investigating the fundamental reason of growth anomaly. While many prior studies document a negative relation between investment and future returns, there is a little explanation on why this negative relation appears. We highlight the channel through which the corporate governance influences the association between investments and future stock returns. Weak corporate governance, proxied by a large divergence between voting rights and control rights, results in inefficient investment decisions which deteriorate the firm value. Furthermore, investors fail to recognize the effect of investments on the firm value, resulting in the initial overpricing for firms with a large divergence between voting rights and control rights. Most previous studies on the growth anomaly and inefficient investments fail to attribute their relation to the corporate governance(Cho et al. 2014; Titman et al. 2004; Titman et al. 2009). This research is closely related with Jiang et al.(2011) who document that a divergence between voting rights and cash flow rights is negatively related with the investment sensitivity to stock price, resulting in inefficient investments and poor future financial performance. We differentiate from Jiang et al.(2011) by focusing on the investors`` failure to understand the value implication of investments on firm value and consequent mispricing for firms with a large wedge, while Jiang et al.(2011) focus on the negative effect of inefficient investments on future financial performance.

환산지수계약 의료기관 유형분류를 위한 특성변수에 관한 연구

윤성만 ( Sung Man Yoon ),정형록 ( Hyung Rok Jung ),김미옥 ( Mi Ok Kim ) 경희대학교 경영연구원 2012 의료경영학연구 Vol.6 No.4

Health insurance fees are set by relative value scales and conversion factor. Since 2008, conversion factors have been contracted separately with 7types of providers as the characteristics of providers are different. Therefore, it became one of the most important issues to find optimal medical institution classification in conversion factor contract. In this study, we investigate specific factors which affect the medical institution classification for conversion factor contract types. Using data from National Health Insurance Corporation, we analyzed the difference among several factors. When we classify the medical institution by service, size, location, and ownership, the result shows that there are statistically significant differences among these factors. It implies that the revenue and cost structure of medical institution are affected by these factors. This paper contributes to health insurance authorities in that they should consider these factors when they classify medical institution for conversion factor contract.

5G 서비스들에 대한 회계분리 방안 연구

강병민 ( Byung Min Kang ),정형록 ( Hyung Rok Jung ) 정보통신정책학회 2020 정보통신정책연구 Vol.27 No.1

5G 시대의 도래에 따라, 기존의 일반 음성 · 데이터서비스와 함께 자율주행, 원격로봇 등 폭넓고 다양한 신규서비스들이 출현하리라 전망된다. 후자의 B2B 서비스들은 제4차 산업혁명을 주도할 기반으로써 기존 규제보다 완화된 활성화 정책이 요구됨에 따라, 5G 서비스들에 대한 회계분리가 필요할 가능성이 높다. 그런데도, 5G 서비스 제공은 우리나라가 최초이기 때문에 이에 관한 연구는 매우 미진한 상태이다. 따라서 본 연구의 목적은 5G 서비스들에 대한 회계분리 방안을 모색하는 데 있다. 이를 위하여, 5G망의 기술적 특성, 물리적 구조 등을 파악한 후에 5G 회계분리에 적합한 배부기준자를 도출하였다. 연구 결과에 따르면, 우선 현행 회계분리기준이 규정한 장부가액, 회선수등의 배부기준을 5G 서비스 별 회계분리에 적용할 수 없다. 왜냐하면, 현행 기준은 회계분리대상 서비스별로 물리적인 망 또는 망구간을 정의한 후에, 이에 배부기준을 적용하는 회계분리 논리(logic)를 가지고 있는 반면에, 5G망은 하나의 물리적 망을 통하여 차별적 특성(QoS)을 지닌 다양한 서비스들이 제공되기 때문이다. 둘째, 5G 서비스별 회계분리에 적용할 가장 적합한 배부기준자는 사용량 기준의 누적 통신량이다. 이는 인과관계 기준자로서, IP화된 5G망에서 Packet 단위의 서비스별 측정이 가능하기 때문이다. 더구나 N/W Slicing을 통하여 서비스별 가상망 구성이 수시로 변하거나 향후 5G 신규서비스들이 하나씩 도입되더라도 적용할 수 있다. 셋째, 5G 서비스가 LTE망을 이용하는 경우 내부거래로 처리하는 것이 바람직하다. 마지막으로, 현행 배부기준에 대한 몇 가지 개선사항을 부수적인 연구 결과로 제시하였다. The 5G telecom era is expected to lead to the introduction of a wide variety of new services such as autonomous cars and remote controlled robots. The 4^th industrial revolution hinges on the advancement of new B2B services under more relaxed regulation, requiring with all likelihood an accounting separation of 5G services from existing services. However, studies that could guide this process are rare, since Korea has been the first in the world to commercialize 5G services. This study aims to examine the approaches to accounting separation by reviewing the characteristics and structure of 5G networks and identifying the allocators suitable to realize the separation. The study concludes that, first, the current allocators stipulated by the Korean Accounting Separation Standards (KASS) are not appropriate for the separation of 5G services, because services with diverse QoS are routed simultaneously through one physical network. The current KASS allocators would be suitable only if each service was defined as a unique network or one of its sectors. Second, traffic accumulation based on network usage provides a suitable criterion for the separation of 5G services. The allocator can be measured since 5G is an IP network. It can be applied even amid the constant fluctuation of virtual network formations within 5G due to N/W Slicing, and amid the sequential introduction of new services. Third, when 5G services use an LTE network, internal-transaction accounting is preferred. This study proposes some improvements to the assignment of ASS allocators.

이동통신사의 통신원가 산정시 법인세비용 배부에 대한 개선방안 연구

이현경 ( Hyun-kyung Lee ),정형록 ( Hyung-rok Jung ),김미옥 ( Mi-ok Kim ),윤성만 ( Sung-man Yoon ) 한국회계학회 2016 회계저널 Vol.25 No.4

본 연구는 이동통신사의 통신원가를 대상으로 법인세 배부에 대한 사례를 분석하였다. 현행 전기통신사업법 회계분리기준에 따른 총괄원가에 포함되는 법인세비용은 실무적으로 재무회계상 법인세비용을 그대로 인식하고 있어 특정연도의 이동통신사업자의 유효법인세율이 크게 나타나거나 음(-)의 법인세비용이 발생하는 경우 원가왜곡이 발생한다. 따라서 본 연구의 목적은 규제서비스관점에서의 총괄원가를 합리적인 수준으로 산정하고, 총괄원가를 산정함에 있어 기획재정부의 2013년 공공요금 산정기준에 따라 법인세비용을 재산출함으로써 개별 공공요금간의 일관성과 정합성을 제고하자 한다. 분석 결과 기획재정부의 공공요금 산정기준에 따라 산출된 법인세비용을 사용할 경우 특정연도에 총괄원가가 과대 또는 과소 계상되지 않는 것으로 나타났다. 이는 기획재정부의 공공요금 산정기준에 따라 산출된 법인세 비용은 통신요금 정책결정을 위한 기초자료로서 목적적합하게 사용될 수 있을 것으로 기대한다. 또한, 현행 전기통신사업 회계분리기준 제30조는 법인세비용을 영업손익비율 기준에 따라 서비스별로 배부하고 있다. 현행기준에 따르면 음(-)의 법인세비용이 발생하는 경우 영업이익이 발생하는 서비스에 음(-)의 법인세가 배부되고, 영업손실이 발생하는 서비스에 양(+)의 법인세가 배부되어 서비스별 원가왜곡이 발생할 수 있다. 따라서 본 연구에서는 서비스별 영업손익에 법정세율을 곱하여 산정하고, 세무상 조정사항을 역무별 공통비용으로 정의하고, 투자보수의 기준이 되는 요금기저를 기준으로 서비스별로 배부하였다. 분석 결과, 서비스별 편차가 있으나 영업이익이 크게 발생한 서비스의 경우 본 연구에서 제시한 서비스별 투자보수기준 법인세비용과 현행 법인세비용이 큰 차이를 보이는 것으로 나타났다. 즉, 요금인하여력 등 요금수준을 확인하기 위한 참고자료로서 원가보상율을 활용하는 경우 법인세비용 배부에 따른 차이는 통신서비스 요금산정에 큰 영향을 미칠 수 있으므로 합리적인 법인세비용의 배부방안에 대한 논의가 적극 검토되어야 한다는 것을 시사한다. In the early 2000s, the government induced firm to enter the mobile telecommunication industry which demands a massive investment as it is one of national information infrastructures. Despite of higher initial investment, mobile telecommunication industry brought the first movers to make a huge profit because the industry is monopolistic and oligopolistic and customer’s demand is consistently increased. These facts can be proved to the number of mobile phone service subscriber, about ten million people in 2015. As complaints about mobile service has increased, the public interest is growing in not only mobile telecommunication price but also mobile telecommunication costs. They raise a question whether pricing mobile communication service is reasonable. Once again, these public interest also boost academic interest, such as calculation method and components of telecommunication cost. This case study focuses on the allocation of corporate tax expense with mobile telecommunication cost in telecommunication firms among various academic issues. The followings are the reason of choosing this specific issue. First, according to the current accounting separation standards in the Telecommunication Business Act, the corporate tax expense included in aggregate cost is practically considered the same as the corporate tax expense of Financial Accounting Standards. Estimating corporate tax expense is critical point in not only aggregate cost but also cost recovery rate. Moreover, the aggregate cost is one of the relevant information for establishing and carrying out mobile telecommunication policy. Corporation tax expense is also one of the main components of the aggregate cost, and the impact of corporation tax expense on aggregate cost is to a considerable extent as the level of corporation varies depending on the recognition basis of corporation tax expense or service allocation basis. Under the current system, cost could be distorted in the case of that effective tax rate is large enough in the particular year, or corporate tax expense appears to be negative value. Therefore, the purpose of this study is calculating the reasonable aggregate cost to improve consistency and coordination among public utility charges. Computing aggregate cost is also able to recalculate the corporate tax expense on the basis of scoring criteria of public utility charges published by Ministry of Strategy and Finance in 2013. Aggregate cost including corporate tax expense is expected to be reasonable basic data for a policy decision of telecommunication fee if corporate tax expense is calculated by scoring criteria of public utility charges published by Ministry of Strategy and Finance. Under the current system, the aggregate cost is generally overestimated or underestimated due to the irregularly occurred corporate tax expense. Moreover, corporate tax expense is currently distributed across the service on the basis of operating income ratio under the accounting separation standards. In this case, the cost also could be distorted because the service which makes a profit pays negative value of corporate tax expense, otherwise, the services which makes a loss pays positive value of corporate tax expense. Therefore, this study suggested the cost allocation across the service by below procedures. To improve current allocation method, we multiply operating profit and loss across the service by tax rate, and then we define common expense as deduct profits which are not taxation objects, adjustment details in the concept of financial accounting. Lastly, we set the cost as the basis of compensation on operating assets. Analysis results shows that there is a big gap between the corporate tax expense calculated by current system and calculated by our suggestion in the case of profitable service. That is, cost difference by allocating corporate tax expense has a great effect on the policy decision of telecommunication fee such as demanding reduction of fee, compensation of cost. Therefore, this paper suggests that government gives positive consideration to rational allocation plan and policy for corporate tax expense when deciding telecommunication fee. This paper also has limit to discuss the allocation of not overall factors but corporate tax expense when estimating aggregate cost. Further research should consider the effect of corporate tax expense on telecommunication accounting by examining the relation between corporate tax expense and compensation rate on operating asset before or after tax.

BSC 성과측정지표간의 인과관계

안태식 ( Tae Sik Ahn ),정형록 ( Hyung Rok Jung ),박경호 ( Kyung Ho Park ) 한국회계학회 2008 회계저널 Vol.17 No.3

투자전략이 원가행태에 미치는 영향

김미옥(Mi Ok Kim),정형록(Hyung Rok Jung),황인이(Iny Hwang) 한국경영학회 2017 經營學硏究 Vol.46 No.3

This paper investigates the impact of investment strategy on asymmetric cost behavior. Managers set up strategy for achievement of target, and run business depending on the strategy. To confirm whether the resource is allocated by strategy or not, we need to understand the cost behavior, one of the cost information. Because, cost behavior can be seen as the results of strategic decision if cost is allocated by firm’s strategy. The aim of this paper is investigating the effect of hysteresis behavior on cost behavior. According to Dixit(1989), hysteresis behavior is manager’s sticky decision about disinvestment against economic unfavorable situation. Again, decision about not disinvestment but keeping investment when sales decreases, is somewhat similar to asymmetry cost behavior, which costs are decline less in response to sales decreases than they rise for equivalent sales increases (Anderson et al. 2003). Therefore, We analyse the impact of hysteresis strategy on asymmetric cost behavior with two hypotheses, and the results are as follows. First, firms with higher ratio of foreign sales, they have an incentive to keep foreign division even though sales decrease. Therefore, cost behavior appeared to be stickiness and hysteresis strategy makes cost stickiness stronger. The results support hypothesis 1. Next, firms belong to competitive or monopolistic industry, have an incentive to keep division form preventing entrance of potential competitors. Therefore, cost behavior appeared to be stickiness and hysteresis strategy makes cost stickiness stronger. The results support hypothesis 2. Lastly, if firms have higher asset intensity and belong to industry with higher asset intensity, firms have an incentive to keep division to holding co-specialized asset. Therefore, cost behavior appeared to be stickiness and hysteresis strategy makes cost stickiness stronger. The results support hypothesis 3. This paper contributes to the accounting research by investigating the influence of strategy on asymmetric cost behavior. Also it shows that manager’s decision for resource adjustment are related with not only resource capacity but also investment, itself. However, further studies are needed to done for sophisticated investigation for the relationship between strategy and cost behavior. Strategy are set up by various determinants, so there are possibility of endogeneity problem. Lastly, the results of multiple period suggest indirect effect of investment strategy on cost behavior, it should be interpreted with caution.