기업재무상태에 따른 현금흐름정보의 상대적 유용성

송인만(In Man song),백원선(Won Sun Paek),이정주(Jung Joo Lee) 한국경영학회 1999 經營學硏究 Vol.28 No.3

Strict attention to accrual accounting leads to the ignorance of cash flow information. However, it has been shown that cash flows provide additional information beyond accounting income. In Korea, cash flow information has drawn new attention since a cash flow statement was officially required in 1994. Cash flows could emerge as one of good information sources where accounting income is less reliable since cash flow information is less prone to be manipulated. This study attempts to evaluate whether relative value of cash flow information is high in financially poor firms where accruals tend to be used as a means of income manipulation. The results show that cash flows provide incremental information over accounting income in equity pricing. In particular, information value of cash flows information is high when firms financial position is not good. Also, cash flows prove to be one of good explanatory variables in bankruptcy prediction. Such results confirm the value relevance of cash flow information as a complement of information provided by accrual accounting income.

국제회계기준(IFRS)을 조기 도입한 수출기업 사례연구

송인만 ( In Man Song ),박연희 ( Yeon Hee Park ),홍순직 ( Sun Jik Hong ),배수일 ( Su Il Pae ),구정호 ( Jeong Ho Koo ) 한국회계학회 2010 회계저널 Vol.19 No.2

적자보고를 회피하기 위한 이익조정

송인만 ( In Man Song ),백원선 ( Won Sun Paek ),박현섭 ( Hyeon Seop Park ) 한국회계학회 2004 회계저널 Vol.13 No.2

보고실체의 정의: 실질적 지배

송인만 ( In Man Song ),송시원 ( Shi Won Song ) 한국회계학회 2011 회계저널 Vol.20 No.2

보고이익 부호전환의 추가적인 정보효과

송인만 ( In Man Song ),박연희 ( Yeon Hee Park ) 한국회계학회 2007 會計學硏究 Vol.32 No.1

본 연구는 보고이익에 "전환"이라는 정보가 추가되었을 때 투자자들이 어떻게 반응하는지에 대한 증거를 제시하였다. 보고이익 ``전환``에 관한 정보는 투자자들에게 추가적인 효용증대나 효용감소를 가져올 수 있기 때문에 상당히 민감한 정보이다. 특히 신용상태의 평가에 상당한 중요한 고려요인으로 작용하는 것으로 알려져 있다. 또한 거래비용이론에 근거했을 때도 적자보고는 기업의 경영자에게 불리한 정보일 수밖에 없다. 또한 "0"을 기준으로 적자에서 흑자로, 흑자에서 적자로 보고이익이 전환될 때 prospect이론의 가치함수는 급격한 경사를 이루게 되어 투자자들의 효용이 급격하게 증가 또는 감소된다. 특히 대부분의 사람들은 손실을 꺼려하기 때문에 동일 금액에 대해서 손실환경에 속해 있을 때가 이익환경에 있을 때보다 더욱 큰 비효용을 인식하게 될 것이다. 따라서 전환정보는 투자자들에게 매우 민감한 정보이기 때문에 경영자들에게도 중요한 정보가 될 것이다. 본 연구의 목적은 보고이익 "전환"정보에 대하여 시장이 어떻게 반응하는지를 검증하고, 이익조정에 의한 흑자전환을 시장에서 어떻게 인식하고 있는지를 추가분석하는 것이다. 본 연구의 분석결과에 의하면 보고이익 전환은 추가적인 정보효과가 있는 것으로 나타났다. 즉, 보고이익이 흑자(적자)로 전환되었다는 정보는 주가에 단순한 비기대이익의 증가(감소) 이상의 영향을 미치고 있었다. 그러나 이익조정에 의해 흑자로 전환된 기업들은 시장에서 음(-)으로 반응하고 있었다. 본 연구는 보고이익전환에 대한 추가적인 시장반응을 검증함으로써 전환정보에 민감한 투자자들의 행동을 여러 가지 측면에서 이해할 수 있는 근거를 제시하였다는 데에 그 의의를 찾을 수 있을 것이다. This study provides some empirical evidences on how investors react to the reversal of reported earnings signs. The reversal information will be a very sensitive to investors since such information may create additional increases or decreases in investors` benefits. Especially the reversal of reported earnings signs known as one of the most important factors determining firms` credit ratings. The reversal from positive to negative will be substantially disadvantageous to firms` managers under trade-expense theory. In addition, under prospect theory the value function has a steep slope around zero where earnings signs change from positive to negative or from negative to positive. Especially we expect that investors feel bigger disutility when firms report negative earnings than firms report positive earnings since most investors do not like to fall into loss status. In summary, the reversal of reported earnings signs will be very important information to investors since this could be very sensitive in an investors` value function. The purpose of this study is to investigate how the stock market responds to the reversal of reported earnings signs and also to analyze how the response will be different when the reversal is manipulated artificially through earnings management. The empirical results of this study reveal that the reversal of reported earnings signs provides incremental information over earnings information itself. In fact, the coefficient(& t-value) of interaction variable of reversal dummy from negative to positive and unexpected earnings(DNP*UE) and interaction variable of reversal dummy from positive to negative and unexpected earnings(DPN*UE) are 0.030(& 4.14) and 0.012(& 5.99), which are statistically significance at 1% and 5% level respectively.(See Table 4: Information Content of the Reversal of Reported Earnings Signs) Also, F-value for the interaction variables between unexpected earnings variable(UE) and the two reversal variables(DNP & DPN) is 28.20, which is statistically significant at 1% level. Such results support our hypothesis that earnings reversals will provide incremental information. This study estimates an additional model where a new variable(DG*UE) is added to test the information content of earnings` reversal from negative to positive when this reversal is created artificially through earnings management. The DG variable is defined here as "1" if net income minus discretionary accruals,(which may represent managed earnings, is negative. The results show that such reversal is recognized as bad news even it is from negative to positive. In fact, the coefficient(& t-value) of DG*UE -0.157(& -1.83), which is statistically significant at 10% level.(See Table 5 : Information Content of the Reversal from Negative to Positive Through Earnings Management) This study also tests whether the results will be different depending on the use of electronic reporting system, which was introduced in the year of 2001. The coefficients(& t-value) of two variables(DNP*UE and DPN*UE) for 2001 and thereafter are 0.007(& 2.58) and 0.058(& 3.69) respectively, which are stati- stically significant at 1% level. The explanatory power of this model is higher for 2001 and thereafter than for before 2001.(10.31% before 2001 and 19.64% for 2001 and thereafter). This result shows that investors could have utilized earnings information more easily after the adoption of electronic reporting system, and therefore the reversals information has been impounded into stock prices in more precise and efficient manner.(See Table 6: Information Content of Earnings Reversal in Each Period) In addition, this study examines the information content of the reversal at preliminary financial reports dates, when the information was released for the first time in the corresponding year. The results show that interaction variable between reversal dummy from negative to positive and unexpected earnings (DNP*UE) is not statistically significant, but interaction variable between reversal dummy from positive to negative and unexpected earnings(DPN*UE) is statistically significant at 1% level. F-value for the reversal additional variables (DPN*UE and DNP*UE) is 6.09, which is statistically significant at 1% level. However, the F-value only for the variable DPN*UE is not statistically significant.(See Table 7: Information Content of Earnings Reversal at Preliminary Financial Reports Dates) To investigate further the weak results for the interaction variable, DNP*UE, we add two additional dummy variables, reversal from negative to positive(DNP) and reversal from positive to negative(DPN), to the model. The results show that the added variable(DNP) is statistically significant at 1 % level, but still the interaction variable(DNP*UE) is not statistically significant. However, the F-value for DNP*UE and DNP is 12.05, which is statistically significant at 1% level. In summary, the results of this study show that the reversal of reported earnings signs has incremental information content. That is, the reversal infor- mation affects stock prices over unexpected earnings information. However, the artificial reversal created through earnings management results in negative effect even if earnings signs reverse from negative to positive. This study provides some empirical evidences on the earnings reversal infor- mation, which may be very useful to investors in practice. Therefore, it could provide a basis to understand behaviors of investors, who are very sensitive to the earnings reversal information. Also, the result shows that artificial earnings reversal from negative to positive through earnings management has negative effects. This results in an important implication for firms` managers, who are likely to manage their earnings as a way of escaping from their negative earnings status.

신규공모주의 (新規公募株) 주가수준과 상대적 가치

송인만(In Man Song),박철우(Chul Woo Park) 한국증권학회 1995 Asia-Pacific Journal of Financial Studies Vol.18 No.1

금융기관의 금융상품을 이용한 이익조정 사례연구

송인만(Im Man Song),박연희(Yeon Hee Park),박성진(Sung Jin Park) 한국경영학회 2012 Korea Business Review Vol.16 No.4

K-IFRS는 재무제표에 대한 기업의 경제적 실질을 최대한 적절히 표현하는 것을 주요 목적으로 한다. 이에 따라 2011년 전면적으로 K-IFRS를 도입한 우리나라는 K-IFRS 도입에 의해 금융상품의 공정가치 평가가 확대될 것이다. 금융상품의 공정가치 평가는 금융상품을 취득하고 보유하는 의사결정을 수행하는 경영자의 실적을 평가하는데 유용한 정보를 제공할 것으로 기대된다. 또한 금융자산의 공정가치 정보는 금융상품의 미래현금흐름의 크기, 시기 및 관련된 불확실성에 대한 정보를 제공하기 때문에 다른 정보 보다 금융자산의 본질적인 가치를 잘 설명할 수 있다. 따라서 금융자산의 미실현이익의 발생여부는 매우 중요한 정보가 될 수 있다. 주요 금융기관을 대상으로 공정가치에 대한 평가현황을 살펴본 바에 의하면 매도가능금융자산은 자산 대비 비교적 낮은 비중을 차지함에도 불구하고 매도가능금융자산처분손익 등이 당기순이익 대비 높은 비중을 차지하고 있는 것으로 나타났다. 즉, 경영자가 매도가능금융자산을 이용하여 이익조정행위를 하고 있으며 그로 인하여 공정가치 평가에 의한 회계처리의 장점이 훼손될 수 있음을 시사하였다. 이에 본 연구에서는 국내의 대표적인 금융기관을 대상으로 K-IFRS 1109호가 1039호에 비해 이익조정을 억제할 수 있는지를 분석하였다. 분석결과에 의하면, 현행 K-IFRS 1039호에서 K-IFRS 1109호로 변경하는 경우 과거에 평가증한 금융상품을 처분하여 경영자의 이익조정과 분식회계의 가능성은 감소하는 것으로 나타났다. 그러나 K-IFRS 1109호의 도입은 배당금의 기타포괄손익인식의 타당성, 공정가치 측정의 신뢰성 및 유용성, 재분류조정, 비교가능성과 복잡성 등의 회계 상의 쟁점사항들이 존재할 수 있음을 시사하였다. The purpose of K-IFRS is to express economic substance of firm as faithfully so the introduction of K-IFRS will extend the fair value of financial instruments. Fair value of financial instruments is useful information to evaluate the achievements of executive officer to acquire and hold the financial instruments. In addition, the fair value information provide size of future cash flows, time and uncertainties about financial assets, so fair value information can explain the intrinsic value of financial instruments better than other information. Therefore, unrealized gains on financial instruments can be very important information. Based on the situation of fair value in financial institutions, available-for-sale securities are low proportion compared to asset but gain on disposal of available-for-sale securities are high proportion compared to net income. So executive officer conducts earnings management by available-for-sale securities and the advantages of fair value may be impaired. In this study, We analyze whether K-IFRS 1109 can prevent earnings management compared with K-IFRS 1039 based on the representative of the domestic financial institution, Kookmin Bank and Woori Bank. According to the results of analysis, executive officer can do earning management and accounting fraud under the current rule, K-IFRS 1039. To prevent that, it is urgently needed to change from K-IFRS 1039 to 1109. It can be expected that earning management would be reduced under K-IFRS 1039 compared to K-IFRS 1039. But there are some issues that dividends recognized in other comprehensive income, fair value measurement reliability and usability, recycling, comparability and accounting complexity if the introduction of K-IFRS 1109 is introduced.

IFRS 조기도입의 주요 특징 및 재무제표 영향

송인만 ( In Man Song ),양동훈 ( Dong Hoon Yang ),김인숙 ( In Sook Kim ) 한국회계학회 2010 회계저널 Vol.19 No.2

가결산공시 시기의 적절성과 정보유용성

송인만 ( In Man Song ),박연희 ( Yeon Hee Park ) 한국회계학회 2006 會計學硏究 Vol.31 No.3

가결산공시제도(손익구조변경 관련)는 정보이용자들에게 정보비대칭의 문제를 해결하고 신속하게 정보를 전달하려는 목적으로 도입되어 시행되고 있다. 그러나 가결산공시제도와 관련된 현행규정은 손익구조변경 관련 수시공시를 주총소집통지일 이전까지 할 수 있도록 규정하고 있음으로써 가결산손익이 감사 이전 또는 감사 이후에 공시될 수 있게 되었다. 이로 인해 가결산공시의 본래 목적이 달성되지 못할 수 있다. 본 연구는 두 가지의 목적을 위하여 수행되었다. 첫째, 가결산공시가 적시에 이루어지고 있는지를 검토하였으며, 둘째로 가결산공시의 시기에 따라서 정보효과가 다른지를 분석하였다. 본 연구의 분석결과는 우리나라에서 상당수의 기업들이 가결산을 감사 이후에 공시하는 경우가 많은 것으로 나타나서, 현행규정으로는 가결산공시의 목적을 달성하기 어려운 것으로 나타났다. 또한 감사보고서일 이전의 가결산공시는 정보효과가 있는 것으로 나타났으나 감사보고서일 이후의 가결산 공시에서는 이를 발견할 수 없었다. 즉 감사보고서일 이전에 공시된 가결산손익만이 의사결정에 유용한 정보로서 받아들여지고 있음을 나타내고 있었다. 그러나 가결산손익이 과대공시된 경우에는 주총소집통지일 즈음에서 부의 수익률이 발견되고 있었다. 가결산공시가 시장에서 중요한 정보로서 인식된다고 해도 신뢰성의 문제는 여전히 남아있다. 따라서 가결산정보가 보다 유용한 정보가 되기 위해서는 신뢰성을 증대시킬 수 있는 제도적 장치의 보완이 반드시 고려되어야 할 것으로 보인다. Preliminary financial reporting system was introduced in 2003. It is implemented since preliminary financial reports(PFRs) are supposed to provide more timely financial information to investors so as to resolve information asymmetry in Korean stock market. However, under the current regulation, firms are allowed to disclose the PFRs any time prior to shareholder`s meeting notice dates that are far after audit report dates. This study was performed to provide some evidence on the following matters: 1. Whether the PFRs are disclosed on a timely basis? 2. Whether the information contents of the PFRs are different depending on disclosure timing? Using the 1,663 sample firms which are listed on Korean stock market during 2001-2004, this study provides some evidence that current preliminary financial reporting system may not be very effective. Table 5(Spread from fiscal year end) and Table 6(Spread between the PFRs and other reporting dates) analyze the PFRs dates, audit report dates, shareholders notice dates, audit report submission dates and shareholder`s meeting dates. These results show that there are some problems with the current regulations for the preliminary financial reporting system. More than 50% of the PFRs have been released even after audit report dates. Therefore, the original purpose of the preliminary financial reporting system may not be achieved. Actually, external auditing processes are substantially completed at audit report dates. Any financial information released after the audit report dates could be based on the audited figures, and therefore is not preliminary any further. Moreover, this information is so late that it may not be likely to contribute to resolving information asymmetry occurring at a earlier reporting stage. Table 11(Market reaction at the PFRs dates) provides the empirical findings on the market reaction to the information in the PFRs. In the regression analysis, PUE(Preliminary Unexpected Earnings) has an estimated coefficient 1.73, which is statistically significant at a 10% level. If additional variable DB*PUE(DB is a dummy variable: "1" if the PFRs are disclosed prior to audit report dates, otherwise "0") is added, only DB*PUE is statistically significant at the 10% level. Such a result indicates that stock market reacts to the unaudited preliminary profits only if they are released prior to audit report dates. Additional analyses are performed for the samples releasing the PFRs before audit report dates. The estimated regression coefficient of PUE was 2.07, which are statistically significant at the 5% level. However, this study could not find any significant market reaction when the PFRs were released after the audit report dates. Such a result shows that the PFRs may not be useful any further if they are released after the audit report dates. The PFRs dates preceding audit report dates could be treated as initial income reporting dates in future market studies. Moreover, to achieve the original objective of the PFRs, we suggest that the PFRs be released when firms first deliver their preliminary financial data to their external auditors, which may be far before audit report dates. The PFRs might contain substantial information, but the reliability of the information is still questionable. Many income figures in the PFRs do not correspond to their audited results.(see Table 7) Therefore, systematic complementary procedures should be implemented to secure the reliability of the PFRs. Overall, the results of this study suggest that current regulations should be modified so that the preliminary financial reporting system can function in a more timely fashion. Therefore, the PFRs should be released far before the audit report dates at least. However, firms` current disclosures system should be substantially improved to achieve the reasonable reliability of the PFRs.

주식시장개방과 주가형태

송인만(In Man Song),박철우(Cheol Woo Park) 한국경영학회 1998 經營學硏究 Vol.27 No.1

The purpose of this study is to test changes in the role of accounting numbers in the Korean stock market. In this study, we hypothesize that investors rely more heavily on accounting numbers from the beginning of 1992, when the Korean stock market is first open to foreign Investors. The results show that stock price differentials increase and stock price levels are more significantly related to fundamental values derived from accounting numbers such as net income and net book value in the post-opening period. Ad also stock returns are less affected by the macro economic factors, and were more significantly related to the level and change of accounting earnings in the post-opening period. These results generally confirm our hypotheses. Such a change in stock price behaviors seems to be caused by foreigners` investment strategy, which is based primarily on fundamental analysis, in the Korean stock market. The results provide the rule-making body with a ground for the accounting disclosure regulations, and provide investors with proper investment indicators.