발생액에 따른 이익지속성의 차이와 자본시장의 반응

신세나(Shin Se-Na) 한국국제회계학회 2006 국제회계연구 Vol.0 No.16

Sloan(1996) 이후 많은 논문에서 발생액의 이상현상에 대한 논의는 계속되어져 왔다. 많은 논문에서 발생액의 이상현상을 투자자들의 이익고착화 가설로서 설명한 반면, Kothari et al.(2005)은 이를 고평가된 기업의 대리인 이론을 이용하여 설명하였다. Kothari et al.(2005)의 대리인 이론에 따르면 고평가된 기업의 경영자는 이를 유지시키기 위하여 발생액을 증가시키는 이익조정을 하지만 저평가된 기업의 경영자는 이를 유지시키기 위하여 발생액을 감소시키려는 유인이 없다. 본 논문에서는 발생액이 양(+)인 경우와 음(-)인 경우에 따랴 이익지속성이 상이하고, 이에 대한 자본시장의 반응도 차별적으로 이루어지는지를 분석하였다. 실증분석결과 음(-)의 발생액은 양(+)의 발생액보다 지속성이 높은 것으로 나타났다. 또한 음(-)의 발생액의 경우 이익예측과 가치평가가 동일하게 나타나지만 양(+)의 발생액의 경우 이익예측과 가치평가가 상이하게 나타났다. 본 논문의 결과에 따라 양(+)의 발생액에서는 발생액의 이상현상이 나타나지만, 음(-)의 발생액에서는 발생액의 이상현상이 나타나지 않음을 알 수 있다. Following Sloan(1996), numerous studies explain the accrual anomalies. Many studies explain the accrual anomaly as investor fixation hypothesis, but Kothari et al.(2005) explain the accrual anomaly as agency theory of overvalued equity. Under the agency theory of overvalued equity, managers of overvalued firms are likely to manage their firm's accrual upwards to prolong the overvaluation. In contrast, undervalued firms do no face incentives to report low accruals. Based on these prior studies, this study divide firms into positive accrual group and negative accrual group, and analyzes the persistence and market pricing of these two group. Empirical results indicate that negative accrual group is more persistent than positive accrual group, also, market pricing test show that market investor appear to overestimate the persistence of only positive accrual group, not negative accrual group.

약용 해조류 기원 fucoidan의 acetaldehyde 분해능 임상 검정

최리나(Ri Na Choi),심훈섭(Hun Seob Shim),신세철(Se Cheol Shin),조의래(Eui Rae Cho),신은지(Eun Ji Shin),변미선(Mi Sun Byun),배유나(Yu Na Bae),양수진(Su Jin Yang),정명근(Myoung Gun Choung),임정대(Jung Dae Lim) 한국약용작물학회 2013 한국약용작물학회 학술대회논문집 Vol.2013 No.2

정보비대칭성에 따른 보수주의의 차별적 인식

문상혁 ( Sang Hyuk Moon ),박종국 ( Jong Kook Park ),신세나 ( Se Na Shin ) 한국회계학회 2006 會計學硏究 Vol.31 No.3

보수주의 회계처리 하에서는 기업이 당기에 악재를 즉시 인식하기 때문에 당기의 이익에 대부분의 악재가 반영되게 된다. 이러한 보수주의 회계처리는 단기간의 이익을 과소계상하게 하는 결과를 초래함과 동시에 장기적인 관점에서의 기업의 성과를 오히려 높게 보고할 수 있는 잠재력을 가지고 있다. 그러나 정보제공자의 보수적 회계처리를 정보이용자가 제대로 인식하지 못한다면, 즉, 보수적 회계처리의 장·단기적 효과를 인식하지 못한다면 보수적으로 회계처리 한 기업을 단기적으로 과소평가하는 결과를 초래할 수 있다. 결국 정보의 비대칭성이 존재하는 상황 하에서 상대적으로 정보우위에 있는 투자자는 보수주의 회계처리로 인해 단기적으로 과소평가된 주식은 매수하고 과대평가된 주식은 매도하는 투자전략을 수립함으로써 보수적 회계처리를 전략적으로 이용할 수 있을 것이다. 따라서 본 연구는 첫째, 보수주의 회계처리가 장기적으로 기업의 자본비용감소로 이어지는지를 검토하고, 둘째, 정보비대칭성이 존재하는 상황 하에서 보수주의 회계처리는 정보이용자들이 이를 제대로 인식하지 못함으로 인해 주식시장에서 과소평가될 수 있음을 검증하였다. 마지막으로, 이러한 정보비대칭성하에서 상대적으로 정보우위에 있는 정보이용자는 보수주의 회계처리를 선호하는지를 검증하였다. 연구결과, 보수주의 회계처리는 장기적으로 자본감소를 초래하고, 보수적으로 회계처리 한 기업의 장기적 수익률(t+1)과 보수주의 측정치 간에는 유의한 양(+)의 관계를 보였으며, 정보우위에 있는 외국인 투자자의 경우 장기간의 회계이익을 고려하여 당기의 보수적 회계처리를 더욱 선호하고 있음을 검증하였다. Under conservative accounting, bad news is recognized immediately in the current period, thus most of the bad news is reflected upon the current income. Such conservative accounting brings about the undervaluation of the short-term return on investment, and, at the same time, comes to have the potential to report a better result of the firms in a long-term perspective. However, if information users do not recognize the conservative accounting from the information provider adequately, in other words, if they do not recognize the long and short-term effects of the conservative accounting, it may result in their undervaluing the conservative accounting. After all, in a situation where information asymmetry exists, a foreign investor who is in a preferential position for information may utilize the conservative accounting strategically by way of establishing an investment strategy of buying stocks undervalued by the short-term conservative accounting and selling overvalued stocks. Accordingly, this study firstly examines whether conservative accounting was followed by the decrease in the cost of capital(Hypothesis 1), and secondly, examines whether conservative accounting in the existence of an information asymmetry could cause an undervaluation in the stock market due to the poor recognition of the information users(Hypothesis 2) and finally, examines whether the information users in a relatively preferential position for information preferred conservative accounting in such an information asymmetry (Hypothesis 3). In order to test hypothesis 1, we estimated equation (2). The change in cost of capital was applied as a dependent variable(the change in year t+1 and year t of interest expense divided by the average of total short and long-term debt), and independent variables include conservative measurement of Penman and Zhang(2002) and other control variables. In order to test hypothesis 2, we observed annual performance of ahedge portfolio by dividing the measured value of conservative to quartile, and estimated equation (3). In equation (3), Size-adjusted returns of 1 year were used for the dependent variable while the regression method which included the conservative measurement of Penman and Zhang(2002) and other control variables were used for the independent variable. In this case, each independent variable was standardized into quartile and the standardized quartile was transformed to a ranking variable which has a value of 0 to 1. Last, We estimated equation (4) to test hypothesis 3. In equation (4), the quota rate of foreign investors was used for the dependent variable while a regression method which included conservative measurement and other control variables was used for the independent variable. The sample consists of non-banking 3,645 firm-years with December fiscal year listed over the Korean Stock Exchange for 1995-2004. The main empirical results of this study are as follows. First, as it is shown in Table 4 (regression results for the effect of conservatism on cost of capital), conservative accounting (CONS) has a significant negative relation with change in cost of capital(ΔCOC). This result suggests that investors require more risk premium as the level of conservatism decreases in the long term. Second, as it is reported in Table 5(annual performance of hedge portfolios), we find that size-adjusted return of hedge portfolio is 12.64%(t-value 3.75) which is a significant result at the 0.01 level. Third, in Table 6(regression statistics of the relation between abnormal return and conservatism quartile ranking after controlling other factors) which presents the result of estimating equation (3), the coefficient on CONSquartile is 0.1912 which is significant at the 0.01 level, supporting hypothesis 2. In other words, this result means that a zero-investment strategy on CONS variable earns an incremental abnormal return of 19.12%. Last, the rate of foreigner`s investment has a significant positive(+) relation with conservative accounting. It is shown in Table 7(regression results for the effect of conservatism on foreigner`s investment strategy). Through this result, it is possible to indirectly predict that the foreign investors seek for an investment strategy which considers both the long and short term-effects of conservative accounting by buying the stocks which are relatively underestimated through conservative accounting for a long-term benefit. The contribution of this study is that it gives an opportunity to reduce information asymmetry for information users in the future by clarifying that the recognition of conservative accounting is one of the factors that creates information asymmetry in the capital market. However, in order to accurately test the different recognition of each investor towards conservative accounting, an actual analysis about foreign investors as well as institute investors and individual investors is required. Consequently, the shortcoming of this study is that there was no actual analysis of institute investors and individual investors due to the problems related to data collection in reality.