회계투명성의 국가 간 비교 및 자본비용과의 상관관계에 대한 실증연구

심호식(Shim Ho shik),이우종(Lee Woo Jong),이재경(Yi Jae kyung),한승엽(Han Seung Youb) 한국공인회계사회 2016 회계·세무와 감사 연구 Vol.58 No.2

우리나라는 1997년 외환위기 이후 회계투명성 제고를 위해 다양한 노력을 경주해왔음에도 국제경영개발원이나 세계경제포럼 등 국제평가기구에 의한 회계투명성 순위는 여전히 (최)하위권에 머물고 있다. 그러나 이러한 결과는 응답자의 주관적 인식(perception)이 반영된 설문답변에 전적으로 기초한 것으로 객관적 평가라 할 수 없다. 이에 본 연구는 학술적으로 통용되는 다양한 계량분석모형을 통해 회계투명성에 대한 실증분석을 시도했다. 실증분석 결과 우리나라의 회계투명성은 「① 재량적 발생액 규모 기준으로 중위권(56개국중 22위) , ② 재량적 발생액 변동성 기준으로 상위권(55개국중 8위) , ③ 이익반응계수 기준으로 중상위권(51개국중 19위) 을 기록했으며, ④ 전염효과도 부재」하여 국제평가기구가 발표한 국가 회계투명성 순위처럼 (최)하위권은 아닌 것으로 나타났다. 이는 그간 도입·시행된 각종 선진 회계시스템으로 인해 평균적인 회계투명성이 개선된 결과로 판단된다. 한편, 미국과 우리나라를 대상으로 회계품질(투명성)과 자본비용 간의 상관관계를 분석한 결과 미국은 높은 회계품질이 자본조달 비용을 경제적으로 유의미한 수준으로 낮추는 데 기여하는 반면, 우리나라는 그러한 관계가 관측되지 않아 기업이 자발적으로 고품질의 회계정보를 생산하기 위한 사회·경제적 효익이 사실상 부재한 것으로 나타났다. 이러한 연구결과는 향후 회계정책의 패러다임이 투명한 회계정보의 생산(기업 역할)만을 강조해온 기존의 공급자적 관점 에서 기업의 능동적인 고품질 회계정보 생산을 적극적으로 유도(시장 역할)하는 수요자적 관점 으로 전환될 필요가 있음을 시사한다. Despite all the efforts from practitioners, regulators, and accounting scholars in Korea, accounting transparency in Korea has been ranked at the lowest according to the previous management surveys by International Institute for Management Development (IMD) and World Economic Forum (WEF). In this paper, we question about the validity of those surveys because they might reflect merely biased perception of respondents on accounting practices in Korea. To address this question, we employ empirical proxies for accounting transparency and analyze a large set of archival data on financial statements of firms from 56 countries surrounding IMD survey respondents. We find that Korea does not appear to be in the most opaque group based on several empirical proxies for earnings quality. Specifically, Korea is ranked 1) at the 22nd in terms of the level discretionary accruals among 56 data-available countries, 2) at the 8th in terms of discretionary accruals volatility (standard deviation) among 55 data-available countries, and 3) at the 19th in terms of earnings-returns relations among 51 data-available countries. Furthermore, we do not find evidence that investors rely on information of industry peers in earnings valuation, indicating that the lack of firm-specific private information is not severe in the Korean stock market. In sum, we do not find evidence supporting that accounting transparency in Korea deserves the lowest ranking around the world. Rather, the empirical proxies for earnings quality consistently prove that the de facto quality of accounting transparency in Korea is above the median of the sample countries, consistent with what academicians and practitioners have argued for the last few years. However, further analyses reveal that costs of raising debt (or equity) are not related to the transparency constructs we used above for Korean firms, implying the lack of benefits of improving accounting transparency in Korea. By contrast, the transparency constructs show a strongly negative association with costs of debt (or equity) for U.S. firms, indicating that more transparent firms are well compensated by lower financing costs in the U.S. financial market. We thus suspect that the lack of benefits for accounting transparency in Korea (i.e., statistically no association between earnings quality and external financing costs) would partially provoke the unfavorable responses to survey questions about accounting practices in Korea. If a financial market does not appropriately appreciate the quality of earnings across firms and thus fails to reflect it in capital resource allocation, managers would consider all the regulatory inputs to improve accounting transparency as unnecessary cost sources that are not properly accompanied by corresponding benefits. A related concern is that such negative perception would drive out transparent firms from the market in the long run (a.k.a., adverse selection problem). Caveats are in order. To empirically address our research question, we cannot help making some assumptions which unavoidably sacrifice academic rigor. First, we compare earnings quality constructs from a single estimation model (i.e., a pooled regression) across countries. By doing so, we assume that the single model fits well to every economy, which is unlikely. Therefore, our earlier inferences would not hold valid to the extent that the fitness of the models significantly varies across countries. Second, we do not intend to explain why accounting transparency differs across countries. Prior studies document a set of country-level characteristics that explain cross-sectional variations of earnings quality across countries. However, including all of those country-level differences would not serve this paper because we are not interested in why earnings quality differs across countries but whether earnings quality differs (and whether Korea actually belongs to the lowest group).

사례논문 : SK텔레콤의 하이닉스 반도체 인수와 발전: 부채와 재무건전성에 대한 사례

한송이(제1저자) ( Song Yi Han ),최종학(공동저자) ( Jong Hag Choi ),이우종(교신저자) ( Woo Jong Lee ) 한국회계학회 2015 회계저널 Vol.24 No.6

반도체 산업은 막대한 설비투자를 요구하면서도 경기변동에 민감한 특징을 가지고 있다. 하이닉스(구 현대전자산업주식회사)는 1997 - 1998년 금융위기의 여파와 2000년 실시한 무리한 LG반도체의 인수로 재무적 어려움을 겪던 중 2001년 파산하였다. 그 후여러 은행들로 구성된 채권단이 공동관리를 하면서 구조조정을 통해 회사를 부활시켰다. 그 동안 많은 경쟁업체들이 산업에서 철수하여 하이닉스 반도체는 삼성전자에 이어 메모리반도체 분야에서 세계 2위의 시장점유율을 기록하게 되었다. 채권단은 수차례에 걸쳐 하이닉스반도체를 국내외 회사들에게 매각하려고 노력했었으나 모두 실패로 돌아갔다. 그러던중 2012년 2월 SK텔레콤이 하이닉스반도체를 채권단으로부터 3조 3,750억 원에 인수하여 SK그룹으로 편입한다. 회사명도 SK하이닉스로 바뀌었다. 인수 후 SK그룹은 SK하이닉스를 정상화시키기 위해 많은 노력을 기울이고, 그 결과와 시장 상황의 개선 덕분으로 2013년부터 SK하이닉스는 많은 이익을 기록할 수 있었다. 본 사례에서 하이닉스반도체의 몰락과정과 그 이후 벌어진 여러 사건들에 대해서 살펴보면서, 채권단이 하이닉스반도체를 살리기 위해 실시한 재무적 구조조정에 대해서 알아본다. 매각자와 매수자 사이의 회사 인수조건이 달라짐에 따라 어떤 영향이 있는지도 살펴본다. SK텔레콤의 인수 이후의 자금 사용이 SK하이닉스의 재무제표에 어떤 영향을 가져왔는지를 공부한다. 또한 인수기업인 SK텔레콤의 인수비용 마련을 위한 자금조달이 미친 효과도 공부한다. The semiconductor industry is characterized as requiring largely irreversible capital expenditures, resulting in huge fixed costs. Thus, its cost structure is largely fixed regardless of production level, resulting in vulnerable income and cash flows depending on changes in economic conditions. Since its foundation in 1949, Hynix (currently SK Hynix) has experienced significant changes in its ownership structure three times. Hynix began its operation as a construction company but changed its focus to the semiconductor industry in 1983. Hynix went bankrupt in 2000 during the aftermath of the 1997-1998 Asian financial crisis. While the company suffered greatly from an economic recession after the financial crisis, the company acquired LG Electron in 2000 with politically-motivated intentions,largely backed up by aggressive debt financing. As a result, the company amassed huge debts, finally resulting in the bankruptcy of the company in 2001. After the bankruptcy, several banks unwillingly overtook the control of the firm and resuscitated the firm through restructuring process. The restructuring process was helped by government``s support. The banks exempted a huge amount of loans and adjusted (lowered) interest rates in favor of Hynix. The banks also allowed the company to renew the matured short-term loans amounting 1.87 trillion Korean Won (approximately 1.7 billion US dollars) in 2002 and 2003. In addition, the banks converted 1 trillion-won corporate debts into equity through debt-equity swaps. Following these measures, the financial condition of the firm steadily improved during the mid-2000s. Meanwhile, the banks also made several futile attempts to divest their Hynix investments. However, intense competition in the semiconductor industry and huge capital expenditures required for the firm deterred potential acquirers from jumping in for the deal to purchase the firm. After 11 years`` search for a buyer, SK Telecom, one of the large subsidiary of SK group, a famous conglomerate in Korea, finally agreed to acquire Hynix from the banks in 2011 for about 3.75 trillion Korean Won (about US$3.3 billion). Subsequently, SK renamed the company to SK Hynix. After the acquisition, the operating performance of Hynix improved substantially. Hynix made continuous efforts in retiring short-term debts through a successful equity offerings provided by SK Telecom. As a result, the debt-to-equity ratio of Hynix fell down from 119% to 91% in 2012. The coincidental collapse of a Japanese competitor, Elpida, also helped the company by alleviating industry competition, and increasing demand for semiconductors to remaining electronics manufacturers. Hynix reported the record-breaking profits in 2013. Currently SK Hynix dueled over market share in the semiconductor industry with Samsung Electronics and Micron Technology (formerly Elpida) and secured about 30% of the market. Compared with the status of the company five or ten years ago, it is a remarkable turnaround. This case describes the abovementioned situations and provide several problems that students can solve. We expect that students can learn from this real-life case about the restructuring process of a company and its effect on financial statements. At the same time, students can contemplate the effects of various measures that the banks used to resurrect Hynix``s crumbling financial status. The effects of the acquisition of Hynix by SK Telecom on both the target (i.e., Hynix) and the acquirer (i.e., SK Telecom) can also be of interest. Specifically, students will have a chance to discuss how financial profiles of Hynix and SK Telecom changed as a result of the capital injection from the acquirer. With an emphasis on debt financing and debt restructuring, the case is particularly informative of debt financing issue. Further, students need to search for the various disclosures and infomration contained in annual report. Through these exercises, we expect that students have a real experience to search for financial statements and other information by themselves and interpret the information.

무용 숙련성에 따른 동작결과예측 능력의 차이

한시완(Han, Siwan),류제광(Ryu, Je-Kwang),이우종(Yi, Woojong),양종현(Yang, Jonghyun) 한국인지과학회 2018 인지과학 Vol.29 No.2

무용수의 움직임은 시각적 처리 과정을 통해 관찰자에게 지각되며, 관찰자는 지각된 시각정보를 바탕으로 무용수의 동작에 대한 평가와 감상을 수행한다. 관찰자의 운동수행능력이 정확한 평가와 감상에 필요한 것인지에 관해 많은 논의가 있으나, 일관된 결론을 내리지 못하고 있다. 이에 본 연구에서는 타인의 동작결과를 예측하는 능력이 관찰자의 운동 숙련성에 따라 어떻게 달라지는지 살펴보고자 하였다. 연구참여자는 총 27명으로 무용 숙련도에 따라 세 집단(숙련자, 중간숙련자, 초보자)으로 각 9명씩 참여하였다. 연구참여자는 컴퓨터 모니터를 통해 제시되는 무용 동영상을 본 후 동작의 성공 여부에 대해 판단하였다. 영상의 길이를 달리 편집하여 동작의 성공 여부를 판단하는데 필요한 정보의 양을 체계적으로 조작하였으며, 시간차단 기법을 사용하여 영상 길이 조건별 연구참여자의 반응 정확도를 측정하였다. 연구결과 판단을 위해 활용할 수 있는 시각적 정보가 충분하지 않은 조건에서 숙련자들은 중간숙련자와 초보자에 비해 더 높은 정답 반응을 나타냈으며 초보자는 숙련자와 중간숙련자에 비해 더 높은 오답 반응을 나타내었다. 이러한 결과는 비슷한 수준의 지각 숙련성을 보유하고 있더라도 동작 숙련성에 따라 무용동작에 대한 결과예측 능력이 차이를 보이며, 높은 운동 숙련성을 가지고 있는 경우 동작결과에 대한 예측 능력이 높다는 것을 보여준다. 또한 높은 지각 숙련성은 주어진 정보가 불충분한 상황에서 성급한 반응을 유보하여 오답률을 낮추는 데 도움을 주는 것으로 생각된다. 결론적으로 본 연구를 통해 동작 숙련성과 지각 숙련성은 관찰된 동작의 결과예측 정확성에 각각 다른 방식으로 기여하고 있음을 알 수 있었다. Dancers’ motions are perceived by observers through visual processes with visual information forming the basis for the observers’ appreciation and evaluation of the dancers’ motions. There have been many discussions as to whether or not observers’ personal athletic capabilities form an essential basis for accurate assessment of the motions of others but, so far, no valid conclusions have been reached. The purpose of this study is to investigate how the ability to predict motions of others varies depending on the athletic expertise of the observers. Participants of this research were ballet dancers of varying athletic expertise. Twenty seven participants were divided into three groups with nine in each: beginners, intermediate experts and experts. The participants watched the same dance video and then evaluated whether the motion would be successful or not. The movement related visual information required to evaluate the success of the motion was systematically adjusted by controlling the length of the video. Using the temporal occlusion method, this study measured the response accuracy of the participants by category of expertise. Under the circumstance with insufficient visual information to utilize, the experts showed higher rates of correct response than the intermediate experts and the beginners. The beginners showed higher rates of wrong response than the experts and the intermediate experts. These results showed that the ability to predict success or failure of a dance motion varied depending on motion expertise of the observers, although they had similar level of expertise in perception. Participants considered to have high athletic expertise showed high prediction ability on the result of the motion. In addition, high expertise in perception reduced the likelihood that participants would make hasty responses under the circumstance with insufficient information and helped to reduce wrong response rate. In conclusion, this study showed that motor expertise and perceptual expertise contribute to prediction accuracy of observed motions.