학술 연구 : 벤처기업의 조세부담에 관한 연구

송혁준 ( Hyuck Jun Song ),김이배 ( Yi Bae Kim ),오웅락 ( Oung Rak O ),최종욱 ( Jong Uk Choi ) 한국중소기업학회 2006 기업가정신과 벤처연구 Vol.9 No.3

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.

국내 대기업 상생협력 사례비교 및 시사점 도출

송혁준 ( Hyuck-jun Song ),권세원 ( Sewon Kwon ) 한국중소기업학회 2018 기업가정신과 벤처연구 Vol.21 No.1

최근 글로벌 경쟁이 더욱 치열해짐에 따라 기업의 경쟁력강화를 위한 대·중소기업간 상생협력과 동반성장이 중요한 사회적 관심사가 되고 있다. 대·중소기업 상생협력은 기업경쟁력 강화측면 뿐 아니라 장기적으로 CSR과 CSV 관점에서도 중요성이 더욱 커지고 있다. 실제로 많은 국내 대기업들이 상생협력을 강화하고 있는 추세이다 본 연구에서는 삼성전자를 비롯한 국내 주요 대기업들의 상생협력 사례를 비교 분석하고, 이를 바탕으로 국내 대기업들의 상생협력 방안에 대한 시사점을 도출하였다. As global competition has become more intense in recent years, collaborative cooperation and shared growth between large and small enterprises for enhancing competitiveness of enterprises have become an important social concern. In the long run, collaborative cooperation between large and small enterprises is becoming more important not only in terms of enhancing corporate competitiveness but also in terms of CSR and CSV. In fact, many large companies are strengthening collaborative cooperation. This study compares and analyzes collaborative cooperation cases of major Chaebol companies including Samsung Electronics, and derive implications for collaborative cooperation plan of large companies.

항공산업 매출채권 관리를 위한 CARD의 가격결정과 그 결정요인

송혁준 ( Hyuck Jun Song ),장욱 ( Uk Chang ) 한국항공경영학회 2014 한국항공경영학회지 Vol.12 No.1

본 논문은 CARD(certificates of amortizing revolving debts) 가격의 과소평가를 발견하고 그 결정요인을 탐색한다. 실증분석 결과 얻어진 주요한 결과를 요약하면 다음과 같다. 첫째, CARD는 ABS(asset backed securities)와 마찬가지로 과소평가되지만 그 크기는 그다지 크지 않다. 특히, 건수가 많은 AAA 등급의 경우 CARD의 스프레드는 ALBS(Auto loan-backed securities)나 일반 ABS에 비해 낮다. CARD는 담보자산의 불확실성이 높아서 스프레드가 높을 것으로 기대되었으나 예상과는 다른 결과이다. 둘째, CARD의 스프레드는 발행금액과 역(-)의 관계를 나타내지만, 일반회사채와 구별될 정도로 뚜렷한 차별점을 가지지 않는다. 이것은 CARD의 스프레드가 발행시장의 유동성 요인이 아니라 다른 요인이 더 중요한 영향을 미친다는 것을 의미한다. 셋째, 모든 회귀분석에서 신용등급 이외 CARD의 제요 인들이 선별적으로 스프레드에 영향을 미치고 있다. 특히 CARD의 발행조건관련 요인들중 부도시손실율과 관계가 있는 증권종류와 우선순위는 매우 유의적으로 스프레드에 영향을 준다. 이는 신용평가등급이 부도율 평가는 잘 하지만 부도시 손실율을 포함하는 기대손실 평가에는 오류가 많다는 것을 암시한다. 이는 또한 신용등급이 모든 것을 반영하지 못하고 다른 요인들이 추가적으로 영향을 미치는 것을 의미하는 것으로서 신용등급의 불완전성을 나타낸다. 이 결과는 ABS 분석시 결과와 유사하다. We find the under pricing of CARD (certificates of amortizing revolving debts) and investigate its determinants. The main results of empirical analysis are summarized as follows: Firstly, the CARD spreads compared with the same level of the corporate bond spreads continue to be high and shows under pricing similar with ABS(the asset backed securities), but. the degree of underpricing is not severe. Especially, the CARD spreads of AAA which has the highest frequency data is lower than those of the ALBS(Auto loan-backed securities) and ABS. Secondly, the CARD spreads have a very significant relationship with maturity, credit rating and issue amount. The issue amount has a strong reverse relationship with the asset backed security spread, and if issue amount increases, the spread decreases. However, in the case of corporate bond spreads, the issue amount has a weak reverse relationship with the spread and the price does not depend strongly on the market liquidity. The regression analysis on the corresponding spreads, however, issue amount has a strong reverse relationship with the asset backed security spread but has a positive relationship with the corporate bond spread and shows that market shock cost exists with the large issue. Finally, All the regression analyses show that the determinants other than the credit rating of the asset backed securities selectively affect the spread. In particular, among the determinants related with the issue conditions of the asset backed securities security type and priority related with the loss given default strongly affect the spread.

중소기업에 대한 정책자금 지원이 경영성과 개선에 미치는 영향

송혁준 ( Hyuck Jun Song ),김이배 ( Yi Bae Kim ),오웅락 ( Oung Rak O ) 한국중소기업학회 2006 中小企業硏究 Vol.28 No.4

[중소기업/중견기업/소상공인/지역기업] : CBO의 가격결정과 그 결정요인

송혁준 ( Hyuck Jun Song ),장욱 ( Uk Chang ) 한국중소기업학회 2013 中小企業硏究 Vol.35 No.4

본 논문은 CBO 가격의 과소평가를 발견하고 그 결정요인을 탐색한다. 실증분석 결과 얻어진 주요한 결과를 요약하면 다음과 같다. 첫째, CBO의 스프레드는 같은 등급의 일반회사채 스프레드에 비해 지속적으로 높아서 CBO가 과소평가됨을 보여준다. 둘째, CBO의 스프레드는 만기, 신용등급 그리고 발행금액과 매우 유의적인 관계를 가진다. 이중 발행금액은 CBO의 스프레드와 강한 역(-)의 관계를 나타내서, 발행금액이 증가하면 스프레드가 감소하는 모양을 보인다. 그러나 일반회사채의 경우 발행금액이 스프레드와 약한 역(-)의 관계를 나타내서 일반회사채의 가격이 시장유동성에 덜 민감하게 좌우된다는 것을 의미한다. 셋째, 모든 회귀분석에서 신용등급이외 CBO의 제 요인들이 선별적으로 스프레드에 영향을 미치고 있다. 특히 CBO의 발행조건관련 요인들 중 부도시 손실율과 관계가 있는 증권종류와 우선순위는 매우 유의적으로 스프레드에 영향을 준다. 마지막으로, CBO의 풀을 분석한 결과, 다른 담보자산에 비해 CBO의 스프레드가 뚜렷이 과소평가되는 것은 나타나지 않는다. 또한 CBO스프레드의 결정요인을 다른 담보자산 ABS와 비교한 결과 뚜렷이 차이가 나는 점은 발행 금액의 영향이다. 다른 담보자산 ABS는역(-)의 관계가 약하다. We find the underpricing of collateralized bond obligations and investigate its determinants. The main results of empirical analysis are summarized as follows: Firstly, the collateralized bond obligation spread compared with the same level of the corporate bond spread continues to be high and shows underpricing. Secondly, the collateralized bond obligation spread has a very significant relationship with maturity, credit rating and issue amount. The issue amount has a strong reverse relationship with the collateralized bond obligation spread, and if issue amount increases, the spread decreases. However, in the case of corporate bond spread, the issue amount has a weak reverse relationship with the spread and the price does not depend strongly on the market liquidity. Thirdly All the regression analyses show that the determinants other than the credit rating of the collateralized bond obligations selectively affect the spread. In particular, among the determinants related with the issue conditions of the collateralized bond obligations security type and priority related with the loss given default strongly affect the spread. Finally, as we compare the pool of collateralized bond obligations with those of other collateral ABS`s, we find that collateralized bond obligation spread is not lower than other collateral ABS spreads. And, as we compare the determinants of collateralized bond obligation spread with those of other ABS spreads, we find the issue amount has differential impact on collateralized bond obligation spread. Other collateral ABS`s have strong negative relationship between issue amount and spread, but collateralized bond obligation has weak negative relationship between issue amount and spread.

학술연구 : 벤처기업과 상장,일반기업에 대한 회계손실의 주가관련성 분석

송혁준 ( Hyuck Jun Song ),김이배 ( Yi Bae Kim ),오웅락 ( Oung Rak O ) 한국중소기업학회 2004 기업가정신과 벤처연구 Vol.7 No.3

대기업의 동반성장활동이 중소기업의 경영성과에 미친 효과: 삼성전자 글로벌 강소기업 육성프로그램을 중심으로

송혁준 ( Hyuck Jun Song ),이문영 ( Moony Lee ) 한국회계학회 2016 회계저널 Vol.25 No.5

한국 경제에서 대기업과 중소기업의 격차가 점점 벌어지고 사회문제로까지 되는 가운데, 최근 대-중소기업 동반성장활동이 정책적으로 장려되고 있다. 삼성전자는 동반성장활동의 하나로 글로벌 강소기업 육성 프로그램을 운영 중인데, 성장잠재력이 있는 협력사를 집중 지원하여 세계 1~5위 혹은 국내 1~2위 기업으로 육성하자는 것이다. 본 연구는 이 프로그램이 협력사의 경영성과에 미친 영향을 분석하기 위하여 2011년부터 2013년까지 지원대상으로 선정된 37개 협력사를 실험집단으로 하고, 성향점수매칭(propensity scorematching, PSM)으로 통제집단을 추출한 후, 이중차이분석(difference-in-differenceanalysis)을 실시하였다. 분석결과 이 프로그램은 협력업체의 연구개발투자와 수익성에 양(+)의 효과를 미치는 것으로 나타나, 삼성전자의 동반성장활동이 중소기업의 기술개발과 경영관리 개선으로 이어진다고 할 수 있다. 본 연구는 동반성장활동이 강소기업의 경쟁력에 미치는 성과에 관한 시사점을 제공할 것으로 기대된다. The gap between large firms and small to medium sized firms (SMEs) has grown, raising economic imbalance and losing growth drivers, as well as creating social problems in South Korea. The government pushes large firms to support or cooperate with SMEs under the ‘Win-Win Growth’ policy. Under this policy, large firms can provide support to SMEs in several ways. Among these, Samsung Electronics launched the Global Hidden Champion Nurturing Program in 2011. Since its launch, Samsung Electronics has selected approximately ten promising suppliers every year and has provided continuous assistance, resulting in a total of 2.3 trillion KRW for 50 SMEs spent over five years. The program aims to nurture strong and competitive SMEs with a goal of raising their rank to at least fifth in the world, and second in the domestic market, in terms of market share. Through the nurturing program, Samsung Electronics provides aid in areas such as technology, manufacturing processes, human resources, education, and operation management. This program differs to the support of other large firms in that the basic viewpoint is not just distributing benefits from large firms to SMEs, but building an effective corporate ecosystem together. Samsung Electronics expects to innovate its products in collaboration with the high quality components of suppliers, leading to coevolution. The literature on cooperation between large firms and SMEs often sheds light on best practices of Win-Win Growth activities implemented by large firms and usually provides positive assessments (Yoo and Kim 2012; Rhee 2014, 2015; Kim 2014; Jeon and Roh 2013). However, prior literature is limited in that any economic effects on SMEs have not been discussed, even if SMEs are the focus point. Furthermore, assessments in the literature rely mainly on qualitative analysis with verbal data. In this study, we try to provide direct evidence regarding the effects of the Global Hidden Champion Nurturing Program on the business performance of supported SMEs using financial analysis. To analyze the nurturing program effect, we first set up a treated group of 37 selected suppliers of Samsung Electronics from 2011 and 2013. For a business performance comparison, we create a control group by choosing 98 SMEs that do not get aid from Samsung Electronics and that matched as closely as possible with the treated group in propensity-score matching. As we failed to find any matches with a firm of the treated group, the sample consists of 134 unique firms. We focus on two years, 2010 and 2014, as in the former year the nurturing program had not yet begun while the latter year is after all the treated group began to receive support. We collected the list of the 37 selected SMEs from a newspaper article, while financial data was obtained from DataGuide. To address the endogeneity of capability in supported SMEs and time-series effects, we use difference-in-difference analysis. We regress dependent variables on Treat (indicator variable that denotes the treated group), Post (dummy variable that represents the year of 2014), and Treat ×Post, their interaction term, including controls. We examine 11 dependent variables: (1) capital expenditures and R&D (research and development) expenditures, to test investment; (2) change in sales and domestic market shares, for growth analysis; (3) the operating margin, operating cash flows margin, net margin, return on assets, and return on equity, to investigate profitability; and (4) asset turnover and Tobin’s Q ratio. The empirical findings are summarized as follows. Firstly, the nurturing program has little effect on capital expenditures, however, positive effect was observed on R&D investment. Secondly, the program does not show any significant impact on the domestic market share, while it is negatively associated with sales growth. We note that the analysis on market share has a limitation in that the measure does not cover global market shares, whereas supported SMEs generate most of their sales in the global market. Moreover, the negative association between the nurturing program and stagnant sales growth of supported SMEs may be attributed to the fact that Samsung Electronics experienced a dramatic decrease in sales in 2014, resulting in the sales reduction of supported SMEs as suppliers to the giant customer. We hope they diversify their customer base and mitigate the possible dependency on Samsung Electronics in the future. Thirdly, the nurturing program shows positive effects on the operating margin and net margin, implying that the program worked for the improvement on supported SMEs’ business management. Finally, the nurturing program has little effect on asset turnover and Tobin’s Q. Taken together, aids by Samsung Electronics can lead SMEs to perform better through technology innovation, as well as management improvement. This paper contributes to the literature by providing evidence on the financial effects of the support of large firms on SMEs from the perspective of SMEs. We expect that Win-Win Growth activities create value for both SMEs and large firms, leading to an effective corporate ecosystem.

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송혁준 ( Hyuck Jun Song ) 덕성여자대학교 사회과학연구소 2004 사회과학연구 Vol.10 No.-

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송혁준 ( Hyuck Jun Song ),오웅락 ( Oung Rak O ) 한국중소기업학회 2007 기업가정신과 벤처연구 Vol.10 No.3