이익관리수단에 관한 연구

윤순석 ( Soon Suk Yoon ) 한국회계학회 2004 會計學硏究 Vol.29 No.3

본 연구는 한국 상장기업들이 이익관리를 할 때 어느 수단을 이용하는지를 실증적으로 연구하였다. 이를 위하여 1995년부터 2001년까지의 기업-년자료 2,895개를 발생액의 정도에 따라 각각 이익증가집단, 중간집단 및 이익감소집단으로 구분하여 이익관리수단에 어떤 체계적인 차이가 있는지를 분석하였다. 본 연구에서는 영업활동으로 인한 현금흐름과 함께 회계이익을 구성하는 발생액을 3단계에 걸쳐 체계적으로 구분하였으며, 기업들이 보고이익을 증가하거나 감소시킬 때 어느 수단을 활용하는지를 검토하였다. 실증분석결과 보고이익증가집단과 보고이익감소집단 간에는 기업들이 활용하는 이익관리수단에 상당한 차이가 있는 것으로 나타났다. 구체적으로 보면 이익증가집단은 자산처분차익을 주로 활용하는 반면, 이익감소집단은 대손상각비와 자산처분차손을 주로 활용하는 것으로 나타났다. In this study, I investigated 2,895 firm-year observations from the period of 1995 to 2001 to identify the vehicles that Korean firms use when the firms manage earnings. I partitioned the sample into three equal size sub-samples based on discretionary accruals in order to distinguish income- increasing firms from income-decreasing firms. The low accrual firms are defined as income-decreasing firms while the high accrual firms are considered income-increasing firms in this study. I used a systematic decomposition approach to examine the relationships between the degree of earnings management and the primary tools firms use. Accounting earnings can be broken into cash flows from operations and total accruals. Total accruals, in turn, are broken into non-current accruals and current accruals(First-tier decomposition). Non-current accruals then are broken down into non-cash expenses and non-cash revenues. Current accruals are separated into changes in operation-related assets and operation-related liabilities(Second-tier decomposition). Finally, accruals are separated into individual elements including depreciation expenses, bad-debt expenses, retirement benefits expenses, asset disposal losses, changes in accounts receivable, changes in inventory, changes in accounts payable, other non-current accruals and other current accruals(Third-tier decomposition). Discretionary accruals are estimated by regressing total accruals on three explanatory variables. Two variables(change in cash revenues and change in cash expenses) proxy for current accruals and a sum of depreciation and retirement benefits expenses proxies for non-current accruals. I then examine if the earnings management vehicles firms use follow some particular patterns depending upon the extent of earnings management. To identify the particular patterns of earnings management vehicles, I use three tests of mean difference tests, correlation tests and regression analyses. The empirical results of the study reveal that there are clear differences between income-increasing firms and income-decreasing firms in the employment of earnings management vehicles. More specifically, income-increasing firms depend heavily on non-cash gains when the firms increase reported earnings. In contrast, income-decreasing firms depend heavily on non-cash expenses including bad debt expenses and asset disposition losses.

상장기업과 코스닥기업의 이익관리에 대한 비교 연구

윤순석(Soon Suk Yoon) 한국증권학회 2001 Asia-Pacific Journal of Financial Studies Vol.29 No.1

Korea Fund 투자자들의 가격결정요인에 관한 실증분석

윤순석(Soon - Suk Yoon) 한국경영학회 1989 經營學硏究 Vol.18 No.2

본 연구는 뉴욕증시에 상장되어 있는 Korea Fund의 투자자들의 투자결정에 영향을 미치는 변수들을 실증적으로 파악해보고, 한국의 종합주가정보가 뉴욕증시에 얼마나 효율적으로 반영되는가를 검증해 보았다. 연구결과에 의하면 한국종합주가정보, 뉴욕종합주가정보와 이 두 변수의 상호작용변수가 Korea Fund의 가격움직임을 설명하는 중요한 설명변수임이 판명되었다. 그러나, 이들 설명변수들은 설명력에 있어서 기간간 심한 차이를 보이고 있는 것으로 나타났다. 반면, 이자율과 환율은 설명력이 거의 없는 변수로 판명되었다. 또한, 증권시장 효율성 검증결과에 의하면 양국간 통신시설망이 적절히 발달된 경우 한국종합주가정보는 뉴욕의 증권시장에 효율적으로 전달되고 있는 것으로 나타났다.

영업현금 및 자금수요원천과 자금조달정책

윤순석(Soon Suk Yoon) 한국경영학회 2003 經營學硏究 Vol.32 No.1

This paper hypothesizes that firms will employ different financing policies depending on the level of cash from operations and the source of cash requirements, and empirically analyzes the hypothesis using 3.628 firm-year observations. The paper also empirically examined whether the pecking order theory and the static tradeoff theory work well for the Korean firma. Meat of the Korean firms are highly leveraged. Therefore, the paper hypothesizes that especially the pecking order theory will not work well in explaining the financing policies of the Korean firms. This paper documents that the Korean firms finance cask requirements in the order of cash inflows from investment activities, cash flows from operations and cash inflows from financing activities. The results indicate that the pecking order theory fails to explain the financing policies of the Korean firms, and that we need to include in the financing model not only debt financing variable but also other major variables like cash inflows from investment activities and equity financing. The static tradeoff theory has a relatively high explanatory power than the pecking order theory for the Korean firms. However, care should be taken in interpreting the results since the static tradeoff model is likely to have a high explanatory power by construction since it uses a three-year moving average debt ratio as target debt ratio. One of the major finding of the study suggests that the Korean firms tend to employ matching financing policy. In other words, with large capital expenditures depend heavily on cash inflows from investment activities while firms with large debt redemption requirements depend heavily on cash inflows financing activities. I dichotomized the sample into pre- and post-financial crisis period groups, big and small firm groups, tight and loose financial slack groups, and be forth and reran the tests for sensitivity analyses. The results were robust irrespective of many sensitivity analyses.

감액손실의 재량성에 관한 연구

윤순석 ( Soon Suk Yoon ),문현주 ( Hyun Ju Moon ) 한국회계학회 2005 會計學硏究 Vol.30 No.3

본 연구는 장기성자산이고, 총자산에서 차지하는 비중이 크면서 영업활동에 사용되는 자산인 유형자산 및 무형자산과 관련된 감액손실의 재량성 여부를 실증적으로 분석하고자 한다. 분석방법은 이익에 따라 여러 가지 상황을 고려하여 감액손실이 감액손실조정전 이익증감과 체계적 관계를 갖는지를 실증분석하였다. 분석결과를 보면 첫째, 전기와 당기가 흑자인 집단으로 이익증감이 높은 집단의 경우 이익유연화가설에 따라 경영자는 감액손실을 이용하여 이익을 감소시키는 것으로 나타났다. 둘째, 전기만큼은 안 되지만 당기이익이 흑자인 집단의 경우는 이익증감과 독립적으로 감액손실을 인식한 것으로 볼 수 있다. 셋째, 전기는 흑자였으나 시장여건의 악화 등으로 인해 당기에는 적자전환이 예상되는 집단의 경우는 경영자가 감액손실을 활용하여 적은 이익을 더욱 줄이는 회계정책을 구사하는 것으로 나타났다. 넷째, 전기는 적자이지만 당기는 흑자인 집단으로 이익증가가 상대적으로 높은 집단은 이익유연화를 예상하였지만 감액손실이 이익유연화에 활용되지 않음을 볼 수 있었다. 다섯째, 전기와 당기 모두 적자 현상이 심각한 수준의 집단이거나 계속기업의 가정에 의문이 되는 표본의 경우는 감사인에 의한 감액손실의 강제상각이 예상되는 집단이다. 분석결과 감액손실을 이익에 연계하여 재량적으로 인식하지 않고 있음을 볼 수 있었다. 본 연구결과는 회계기준제정기관 및 정책당국으로 하여금 효율적이고 효과적인 회계정책수립에 도움을 줄 것으로 기대한다. This study empirically examines to what extent and under which environments asset impairments are recognized in a discretionary manner. This study uses recent four-year data of 233 impairment cases reported by Korean manufacturing firms after the asset impairment accounting was introduced in 2000 to examine any systematic relationship between impairment losses and changes in earnings before asset impairment. Four research hypotheses, which depend on changes in earnings before impairment recognition, can be drawn with respect to the asset impairment: income-smoothing hypothesis, big-bath hypothesis, independent recognition hypothesis, and forced recognition hypothesis. Sub-sample 1 consists of firms whose earnings and change in earnings for two consecutive years are positive. Firms with good and improving operating performance belong to this category and therefore impairment recognition is likely to be used as a means to smooth income for this sub-sample. Firms in sub-sample 2 also experience positive earnings in two consecutive years but the earnings change is negative. Therefore, it is likely that firms in this sub-sample are likely to recognize impairment independent of earnings change. Sub-sample 3 consists of firms whose earnings change from positive to negative, thus those with deteriorating performance. Firms in this sub-sample are hypothesized to employ a big-bath strategy or properly incorporate worsening business conditions in the determination of net income. Sub-sample 4 is comprised of firms whose earning change from negative to positive, thus those with improving conditions. The related hypothesis for sub-sample 4 is an income-smoothing hypothesis, though the hypothesis is much weaker than the case of sub-sample 1. Sub-samples 5 and 6 commonly experience negative earnings for at least two consecutive years. Therefore, the going concern assumption is significantly doubted for the two sub-samples. We hypothesize that auditors are likely to force managers to recognize asset impairment in order to prevent possible lawsuits resulting from overstatement of assets. This study shows that the income smoothing hypothesis is supported by sub-sample 1, the independent recognition of impairment is supported by sub-sample 2, the big-bath hypothesis is supported by sub-sample 4, and finally that the forced recognition hypothesis is supported by sub-sample 5 and sub-sample 6. However, the income-smoothing hypothesis by sub-sample 4 is not supported. This study provides policy implications by empirically investigating impairment accounting in the sense that a major conflict of interest may arise surrounding the recognition of impairment between managers and auditors.

노사분규와 이익조정

윤순석 ( Soon Suk Yoon ),고대영 ( Dae Young Ko ) 한국회계학회 2006 會計學硏究 Vol.31 No.3

본 연구는 노사분규가 기업의 이익조정에 미치는 영향을 실증적으로 분석하였다. 이를 위해 2000년부터 2003년까지 노사분규가 발생한 51개 상장기업을 추출하였고 통제기업은 동종산업과 유사한 규모를 가진 기업을 선택하였다. 검증방법은 분규기업과 통제기업에 대해 평균 차이분석과 다중회귀분석을 실시하였다. 두 집단간의 차이분석을 위해 회계이익, 영업현금흐름, 총발생액 및 재량발생액을 이용하였다. 회귀분석은 발생액을 기업규모, 부채비율, 영업현금흐름 및 분규여부에 회귀시켰다. 분석결과 분규기업이 미분규기업(통제기업)보다 발생액을 더 낮추는 것으로 나타났고 회귀분석에서도 분규여부가 음의 값으로 분규기업일수록 이익을 낮추는 결과를 보였다. This paper examines the relationship between labor strikes and earnings management. Many Korean firms suffer from labor strikes. Since labor contracts are often based on accounting information, managers experiencing labor strikes have incentives to lower earnings to reduce costs brought about by labor strikes. Lower reported earnings can be persuasive vehicles for reducing or avoiding strike-related costs. We analyze the hypothesis that managers lower reported earnings in the strike years. To test the hypothesis, a sample of 51 Korea Stock Exchange (KSE) firms with labor strikes over the period of 2000-2003 is examined for that purpose. We used three control samples: ① triple matched sample based on firm size, industry and year (n = 153), ② all firms in the same industry and same year (n = 1,371), and ③ all firms listed on the KSE and same year (n = 1,965). In order to test difference in earnings management between the treatment sample and the control samples, this study uses two methods. The first method is to compare NI (net income), CFO (cash flows from operations), TA (total accruals) and DA (discretionary accruals). The second method is to regress DA(TA) on a strike dummy, LASS (firm size), DEBT (debt ratio) and CFO (cash flows from operations). All of the variables are standardized by the beginning total assets. DA(discretionary accruals) is estimated by the Yoon model (2004) as described below: TA/BTA = a0 + a1(ΔREV-ΔREC)/BTA + a2(ΔEXP-ΔPAY)/BTA + a3(DEP+PEN)/BTA + ε (1) where, TA represents total accruals, BTA beginning total assets, ΔREV changes in sales revenue, ΔREC changes in trade receivables, ΔEXP changes in operating expenses other than depreciation expense and retirement benefits expense, ΔPAY changes in trade payables, DEP depreciation expense and PEN retirement benefits expense. The Yoon model fits much better to Korean data at least than the modified Jones model (Dechow et al., 1995) which is widely used in prior research studies. Major findings of the study are as follows: Table 4 (Descriptive Statistics) describes the data in our sample. In the strike years, the strike firms have lower NI, TA and DA than the control firms. But CFO is higher for the strike firms than for the control firms. Table 5 (Correlation Coefficients) reports the correlation coefficients among the key variables. Correlation coefficients between NI and TA(DA) for the strike firms are significantly smaller than those for the control firms: 0.7064 (0.7310) for the strike firms and 0.8589 (0.8854) for the control firms. The difference in the correlation coefficients between NI and TA (DA) between the two groups is highly significant with z-statistic of 2.47 (2.83). Table 6 (Mean Difference Tests between Strike Firms and Matched-Pair Control Firms) shows the results of the mean difference tests. Table 6 reveals that both discretionary accruals and total accruals are lower for the strike firms than for the control firms (-0.0335 vs. 0.0076 for the discretionary accruals and -0.0630 vs. -0.0221 for the total accruals) at a statistically significant level (p<0.025). Table 7 (Mean Difference Tests between Strike Years and Non-Strike Years) reports the results of the over-time mean difference tests for the strike firms only. Discretionary accruals are lower in strike years (-0.0335) than in non-strike years (0.0122) at a statistically significant level(p<0.05). Table 8 (Regression Results) reports the results of regressing accruals on the labor strike dummy and the three control variables: LASS (natural log of total assets), DEBT (total liabilities/total assets) and CFO (cash flows from operations/ beginning total assets). The regression results show that the strike dummy has negatively significant effects on discretionary accruals (t = -2.0684) and total accruals (t = -1.9578). As an additional analysis, the study performed the accrual difference tests and the regression analysis with augmented control groups: the second and third control groups. The mean difference tests are reported in Table 9 and the regression results in Table 10. The results of Table 9 and 10 are very similar to the mean difference tests and the regression analysis reported in Table 7 and Table 8. We document that the strike firms have lower net income, total accruals and discretionary accruals than the control firms, and that the strike years have lower net income, total accruals and discretionary accruals than the non-strike years. Also, the results of regression analysis shows that the strike firms tend to decrease reported earnings.

연구논문 : IFRS 최초채택일에 간주원가 선택기업의 특성과 이후 재무제표에 미치는 영향

윤순석 ( Soon Suk Yoon ),김효진 ( Hyo Jin Kim ),박민경 ( Min Kyong Park ) 한국회계학회 2015 회계저널 Vol.24 No.5

IFRS는 전환일의 공정가치 또는 종전 회계기준에 따른 재평가액 중 하나를 이용하여 일부 자산 또는 부채에 간주원가를 적용하도록 허용하고 있는데, 간주원가의 선택은 재무구조와 재무성과를 동시에 개선할 수 있는 회계선택이라고 볼 수 있다. 본 연구는 간주원가 선택에 영향을 미치는 기업의 특성을 알아보고, 간주원가 선택 후 재무적 특성 변화를 분석하였다. 이를 위하여 간주원가선택에 대한 공시형태 및 내용을 살펴 보았으며, 간주원가선택에 따른 회계처리가 재무상태표와 손익계산서에 미치는 영향을 실증적으로 분석하였다. 간주원가선택과 관련한 주석의 공시내용을 살펴본 결과, 토지 및 토지를 포함한 유형자산을 대상으로 간주원가를 적용하는 것으로 나타나 토지를 제외한 유형자산 단독으로 간주원가를 선택하는 기업은 존재하지 않는 것으로 확인되었다. 또한 공정가치보다는 K-GAAP에 따른 재평가액을 간주원가로 선택하는 기업이 상대적으로 많다는 것을 알 수 있었다. 간주원가 회계처리가 재무제표에 미치는 영향에 대한 주석의 내용을 검토한 결과, 간주원가선택 비율은 52.1%로 전체 상장기업의 절반 이상이 간주원가를 선택한 것으로 나타났으나, 이들 기업 중 43.9%에 달하는 기업이 전환효과에 대해 공시를 하지 않은 것으로 확인 되었다. 공시내용 또한 충분하지 않았으며, 특히 손익에 영향을 미치는 영향을 보고한 기업은 전체 대상표본의 10%에도 못 미쳤다. 즉, 기업들이 IFRS 채택을 회계투명성 개선의 계기로 사용하기보다는, 오히려 재무구조 및 재무성과를 관리하기 위하여 전략적으로 활용했을 것이라는 예상을 가능하게 한다. 회계투명성 개선을 표방하는 IFRS 채택취지를 무색하게 하는 현상이라고 할 수 있다. 실증분석결과에 의하면 과거 유형자산 재평가를 실시했던 기업이 그렇지 않은 기업에 비해 상대적으로 간주원가선택 경향이 높은 것으로 나타남으로써 채택 동기면에서 자산재평가와 간주원가의 유사성을 확인할 수 있었다. 뿐만 아니라 기업규모, 유형자산 및 토지의 비중, 부채비율, 경영성과 등이 간주원가 선택에 영향을 미치는 것으로 나타났다. 간주원가선택이 기업의 재무보고에 미치는 효과를 살펴보기 위해 전환일 전·후의 재무적 특성을 비교하였다. 과거 자산재평가실시에 의한 부채비율 감소효과를 통제하기 위하여 재평가실시 기업과 재평가미실시 기업으로 나누어 차이분석을 실시한 결과, 재평가미실시 기업의 경우 간주원가선택 후 부채비율이 유의하게 감소하는 것으로 나타났다. 본 연구는 IFRS 최초채택시 재무구조 및 성과관리를 위하여 간주원가선택을 전략적으로 활용할 수 있다는 예상을 실증적으로 확인하였다는 데 시사점이 있다. The International Financial Reporting Standards (IFRSs) provide the first-time adopters with an option to choose deemed cost accounting. Deemed cost is an amount used as a surrogate for cost at the date of transition to IFRS. IFRS 1 allows the first-time adopters to use deemed cost to measure qualified assets or liabilities at the date of transition to IFRS in one of two ways: at the date of transition fair value or at previous K-GAAP revaluation amount. The paper has three objectives. First, we examine how widely Korean firms used deemed cost when they first adopted IFRS to measure their property, plant and equipment. Also we examine how faithfully the choice of deemed cost and its impact on the opening financial statements were disclosed. Second, we examine the firm characteristics that drive the strategic choice of deemed cost. Third, we examine how the choice of deemed cost influences the financial position afterwards. The empirical results reveal that 52.1% of the first-time adopters elected to use deemed cost for one or more items of property, plant and equipment in their opening IFRSs financial statements in 2011. We found that about one half of the firms used deemed cost for their property, plant and equipment, and that almost 64% of firms used the previous K-GAAP revaluation amount instead of the fair value as deemed cost at the date of transition. The examination of the impact of deemed cost on financial statements shows that 23% of firms report an increase in assets and equity. 18% of firms report that deemed cost resulted in only reclassification within shareholders’ equity with no effect on the financial position. However, 43.9% of the firms did not faithfully disclose the impact of deemed cost in their opening IFRS financial statements. Less than 10 percent of the firms report the impact on income statements; and not enough disclosure was made. The results indicate that a majority of the first-time adopters took advantage of IFRS adoption as an opportunity to window-dress their financial positions but provided not sufficient disclosure to the users of financial information. A logit regression analysis shows that deemed cost adopters are firms with revaluation reserves, large firms, land-intensive firms, capital-intensive firms, highly leveraged firms and firms with poor financial performance. We compared firms with revaluation reserves from revaluations in 2008 and 2009 with firms with no revaluation reserves in the same period, and also did an over-time comparison for firms with revaluation reserves before and after transition date. We performed mean-difference tests and difference in differences tests to investigate the impact of deemed cost on the changes in financial performance and financial position. Empirical results reveal that the financial performance of the deemed cost firms increased significantly but their debt ratio showed no significant improvement. But debt ratio increased significantly for the control firms who did not revalue their assets in 2008 and 2009. The findings of this study are expected to provide valuable insights for regulators, academics and investors about opportunistic use of deemed cost by IFRS first-time adopters. However, the study was not able to fully analyze the impact of deemed cost due to lack of disclosed information on deemed cost in the footnotes to financial statements.

수권자본 증가 및 자산 재평가 결정의 정보효과에 관한 실증적 연구

윤순석(Soon Suk Yoon) 성곡언론문화재단 1991 성곡논총 Vol.22 No.-

비보통주발행기업의 기업특성, 이익관리 및 성과

윤순석 ( Soon Suk Yoon ),김효진 ( Hyo Jin Kim ) 한국회계학회 2010 會計學硏究 Vol.35 No.3

본 연구는 기업특성에 따라 발행하는 증권의 종류가 다른지 또한 발행하는 증권에 따라 이익관리 현상과 기업의 성과에 영향을 미치는지를 검증한다. 이를 위하여 거래소기업 및 코스닥기업을 대상으로 2001년부터 2007년에 걸쳐 일반사채 및 희석증권을 발행한 기업과 이에 대한 비교목적으로 보통주를 발행한 기업을 표본으로 하였다. 다음과 같은 주요 실증분석결과를 발견하였다. 우선 거래소기업은 주로 일반사채를 발행하고, 코스닥기업은 주로 보통주를 발행하는 것으로 나타났다. 일반사채를 발행하는 거래소기업들의 가장 큰 특징은 기업규모가 크다는 것이다. 그 외에도 일반사채발행기업들은 대기업집단소속기업이 많고, 영업현금흐름이 양호하며, 주가변동성이 낮고 절세효과가 높다는 것을 확인하였다. 코스닥기업의 경우에는, 보통주발행기업들의 증권발행규모가 크고 영업현금흐름이 양호하며 성장률은 낮고 발생액이 크며 증권발행 전 주식수익률이 높은 것으로 나타났다. 증권발행 종류에 따른 이익관리 현상에 차이가 있는지를 검증한 결과, 보통주발행기업은 일반사채발행기업 및 희석증권발행기업들에 비해 발생액이 유의하게 높은 것으로 나타났다. 발행되는 증권의 종류별로 증권발행 후 기업의 성과를 시장성과와 재무성과로 나누어 살펴보았다. 그 결과, 일반사채발행기업들의 증권발행 후 시장성과인 주식수익률과 신용평점은 개선된 것으로 나타났으며, 보통주발행기업과 희석증권발행기업의 시장성과는 악화된 것으로 나타났다. 이에 비하여 당기순이익과 영업현금흐름으로 측정한 재무성과는 발행증권의 종류에 의해 영향을 받지 않았으며, 다만 코스닥기업으로서 보통주를 발행한 기업의 경우에만 당기순이익이 악화되는 것으로 나타났다. We examine what factors discriminate different security issuers and whether security issuers engage in different degrees of earnings management using the most recent seven year firm-year observations listed in two different stock exchanges of Korea. We also investigate how security issues affect firm performances in terms of stock returns, cash flow from operations, reported earnings and credit rating scores. For this purpose, we examine three different types of securities firms use for external financing. They are common stocks, straight bonds, and dilutive securities. The underpinning to our theory development is that firms will utilize alternative strategies available to them when they need external sources of financing. Whenever possible, security issuers will attempt to lower their cost of capital. In particular, when they can make use of tax shields provided by debt securities, they will rely more on straight bonds. Straight bonds are believed to be more cost effective in terms of cost of capital compared to other types of securities. Dilutive securities such as convertible bonds and bonds with stock warrants, even though they are mostly classified as liabilities, may be very different from straight bonds since they have the potential to dilute common stocks. In this regard, dilutive securities are less likely to be preferred by security issuers since they are less desirable in terms of tax-shield benefits and also in terms of maintaining control by the extant controlling shareholders particularly when their control is not firmly secured. We identify eleven factors which are likely to be effective discriminators that characterize different security issuers. They are the amount of capital raised, cash flow from operations, accruals, investment opportunities (growth rates), past profitability (retained earnings), financial leverage, firm size (total assets), tax shield, stock price volatility, preannouncement stock returns, and group (venture) membership. We use the multinomial logistic regression analyses to examine the discriminating powers of the factors in identifying firm characteristics which influence security issuers` choice of alternative financing strategies. We analyze the KSE firms separately from the Kosdaq firms since their characteristics are somewhat different in terms of size, age, venture membership or some other features. Our sample consists of 615 firm-year observations from the KSE and 1,010 firm-year observations from the Kosdaq market over the period of 2001-2007. The major findings of our study are as follows: First, the KSE firms heavily rely on straight bonds whereas the Kosdaq firms predominantly rely on common stocks for external financing. The results indicate that the two stock markets are very different in terms of their security issuing behaviors. Second, the issuers of straight bonds are generally very different from the issuers of dilutive securities (convertible bonds and bonds with stock warrants). The multinomial logit analyses for the KSE firms show that straight bond issuers in general have better cash flow from operations, bigger sizes, higher credit rating scores and better tax shields as compared to common stock issuers and dilutive security issuers. The same analyses for the Kosdaq firms indicate that firms with better performance and/or financial positions tend to issue common stocks rather than bonds. That is, as compared to straight bond issuers and dilutive security issuers, common share issuers generally have larger amount of capital raised, better cash flow from operations, lower growth rate, smaller firm size, higher accruals, and higher preannouncement stock returns. Third, the multinomial logit analyses suggest that cash flow from operations and firm size are the most powerful factors that discriminate among different security issuers. Fourth, the results of earnings management practices of the security issuers reveal that there are no significant differences in accruals between common stock issuers and straight bond issuers while dilutive security issuers have significantly lower accruals than do common stock issuers. Fifth, straight bond issuers` post-issuance market-adjusted returns are much higher than those of common stock issuers and dilutive security issuers. Furthermore, the issuance of common stocks and dilutive securities result in negative abnormal returns, while the issuance of straight bonds results in positive abnormal returns. Sixth, the issuance of straight bonds seems to improve the credit rating scores of the KSE firms. However, the issuance of common shares and dilutive securities adversely affects credit rating scores. Finally, cash flow from operations and reported earnings are not affected by the issuance of securities no matter what types of securities are issued for the KSE firms. For the Kosdaq firms, the issuance of common shares and dilutive securities adversely affects profitability. However, the issuance of straight bonds does not affect cash flow from operations and reported earnings. The sixth and seventh results are consistent the pecking order theory and also with the timing theory of financing policies. An interesting venue for future research would be to examine whether the control ownership would be differently influenced by the issuance of different types of securities particularly when the issue size is material.

상장기업과 코스닥기업의 이익관리에 대한 비교 연구

윤순석(Soon Suk Yoon) 한국증권학회 2001 한국증권학회지 Vol.29 No.1