제29회 베이징 올림픽 탁구남자개인단식 금메달리스트의 대상별 탁구경기전술분석

이동헌(Lee Dong-Heun),정구인(Jung Koo-In),송창훈(Song Chang-Hoon) 한국체육과학회 2010 한국체육과학회지 Vol.19 No.3

This is an analysis of Lee Dong-heun's table tennis tactics(2010) in the 29th Bejing Olympics focusing primarily on Marin's performance in the finals. I searched for Vod materials on the OK ping-pong website, and TV broadcasting materials to obtain the analysis. After analyzing the 3 games of Marin point by point, I came to the following conclusion. First of all, Marin could win the games with his own tactical patterns. On the other hand, Wang Hao and Wang Richin of China also won the games with their own tactical patterns, but they lost the games without their own tactical patterns. Second, Wang Hao(China), Wang Richin(China) and Oh Sang Eun(South Korea) should have increased the frequency of their main scoring tactics and raised their scoring success rate. In other words, Marin(China) had a higher scoring success rate than the others. However, it is natural that Marin(China)'s table tennis tactics were able to block Wang Hao, Wang Richin and Oh Sang Eun's.

공시유형별 가결산이익의 정확성 및 정정공시

이동헌(Dong Heun Lee),최우석(Woo Seok Choi),유승원(Seung Weon Yoo) 한국경영학회 2011 經營學硏究 Vol.40 No.3

In this study, we examine the property difference of preliminary financial reports by regulation types using 1,425 observations provided by DART database ranged from 2006 to 2008. Preliminary financial reports are announced mandatorily or voluntarily before actual earnings are finalized at the general shareholder meeting in Korean stock market. There are two kinds of preliminary financial reports by regulation types in Korean stock market. The first type of the preliminary financial report is called ``Timely disclosure``. Firms are required to disclose preliminary financial reports when they face the material change in the current net income compared to the prior net income. The other type of the preliminary financial report is called ``Fair disclosure``. Firms voluntarily disclose information regarding earings forecasts for analysts and investors before they are audited. The main difference between the two types of preliminary financial reports is whether it is mandatory or not. As stated, the ``Timely disclosure`` is mandatory while the ``Fair disclosure`` is voluntary. Prior research suggests that such preliminary financial reports have a tendency to be optimistic compared to actual earnings. One of reasons suggested by prior research is that there would be no serious penalty for the over-estimation if firms disclose the restatement of preliminary financial reports. In addition, market participants show significant reactions to preliminary financial reports, meaning that preliminary financial reports are useful in their decision making. In other words, market participants take the information from preliminary financial reports into account when they make investment decisions. However, those studies do not take regulation types into account in examining the properties of preliminary financial reports. Moreover, their definitions of preliminary financial reports are generally mixed. Therefore, it may have additional empirical implications to examine the properties of preliminary financial reports by regulation types, such as Timely Disclosure and Fair Disclosure, especially in that the two types of disclosures show a significant difference: mandatory versus voluntary. The difference is likely to affect various aspects of financial reporting. We also investigate firm characteristics for the restatement of preliminary financial reports by using 652 restatements of preliminary financial reports. In order to test our empirical hypotheses, we include regulation-type variables in OLS regressions for the properties of preliminary financial reports. From this test, we find that preliminary financial reports for Fair Disclosure is more accurate and less biased, compared to preliminary financial reports for Timely Disclosure. In addition, we regress the bias and accuracy on firm characteristics variables, such as firm size, leverage, ROE, and market to book value. From this test, we find that the larger firm size is, the more accurate restatements are, while the accuracy of restatements decreases when firms are more leveraged, and less profitable. Finally, we find that restatements are informative. The findings of this study suggest that managers make less effort and take advantage of restatements when disclosing preliminary financial reports for mandatary Timely Disclosure, compared to for voluntary Fair Disclosure. In other words, the findings imply that the regulation type (mandatory versus voluntary) affects the properties of preliminary reports. We believe that this result provides insights not only for potential investors but also for regulators.

< 연구논문 > : 기업 내 노동조합의 존재와 이익 비교가능성의 관계

이동헌 ( Dong Heun Lee ),최정운(교신저자) ( Jeong Un Choi ),안성희(공동저자) ( Sunghee Ahn ) 한국회계학회 2016 회계저널 Vol.25 No.2

본 연구는 기업 내 노동조합의 존재와 이익의 비교가능성의 관계를 조사한다. 특히 노동조합을 노동조합의 존재여부, 해당 노동조합의 단체가입(한국노총 또는 민주노총) 여부, 노사협의회 존재여부로 세분화하며, 동시에 종업원의 상대적 급여수준과 이익과 손실 보고여부 등의 다양한 상황을 고려하여 조사한다. 조합원 즉, 근로자의 권익을 대변하는 노동조합은 재무제표 정보를 바탕으로 기업의 성장 및 지속성을 고려하여 급여인상 요구의 하한선을 설정하는 반면, 경영자의 입장에서는 재무제표 정보를 이용하여 수익성을 훼손하지 않는 범위 내에서 급여인상 수락의 상한선을 설정할 수 있다. 따라서 재무제표 상의 정보는 노동조합과 경영자(또는 기업) 간 급여수준 협상과정에서 불필요한 파업 등을 회피할 수 있는 적절한 기준으로 사용할 수 있다. 이때, 해당 재무제표의 최종 작성 책임자가 경영자이고, 또한 작성과정에서 경영자의 재량이 일정부분 이상 영향을 미칠 수 있다는 점에서 재무제표의 비교가능성을 적절히 조정하여 급여수준을 최소화 하는 유인이 존재한다. 즉, 재무제표 상 제시되는 기업성과의 비교가능성을 적절히 조정하여 급여인상 요구를 사전적으로 차단하거나 급여수준의 동결 또는 인하의 명분을 제시할 수 있기 때문이다. 이에 실증결과는 다음과 같다. 먼저 노동조합이 존재하는 기업의 이익 비교가능성은 그렇지 않은 기업에 비하여 상대적으로 낮게 나타났다. 특히 해당 노동조합이 단체에 가입한 경우에도 이익의 비교가능성이 낮게 나타났으나, 노사협의회가 존재하는 기업은 오히려 높게 나타났다. 이때 종업원의 높은 급여수준은 이익의 비교가능성을 추가적으로 낮추었으나, 낮은 급여수준은 이익의 비교가능성을 높이는 증분효과로 나타났다. 이러한 결과는 이익을 보고한 기업으로 한정한 분석에서도 대체적으로 유지되었으나, 손실을 보고한 기업으로 한정한 분석에서는 유의한 관계가 나타나지 않았다. 이는 최소한 노동조합이 기업의 이익 비교가능성과 유의한 관계가 있음을 의미한다. 또한 급여수준 및 이익/손실 보고기업에 있어서 다른 결과를 보인다는 점은, 이익의 비교가능성이 각 상황별로 적절하게 이용되고 있음을 추측할 수 있다. 이러한 연구결과는 급여 최소화를 위한 이익의 하향 조정과 달리 비교가능성에 초점을 둔다는 점에서 의의가 있으며, 경영자에 의한 적극적인 이익 비교가능성 조정은 기업 내 정보이용자에게 재무정보 이용 시 중요한 시사점을 제공한다. This study investigates the relationship between unions and earnings` comparability. In particular, we break down into various situations, such as whether to join the Federation of Korean Trade Unions or the Korean Confederation of Trade Unions, whether the council has been installed, the relative salaries of employees and whether to report profit or loss. So this study investigates unions and earnings` comparability under each of these situations. Unions are organized for the purposed of improvement and empowerment of the working conditions of employees. Unions efforts to improve the working conditions of employees within the firm, and present opinions for the social empowerment of employees from outside the firm. In particular, the improvement of working conditions is a major activity of union, so prior researches have focused on the effect of salary. In other words, they investigated the salary levels with unions and firm`s long(short)-term financial performance. Meanwhile Unions, representing the interests of workers, set the lower limit of the demand for higher salary by considering the growth and sustainability of the firm on the basis of financial statements information. While managers set the upper limit for salary increases acceptance without compromising profitability by using financial statements information. Therefore, financial statements information is available to the appropriate standards to avoid unnecessary strikes in salary negotiations between unions and manager (or firm). In this case, there are incentives to minimize the salary level by using to adjust the comparability of financial statements because financial statements are written by manager and can be affected by manager`s discretion. In other words, manager can block ex ante the demand for higher salary by using to properly adjust the comparability of financial statement because it can present the cause of freezing ore reduction of salaries. Firm`s financial and union data are obtained from financial statements between 2004 and 2008 and they are 2.119 listed firm-years in Korea. Although union data can be collected form 2000 to 2008, sample starts form 2004 because calculations of earnings` comparability need 16 quarters financial data. So empirical result is as follows. First, earnings` comparabilities of the firms with union were relatively low compared to the firms otherwise. Especially earnings` comparabilities of the firms with union joined the Federation of Korean Trade Unions (FKTU) or the Korean Confederation of Trade Unions (KCTU) were low ("Associated" means that union joined FKTU or KCTU and "KCTU" means that union joined only KCTU), but the firms with council were rather higher. In this case, higher salary level of employee further reduced earnings` comparability, but lower salary levels had incremental effect of increasing the earning`s comparability. These results were maintained in analysis limited to firms reported profit, but did not appear significant relationships in analysis limited to firms reported loss. This means that there is a significant relationship between unions (or "Associated") and earnings` comparability at least. Also, considering different results in salary levels and profit/loss firms, we can assume that earnings` comparability is suitably used in each case. This study has some contributions. First, we focused on earning`s comparability for minimum salary level. Downward adjustment of earnings for minimum salary level (Liberty and Zimmerman 1986; DeAngelo and DeAngelo 1991; Mora and Sabater 2008) can act as a considerable burden on managers (or firms) in terms of low performance. On the other hand, assumption of this study (to lower the earnings` comparability) is to avoid the salary raise, it is advantageous to managers (or firms) in that it dose not need to downward adjustment of earnings. Second, adjusting earnings` comparability by managers can provide important implications for using financial statements information. Therefore, it means that there is a need for active examination of earnings` comparability using financial statements. However union`s endogenous problem is a major limitation of this study. This requires additional studies.

재무분석가의 장기이익예측 특성 및 결정요인

이동헌(Dong Heun Lee),정성환(Sung Hwan Jung),한승수,Sam Han 한국경영학회 2012 經營學硏究 Vol.41 No.2

This paper examines properties of analysts` long-term earnings forecasts and the determinants of long-term forecast issuance in Korea. Although long-term earnings forecasts are one of the most important inputs in calculating the fundamental value of a firm, prior studies focus primarily on issues related to short-term earnings forecasts such as biases in analysts` short-term forecasts and their incentives to provide such biased forecasts and shed little light on why they issue long-term forecasts and factors that determine long-term forecasts bias. This paper fills that void. We expect that analysts who issue only long-term forecasts are different from those who issue short-term forecasts and there will be some fundamental differences in their characteristics. It is a natural conjecture that long-term forecasts entail more complex tasks that require better firm-specific and domain-specific knowledge and they are more likely to be made by more capable analysts. However, the accuracy of forecasts made by more capable analysts could be lower if their forecasts are opportunistically biased due to their monetary incentives such as sales commissions and other investment banking related business. Assuming that analysts who issue only long-term forecasts are less subject to those incentives, we hypothesize that analysts issuing only long-term forecasts provide more accurate long-term forecasts and less optimistically biased. Concerning the determinants of long-term only forecasts, we hypothesize that they are more concentrated on small-sized growing firms that their stock prices are currently undervalued than their book values but relatively more profitable. Using analysts` earnings forecasts for non-financial firms listed in Korea Stock Exchange (KSE) and KOSDAQ for the period from 2000 till 2007, we find the following results. First, long-term only forecasts are more accurate than long-term forecasts with short-term forecasts. In addition, long-term forecasts are primarily issued for growth stocks with relatively high ROAs but low market-to-book ratio. This result suggests that long-term only forecasts are issued in order to satisfy the information demand by less informed investors with a long-term investment horizon. Second, long-term only forecasts are issued by more capable top analysts, who are relatively less subject to financial incentives since they have higher reputation. Overall, the result is consistent with the fact that information demand is more important in generating long-term earnings information and reputable analysts play an important role in disseminating more accurate long-term earnings information that helps make information environment better. This study has several contributions to the literature. First, this is the first study that investigates the properties and determinants of long-term earnings forecasts. Prior studies investigate only analysts` short-term earnings forecasts and their incentives and not many studies examine characteristics of long-term earnings forecasts, especially those forecasts without short-term forecasts. By improving our understanding of the properties of long-term earnings forecasts, the result of this paper provides a better way to get more accurate fundamental value of a firm and, ultimately, helps make more efficient resource allocations. Second, we find an important, proactive role of investors who demand long-term financial information by showing that investor-initiated information demand, not incentive-driven analysts` supply of long-term earnings information, helps make better information environments. Third, the result of this paper confirms the findings of prior studies on analysts` incentives in a sense that the quality of analysts` provided information is better when there are less financial incentives, especially in the case of long-term forecasts where there are more uncertainties and individual analysts` capability is not well observed.

경영자 이익예측 공시 이후 재무분석가 예측수정의 특성

이동헌 ( Dong Heun Lee ),유승원 ( Seung Weon Yoo ) 한국회계학회 2012 會計學硏究 Vol.37 No.3

본 연구는 경영자 이익예측정보 이후 나타나는 재무분석가 예측의 수정선택과 수정정도의 결정요인을 살펴본다. 경영자 이익예측 공시 이전 1,159개의 재무분석가 예측치 중에서 673개의 예측이 수정되었으며 이와 관련한 주요 결과는 다음과 같다. 첫째, 경영자 이익예측 공시 이후 경영자 이익예측과 재무분석가의 이익예측의 차이가 작을수록, 명성이 높은 재무분석가일수록, 대규모 증권사 소속 재무분석가일수록 수정예측에 관한 보고를 공시할 가능성이 높았다. 이는 재무분석가 예측수정의 공시의 결정에 있어서 경영자 예측정보의 특성 및 재무분석가 인적특성이 유의한 영향을 미치고 있음을 의미한다. 둘째, 수정된 재무분석가 예측은 경영자 이익예측과의 차이를 반영하고 있으며, 명성있는 재무분석가는 이러한 예측정보의 차이를 적극적으로 반영한다. 이러한 실증결과는 우리나라에서 재무분석가는 경영자 이익예측정보를 예측수정에 반영하고 있으며, 경영자 이익예측이 자본시장에서 중요한 정보의 원천으로서 역할을 하고 있음을 의미한다. 또한 추가분석에서는 사전적으로 재무분석가 예측오류가 경영자 예측오류보다 클 때, 재무분석가는 경영자 예측정보를 수정에 적극적으로 반영하고 있는 것으로 나타났다. 이는 재무분석가가 경영자 예측정보를 수동적으로 받아들이는 것이 아니라 적극적으로 해석하고 이를 활용한다는 것을 의미한다. 재무분석가의 예측수정의 공시와 관련해서 내재적 특성에 관한 근거와 이론적 모형은 제시되었으나 실증적 검증은 미진하였다. 본 연구는 경영자 이익예측차이 및 재무분석가 인적특성과 같은 수정예측의 결정요인을 실증적으로 검증함으로써 재무분석가의 예측수정과 관련한 선행연구를 확장하였다. 또한 경영자 이익예측공시와 같은 특정 정보가 재무분석가 예측수정에 어떻게 반영되는 가를 검증함으로써 시장참여자에게 재무분석가 예측정보의 활용에 대한 유용한 시사점을 제공한다. Management Forecasts are one of voluntary public information in capital market, which plays an affirmative role to reduce information asymmetry and improve the efficiency of market resource allocation (Diamond 1985; Verrecchia 2001). Analysts have a function to transfer and create information about firms in market. Prior research suggest that firms and analysts have mutually interrelated by sharing information about firms. However it has never been empirically investigated how analysts reflect the contents of management earnings forecasts in their revised forecasts. This paper examines what determines analysts` revision decision and how much analysts reflect management earnings forecast in their revised forecasts in Korean capital market for the sample period from 2000 to 2009. The empirical results are as follows. First, the likelihood of analysts` revision increases with analysts` reputation, brokerage size and the difference between management forecast and prior analyst forecasts. This result implies that the properties of management earnings forecasts and the characteristics of analysts affect the revision decision making of analysts. In terms of analysts, analysts make an high effort to maintain their reputation by utilizing the new public information, such as management forecasts. Also analysts, which work for big brokerage, are capable of lower their input for analyzing firms by taking advantage of information accessibility. Second, analysts reflect the difference between management forecasts and their prior earnings forecasts in their revised forecasts. Also, analysts who has the reputation have more tendency to reflect management earnings forecasts. Furthermore, when analysts forecasts error is bigger than management forecasts. Also the more accurate management forecasts are used to revise analysts earnings forecasts, which suggests that management forecasts improves the market efficiency and alleviate information asymmetry. However prior research has focused on analysts revision behaviors after management forecasts, assuming that analysts earnings forecasts are homogeneous. They report that analyst take advantage of management forecasts information, which implies that management forecasts improves the quality of analysts` earnings forecasts overall. Recently analysts forecasts are differentiated by analysts` individual characteristics variables, such as, analysts reputation, work complexity, and brokerage size (Clement 1999; Clement and Tse2005). They imply that analysts respond to new information. Therefore this study examines whether analysts are responsible to management forecasts and how much they reflect management forecasts to their revised forecasts heterogeneously by using individual analysts reports. This paper provides incremental contributions in suggesting the role of analysts characteristics and management forecasts properties. Also this paper extends literature linked to the properties of analysts revisions by presenting the empirical results that diverse and specific characteristics of analysts determine the revision decision after management forecasts. In conclusion, this paper helps understanding the decision making process of analysts regarding revision behavior.

연구논문 : 감사위원회 보상이 외부감사에 미치는 영향: 감사보수 및 감사시간을 중심으로

이동헌 ( Dong Heun Lee ),김선미 ( Seon Mi Kim ),유승원 ( Seung Weon Yoo ) 한국회계학회 2011 회계저널 Vol.20 No.5

본 연구는 외환위기 이후에 도입된 감사위원회제도의 실효성을 감사위원회 보상과 외부감사인의 보수 및 시간 사이의 관련성을 통하여 살펴보았다. 감사위원회 보상의 증가는 전문성이 있는 유능한 인력확보 및 책임의무 강화를 할 수 있는 순기능을 가지는 반면, 경영진과의 경제적 독립성을 훼손할 수 있다. 따라서 감사위원회의 보상수준이 각각 감사품질(Audit Quality)로 대표되는 감사보수와 감사인의 노력(Audit Effort)의 대용치로 사용되는 감사시간에 어떠한 영향을 미치는가는 실증적인 검증사항이다. 본 연구의 표본은 2006년에서 2008년까지 거래소에 상장되어 있는 12월 결산법인 중에서 금융업에 속하지 않는 242개 표본을 대상으로 하였다. 관심변수인 감사위원회 보상과 외부감사의 감사보수 및 감사시간과 관련된 자료는 금융감독원 전자공시시스템의 사업보고서를 통하여 수집하였다. 실증분석결과, 감사위원회 보상수준과 감사보수 및 감사시간 사이에 유의한 양(+)의 관계가 나타났다. 추가분석으로 감사위원회 결정요인과 감사위원회 보상에 대한 내생성을 통제한 후에도 감사위원회 보상수준과 감사보수 및 감사시간은 양(+)의 관련성을 가지는 것으로 나타났다. 이러한 결과는 감사위원회의 운영과 관련된 보상시스템이 외부감사인의 감사품질에 영향을 미치고 있음을 의미한다. 선행연구에 따르면 감사위원회는 단지 설치로서 그 효과를 발휘하기 어려우며 감사위원회의 효율적 운영에 의해 그 실효성이 결정된다. 따라서 본 연구는 이러한 감사위원회 운영의 중요한 요소 중 하나인 보상시스템과 효율성을 분석했다는 점에서 감사위원회제도의 개선과 관련된 시사점을 제공한다는 공헌점이 있다. This paper investigates whether the compensation level of audit committee plays a role in improving the audit quality. According to prior research, what matters most is not the existence of audit committee, but its characteristics such as board independence, expertise, and board activity. From this perspective, the compensation system can be one of the most important management tools to increase the effectiveness of audit committee. However, it is controversial whether the current compensation level of audit committee members is appropriate and effective. There are two kind of opinions about the compensation level of audit committee. First, some argue that the increase in the compensation level is necessary in order to hire qualified expertise and increase the quality of the committee. However, the other side argue that the extreme compensation aggravates audit committees`s independence from managers. Therefore, it is worth to know how the compensation level of audit committee affects the effectiveness of audit committee. In order to answer the question, we examine whether the compensation level of audit committee affects audit fees and audit hours, after controlling other generally known determinants of audit fees and audit hours. The tests are based on the data disclosed in the business reports filed to the Financial Supervisory Services in the period from 2006 to 2008, which has a sample of 242 listed firms. The results of this study are as follows. We find that the audit committee compensation level is positively associated with audit fees and audit hours. The results suggest the compensation level of audit committee plays an important role in enhancing the audit quality and improving the effectiveness of audit committee. This paper provides an empirical evidence on the debate about audit committee compensation. This paper is also expected to provide academic insights into research related to audit committee regulation and management.

원가의 하방경직성이 경영자 예측 정보 특성에 미치는 영향

정광화(Kwang Hwa Jeong),이동헌(Dong Heun Lee) 한국관리회계학회 2016 관리회계연구 Vol.16 No.2

본 연구의 목적은 기업의 원가 하방경직성이 자본시장에서 기업 가치평가와 관련하여 중요한 정보의 원천인 경영자 이익예측에 미치는 영향을 살펴보는 것에 있다. 원가의 하방경직성이란 경영자의 낙관적인 전망으로 인해 매출액의 증가와 감소에 대하여 원가의 증감비율이 차별적으로 나타나는 현상을 의미한다(Anderson et al. 2003). 선행연구(Weiss 2010)에 따르면 하방경직성으로 인해 이익분포의 변동성과 정보비대칭(Information Asymmetry)을 증가시켜 기업외부의 재무분석가의 이익예측의 정확성을 낮추는 것으로 보고하고 있다. 하지만 기업내부의 정보에 대한 우위를 가지고 있는 경영자는 재무분석가 예측보다 상대적으로 예측정확성의 높다고 알려져 있다(권수영 등 2009). 본 연구에서는 원가의 하방경직성이 경영자 예측의 공시여부와 정확성에 미치는 영향을 살펴본다. 본 연구는 우리나라의 2002년에서 2010년까지 유가증권시장 기업을 대상으로 분석을 실시하였다. 분석결과 첫째, 원가의 하방경직적인 경우 경영자는 상대적으로 이익예측을 공시하려는 경향이 낮게 나타났다. 이에 대하여 경영자가 원가를 통하여 예측 정보의 속성을 통제할 수 있을 때, 경영자 예측을 공시하려는 경향이 높아지는 것으로 판단한다. 둘째, 원가의 하방경직성과 경영자 이익예측의 정확성과는 음(-)의 관계가 나타났다. 원가를 탄력적으로 운용하는 경우 예측정확성이 제고되는 것을 의미한다. 또한 원가의 하방경직성이 높아질수록 이익의 변동성이 높아지게 되므로 정확성은 낮아지는 것이다. 즉 원가에 관한 내부정보를 파악하고 있는 경영자는 원가에 대한 의사결정을 탄력적으로 활용하여 이익예측의 정확성을 제고하고 있는 것으로 해석할 수 있다. 본 연구는 원가의 하방경직성이라는 기업특성이 경영자 공시특성에 미치는 영향을 살펴봄으로써, 자본 시장 정보이용자의 주의를 환기하고, 이에 관한 유용한 시사점을 제공한다. This paper focuses on the effect of the cost stickiness on the properties of management earning forecasts. Prior researches show that the costs change is less sensitive to sales change when sales decrease than when sales increase. This “asymmetric reaction of cost” comes from the manager’s decision that tends to maintain the level of cost factors such as labors and production facilities in spite of the sales reduction based on the optimistic expectation(Anderson et al. 2003). Prior research posit that cost stickiness has the negative relationship with the accuracy of analysts’ forecasts by increasing the uncertainty of accounting information(Weiss 2010). In this sense, we consider the cost stickiness may have the effect on the properties of management forecasts, Specifically, the issuance of management forecasts and the accuracy of management forecasts. Using the firm-year data from 2002 to 2010 listed in Korea Stock Exchange(KSE), we find that the following results. First, management forecasts are less likely issued when the cost stickiness is high since management prefer to control the information of disclosure. In a similar sense, the accuracy of management forecasts has the negative relationship with cost stickiness because the cost stickiness increase the information and the fluctuation of income. This study has several contributions. By improving our understanding the effect of cost stickiness on the properties of management forecasts, it provides a better way to get more fundamental value of a firm and, helps make more efficient ways to allocate resources. Also it provides the market participants with interpreting the information on firm disclosure by figuring out the properties of management forecasts.

주식매수선택권 부여 기업의 소유 또는 전문경영이 조세회피성향에 미치는 영향

오광욱 ( Kwang Wuk Oh ),이동헌 ( Dong Heun Lee ),이만우 ( Man Woo Lee ) 한국회계학회 2008 회계저널 Vol.17 No.4

비대칭적 원가행태가 기업어음 신용등급에 미치는 영향

유승원(Seung-Weon Yoo),이동헌(Dong Heun Lee) 한국관리회계학회 2017 관리회계연구 Vol.17 No.2

본 연구의 목적은 기업의 비대칭적 원가행태(asymmetric cost behavior)가 자본시장에서 중요한 정보 역할을 하는 기업어음 신용등급에 미치는 영향을 살펴보는 것에 있다. Weiss(2010)는 비대칭적 원가행태가 자본시장의 정보비대칭(Information asymmetry)을 증가시켜 기업외부 재무분석가의 이익예측 정확성에 부정적인 영향을 미치는 것으로 보고하고 있다. 그러나 재무분석가와 더불어 자본시장에서 기업평가에 중요한 역할을 하는 신용평가에 대해 기업의 비대칭적 원가행태 회계정보가 어떠한 영향을 미치는 가에 대해서는 연구가 많은 진행되지 않은 실정이다. 본 연구는 2002년에서 2014년까지 연도 1,092개, 분기 2,971개 표본을 분석대상으로 비대칭적 원가행태와 기업어음 신용평가특성과의 관련성을 살펴보았다. 실증결과는 다음과 같다. 첫째, 비대칭적 원가행태를 보이는 기업은 기업어음 신용등급평가를 신청할 가능성이 높게 나타났다. 둘째, 비대칭적 원가행태와 신용등급과는 유의한 양(+)의 관계가 나타났다. 셋째, 원가의 비대칭성이 높을수록 채권기관의 신용등급의 불일치 가능성은 낮아졌다. 이러한 결과는 비대칭적 원가행태가 재무분석가의 평가에 부정적인 영향을 미친다는 선행연구(Weiss 2010)의 실증결과와는 상반된 것으로 판단할 수 있다. 즉 타인자본시장의 단기채무에 대한 적기상환능력을 평가하는 기업어음 평가의 관점에서는 보수적 회계처리인 원가비대칭성에 대해서 긍정적으로 판단하고 이를 신용등급에 반영하는 것을 의미한다. This paper focuses on the effect of the asymmetric cost behavior (i.e., cost stickiness) on the properties of commercial paper credit ratings. Prior research show that cost stickiness has the negative relation with the accuracy of analysts by increasing the information asymmetry (Weiss 2010). However, there has not been prior research that investigates the relation between asymmetric cost behavior and credit ratings, even though credit rating agency is one of important information source in the capital market regarding firm valuation. Using the firm-quarter data from 2002 to 2014 listed in Korea Stock Exchange (KSE), we provide the following empirical results. First, firms with high asymmetric cost behavior are more likely to ask for credit evaluation when they issue short-term debt. Second, there is a positive relation between credit rating and the level of asymmetric cost behavior. Third, credit split is more likely to occur when there is a high level of asymmetric cost behavior. These empirical results imply that credit rating agencies prefer the conservative accounting aspect of asymmetric cost behavior. This study contributes to prior literature by improving our understanding the effect of asymmetric cost behavior on CP credit ratings which improves efficiency in allocating resources in capital market.

외국계 사모펀드의 국내 투자와 영업권 회계처리에 관한 사례연구 : - A사 중심으로

이태규 ( Tae Gyu Lee ),이동헌 ( Dong Heun Lee ) 고려대학교 세종경영연구소 2018 경상논집 Vol.38 No.1

본 연구는 2011년 외국계 사모펀드가 포괄 영업양수도라는 계약을 통해 국내기업인 A사를 투자하는 과정을 설명하였으며 인수 후 발생한 영업권 관련 회계처리에 대한 사례연구이다. 영업권의 가치는 260억이며 기업회계기준의 영업권 인식 및 상각에 있어서 5년은 선택하였던 의미는 최초 투자년도부터 상각이 종료되는 5년 이내로 투자금을 회수하고 한국시장에서 철수를 의미한다. 영업권 상각의 단기간 설정으로 인한 무형자산 상각비 영향으로 영업이익률이 떨어지는 상황이 발생하기 때문에 단기투자보다는 국내 제조기업의 시장환경을 고려한다면 장기투자자 시각에서 영업권 상각년수 10년 채택(기업회계기준 영업권 상각 20년 이내 제시)하여 피투자회사에 유리한 경영환경을 조성하여야 한다. 본 사례연구를 통하여 해외 사모투자펀드의 단기적인 투자의 문제점을 지적하였다. 또한 외국계 사모투자펀드가 국내기업 투자시 영업권과 회사채라는 두 가지 요소를 고려할 수 있는 방안을 제시하여 투자자 뿐만 아니라 피투자 회사의 경영방향에도 도움이 될 것으로 기대된다 This study shows how a company deal with accounting for goodwill of domestic investment of foreign private equity funds. The value of goodwill in 2011 was 26 millions in this case, which has been amortized for 5 years. This study suggests that foreign private equity funds take advantage of goodwill in domestic investment for the short periods. Also this study implies the limitations of goodwill accounting in Korea. This study contributes to the literature by improving our understanding of the characteristics of domestic investment of foreign private equity funds in Korea, focusing on the treatment of goodwill.