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- 저자 : 김문현 ( Moon Hyun Kym ) (검색결과 10 건)
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김문현 ( Moon Hyun Kym ) 한국생산성학회 2013 生産性論集 Vol.27 No.1
The purpose of this study is to test relation of credit rating and earnings management. The firms have the incentive to make credit rating better with earnings management. But, if earnings management is considered in credit rating, earnings management will negatively be related with credit rating. This study used credit rating for firms instead of credit rating for issuing a debt and considered discretionary accruals as a means of earnings management. Test period is from 2002 to 2010. Samples are 3,612 year-firms from public, manufacturing firms. The empirical results showed that there was a negative relation between discretionary accruals and credit rating level. This means that though the firms have the incentive to improve credit rating through earnings management, earnings management have an negative effect on credit rating. Also, there was a negative relation between discretionary accruals and credit rating change. This means that earnings management have an negative effect on credit rating change. The empirical results imply that the firms manage earnings with discretionary accruals for the purpose of improving credit rating, but that credit rating negatively reflect the incentive.
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김문현(Moon Hyun Kym) 한국IT서비스학회 2009 한국IT서비스학회지 Vol.8 No.3
This study aims to test the valur relevance of development cost particularly focusing on IT firms of KOSDAQ. Test period is from 2005 to 2007 and the samples are 2,271 year-firms including 1,692 firms that reported development cost in financial statements. The basic test model is a modified Ohlson(1995)'s lineae model. The empirical results show that there is the negative relation between stock price and development cost reported as asset. It means that development costs reported as asset is considered as expense in the market. It implies that development activities of KOSDAQ IT firms is not related to market-leading technologies or goods. Otherwise it might reflect the conservative valuation of market on the unstability of KOSDAQ market itself.
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감사인의 비감사 서비스 제공과 기업의 전기오류수정 사이의 관계
송혁준 ( Hyuck Jun Song ),김문현 ( Moon Hyun Kym ),최종학 ( Jong Hag Choi ) 한국회계학회 2008 회계학연구 Vol.33 No.4
최근 들어 기업들이 빈번하게 오류수정을 발표하고 있기 때문에, 최근 학계뿐만 아니라 투자자나 규제기관 등은 오류수정에 대하여 많은 관심을 기울이고 있다. 오류수정에 대한 연구는 재무제표 재작성을 중심으로 감사품질에 대한 연구의 일부분으로 수차례 수행된 바있다. 그러나 재무제표의 재작성과 대차대조표 수정, 손익계산서 수정 등을 모두 포함한 오류수정 전체를 이용하여 감사품질을 측정한 후, 감사인의 비감사서비스 제공과 감사품질 사이의 관계를 연구한 국내외의 연구는 전혀 없는 실정이다. 한편 감사품질에 대한 대용치로 기존 연구에서 주로 사용된 감사의견이나 재량적 발생액 등에 비해 회계오류 자료는 직접적으로 감사품질과 관련되어 있으면서도 오류를 수정하는 기업의 숫자가 비적정의견을 받는 기업의 숫자보다 상대적으로 많기 때문에, 더 많은 통계적 검정력(statistical power)을 확보할 수 있는 이점이 있다. 본 연구에서는 회계오류의 수정을 감사품질의 대용치로 사용하여 감사품질과 비감사서비스 사이의 관계에 대한 분석을 수행하였다. 본 연구의 목적은 전기 오류의 수정과 감사인의 비감사서비스 제공 사이의 관련성 여부를 검증하는 것이다. 이를 위해 기업회계기준서 1호가 발효된 후인 2000년부터 2004년까지의 국내 자료를 이용하여 경험적 분석을 수행하였다. 분석결과 비감사서비스와 회계오류 사이에는 유의적인 관련성을 발견할 수 없었다. 이러한 연구 결과는 다양한 방법을 이용하여 비감사서비스의 제공 유무나 제공 정도를 측정한 경우에도 강건성을 지니며 유사하게 나타난다. 또한 회계오류의 종류를 세분화하여 과대평가 오류나 과소평가 오류로 분류한 경우, 재무제표의 재작성과 영업외손익 보고, 그리고 이익잉여금 조정으로 분류한 경우 등으로 각각 구분하여, 개별적으로 분석을 하여도 유의적인 관련성을 발견할 수 없었다. 비감사서비스를 종류별로 구분하거나, 통계적 검정력을 높이기 위하여 대응표본을 이용한 분석을 실시하여 보았으나 결과는 마찬가지였다. 따라서 본 연구 결과에 의하면, 감사인의 감사서비스와 비감사서비스 동시 제공이 감사품질을 저하한다는 또는 증진시킨다는 결론을 내릴 수 없었다. 이러한 결과는 규제기관이 비감사서비스의 제공이나 오류수정에 대한 정책을 수립하는 경우에도 참고자료로 유용하게 사용될 수 있을 것이다. Regulators, academics, and investors have paid great attention on accounting error corrections recently, because the increasing number of firms announce the prior error corrections. Accordingly, Korea Accounting Standards Board announced its accounting standard No. 1 "Accounting Changes and Error Corrections" at year 2000. According to the statement, the accounting error occurred in prior periods can be corrected in three different methods: 1) financial statement restatement, 2) reporting in other revenue and expense section of the income statement, and 3) reporting as an adjustment to the retained earnings in the equity section of the balance sheet. In this study, we examine the relationship between the provision of the non-audit service by auditors and the prior accounting error corrections. If the provision of non-audit service impairs audit quality, as argued by regulators and media after the Enron scandal, it is possible that financial statements prepared by the auditor who provide non-audit service simultaneously with audit service could contain more unintentional error or intentional bias. It is because auditors are not able to preform quality audit which find and correct error or bias contained in the financial statements, compared with the firms that do not receive any non-audit service from auditors. These error or bias would be revealed in later which would result in more frequent error corrections by firms. Although there exist prior studies examining the relationship between financial statements restatements and the provision of the non-audit service by auditors, this is the first study that examine the relationship between the entire range of error corrections, including financial statements restatements, reporting them in income statement, and reporting them in balance sheet, and the provision of non-audit service. In this respect, we believe that this study can contribute academics, regulators, as well as practitioners and users of the financial statements on the much debated effect of the provision of non-audit service by auditors on audit quality. Although prior studies have investigated this issue frequently, the findings in the prior study is mixed and generally inconclusive. Most of the studies failed to find any significant relationship between the two. However, the most frequently used proxy for the audit quality in prior studies are either audit opinion or discretionary accruals. The two proxies have their own shortcomings. First, because almost all audit opinion is clean and thus non-clean opinions are seldom issued by auditors, it is difficult to have enough statistical power to get any meaningful results for a study to use the audit opinions. Second, the discretionary accrual measure is noisy (Dechow et al. 1995) and includes a lot of measurement errors, though the measure is not prone to the lack of statistical power problem that audit opinion has. In contrast, the audit opinion has no measurement error problems. The prior error corrections used in this study is a good measure that does not prone to the measurement error problems at all. In addition, this measure has statistical power problem in lesser degree compared with audit opinion measures, because relatively more firms correct prior errors compared with the number of firms that receive non-clean audit opinions. In this respect, we argue that prior error correction is a good measure to perform tests on audit quality. Using 2,330 firm-year observations, which include 192 observations that made prior error corrections collected over 2000-2004 period, we empirically test the relationship if firms correct prior errors receive more non-audit service in previous period when the firms commit error or bias. However, we are not able to find any significant relationship in a battery of tests. We measure the magnitude/degree of the provision of the non-audit service in various ways - including a dummy variable having a value of 1 if the non-audit service is simultaneously provide or 0 otherwise, ratios on the amount of non-audit service fees based on different deflators such as total fees, audit fees, total assets, and amount of non-audit service fees as well as different types of error corrections, including over-reporting errors versus under-reporting errors, and different reporting methods, including income statement report, statement of retained earnings report, and prior financial statements restatements, and types of non-audit service, including information system related, audit related, tax related, and other non-audit service. The dependent variables used in the analyses are both the existence of error corrections (a binary variable) and the magnitude of error corrections (both raw and absolute value of the error correction). However, we fail to find significant relationship in most of the tests. These findings are robust to several other sensitivity checks, including the use of abnormal non-audit fees. We use the abnormal non-audit service fees in the analyses because the normal level of non-audit service fees could be determined by various characteristics of the firms, such as firm size, complexity, and risks of the firms. Only the abnormally high level of the fees, which are the difference between actual and normal level of fees, could motivate auditors to compromise their independence so that audit quality could be impaired. In short, we do not find any evidence that audit quality is impaired or enhanced by the provision of non-audit service. These findings are consistent with those in several prior studies such as Ashbaugh et al.(2003), Chung and Kallapur(2002), and DeFond et al.(2002). We expect the findings in this study provide valuable insights into regulators on policy-making and academics on the measure of audit quality. In addition, we try various kind of methods and different measures of audit quality as well as the degree or existence of prior error corrections and non-audit service provision by auditors. The use of these various methods could provide a way for subsequent research to improve the credibility of their research findings.
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황이석 ( Lee Seok Hwang ),김문현 ( Moon Hyun Kym ),이우종 ( Woo Jong Lee ),손병철 ( Byung Cherl Sohn ) 한국회계학회 2008 회계학연구 Vol.30 No.-
본 연구는 투자자의 전문성(investor sophistication)이 높고 무위험거래 리스크(arbitrage risk)가 낮을 때 한국 상장기업에 있어 발생액의 효율적평가가 개선되는지에 대해 분석하였다. 1994-2002년의 자료를 사용하였을 때 주식 투자자들은 총발생액이나 초과발생액이 미래의 회계이익에 대해 시사하는 가치관련성을 완전히 이해하지는 못하는 것으로 보인다. 투자자가 발생액에 과민반응를 보이는 현상을 이용하여 미래에 초과수익(abnormal returns)을 얻을 수 있기 때문이다. 만약 투자자의 비전문성(investor naivety)과 무위험거래에 대한 제약이 발생액의 비효율적평가(mispricing)을 초래한다면 전문적인 투자자의 비율이 높고 무위험거래 리스크가 낮은 기업들의 경우 발생액의 효율적평가가 개선되는 경향을 보일 것이다. 연구결과 발생액의 효율적평가가 개선될 것으로 기대했던 기업들(대기업, 외국인 지분율 및 기관투자자 지분율이 높은 기업, 기업특유의 주가변동성이 낮은 기업, 1주당 가격이 높은 기업)에 있어 기대했던 개선은 관찰되지 않았다. 비록 이 결과가 기대와는 다르지만 미국의 상장기업을 대상으로 한 선행연구의 결과와 일치하며, 이는 시장참가자가 발생액의 가치관련성을 충분히 이해하지 못하는 것이 발생액의 비효율적평가에 대한 유일한 원인은 아님을 의미한다. 주목할만한 점은 발생액의 추정치가 성과관련 바이어스에 의해 심각하게 왜곡되어 있다는 점이다. 향후의 연구에서는 이 바이어스를 인식하고 이익의 질에 대한 대용치로서의 발생액을 해석함에 있어 이를 제거하도록 해야 할 것이다. This study examines whether investor sophistication and low arbitrage risk alleviate the mispricing of accruals in Korean listed firms. Using financial and price data from 1994 to 2002, this study finds that stock investors seem not to fully appreciate the value implications of either total accruals or abnormal accruals for future earnings. Future abnormal returns can be earned by exploiting the overestimation of accruals by investors. If investor naivety and limits to arbitrage underlie the mispricing of accruals, then firms with a high proportion of sophisticated investors and a low arbitrage risk will exhibit less of a tendency to misprice accruals. The results show that firms which are expected to show a reduced mispricing of accruals (large firms or firms with a large proportion of foreign ownership, institutional ownership, a low idiosyncratic return volatility, and a high share price) do not exhibit a decreased overreaction to accruals. Although this evidence is unexpected, it is consistent with previous findings for U.S. listed firms, and suggests that the mispricing of the accrual components of earnings is not entirely due to the inability of market participants to understand the value implications of accruals. A notable finding is the severity of performance- related bias in the estimates of accruals. Future studies should acknowledge this bias, and should attempt to remove it in drawing inferences on accruals as a proxy for earnings quality.
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