정보비대칭과 이익관리 = Information Asymmetry and Earnings Management

다국어 초록 (Multilingual Abstract)

The purpose of this study is to analyze the effects of information asymmetry on earnings management. Information asymmetry level is estimated by measuring four corporate ownership structure, the largest shareholders ratio, institutional investors ratio, foreign investors ratio, and creditors ratio. They are used as the surrogate of corporate ownership structure. And, to control the effects of extraneous variables, firm size, cash flow from operations, profitability, and the quality of external audit are included in the model of this study. The sample consists of 82 issues for adminstration companies among companies listed from the period of 2000 to 2004.
The means of discretionary accruals is negative, and foreign investors ratio is very low(2.7%). The results from which means of creditors ratio is 129.7%, and cash flow from operations and profitability is negative show the general characteristics of failure companies. The empirical results of the study show that there are clear significant positive relationships between discretionary accruals and largest shareholders ratio and institutional investors ratio, and is clear significant negative relationship between discretionary accruals and creditors ratio. However there is not significant relationship between discretionary accruals and foreign investors ratio.

국문 초록 (Abstract)

본 연구는 한국증권거래소에 관리대상종목으로 지정되어 있는 기업을 연구표본으로 선정하여 정보비대칭 수준을 기업소유구조의 형태로 측정하여 재량적발생액과의 관계를 분석하는 것을 연구목적으로 한다. 본 연구의 목적을 달성하기 위하여 기업수유구조를 대주주소유비율, 기관투자자소유비율, 외국인투자자소유비율, 채권자소유비율의 크기에 따라서 경영자의 이익관리 행태를 규명하고 있다. 재량적발생액은 연구기간 동안 부(-)를 나타내고 있으며, 외국인소유비율 2.7%로 외국인들은 부실기업 주식에 대한 투자를 하지 않으며, 완전자본잠식의 상태, 현금흐름과 수익성은 부(-)를 나타내는 부실기업의 일반적 특징을 보여주고 있다.
연구가설의 검증결과 대주주소유비율 및 기관투자자소유비율이 클수록 경영자와 정보비대칭은 감소하지만 경영자의 이익관리 행위는 증가한다고 볼 수 있으며, 반대로 채권자소유비율이 클수록 경영자와 정보비대칭은 감소되어 경영자의 이익관리 행위는 감소하고 있다. 즉, 재량적발생액은 대주주소유비율과 정(+), 기관투자자소유비율과 정(+), 채권자소유비율과 부(-)의 유의한 관계가 있다고 볼 수 있다.

참고문헌 (Reference)

1 "회계조작가능성의 검증" 18 (18): 1335-1356, 2005

2 "이익관리수단에 관한 연구" 29 (29): 33-59, 2004

3 "외국인의 지분참여가 이익관리의 크기와 방향에 미치는 영향" 22 (22): 85-111, 2004

4 "외국인 투자자 지분율이 이익조정에 미치는 영향" 5 (5): 229-255, 2004

5 "소유 및 지배구조 특성과 이익조정" 제40호 : 1689-1715, 2003

6 "분식회계 적발기업의 재무적 특성과 이익조작" 18 (18): 2409-2434, 2005

7 "기업지배구조와 이익조정 최대주주 지분율을 중심으로" 28 (28): 135-172, 2003

8 "Who's informed? An analysis of Stock Ownwrship and Informed Trading" 2001

9 "Trading Costs and the Trading Systems for NASDAQ Stocks" 42-53, 1995

10 "Theory of the Firm Journal of Financial Economics 3" 305-360, 1976

11 "The Impact of Size Stock Market Listing and Auditors on Voluntary Disclosure in Corporate Annual Reports" 273-280, 1979

12 "The Impact of Corporate Attributes on the Extent of Mandatory Disclosure and Reporing by Listed Companies in Zimbabwe" 605-631, 1998

13 "The Impact of CPA-Firm Size on Auditor Disclosure Preference" 621-632, 1983

14 "The Effects of Bonus Schemes on Accounting Decisions" 85-107, 1995

15 "The Effect of Institutional Interest on the Information Content of Dividend-Change Announcements" 429-448, 1999

16 "Ownership Structure as a Determinant of Firm Value : Evidence from Newly Privatized Czech Firms" 1-31, 2000

17 "Ownership Concentration and Sensitivity of Executive Pay to Accounting Performance Measures : Evidence from Publicly and privately-held Insurance Companies" 185-210, 1999

18 "On the Association between Voluntary Disclosure and Earnings Management" 57-81, 1999

19 "Non-Compliance with Disclosure Requirements in Financial Statements The Case of Hong Kong Companies The International Journal of Accounting 25" 99-112, 1990

20 "Investor Protection and Corporate Governance" 3-27, 2000

21 "Institutional Ownership and the Liquidity of Common Stock Offerings" 211-225, 1992

22 "Earnings Management to Exceed Thresholds" 1-33, 1999

23 "Differential Earnings Management to Avoid Earnings Declines and Losses across Publicly and Privately-held Banks" Michigan State University 1999.

24 "Debt-Covenant Violation and Managers' Accounting Response" 281-308, 1994

25 "Debt Covenant Violation and Manipulation of Accruals" 145-176, 1994

26 "Corporate Financial Reporting in Nigeria" 352-362, 1988

27 "An Empirical Analysis of the Quality of Corporate Financial Disclosure" 621-632, 1971

28 "An Assessment of Voluntary Disclosure in the Annual Reports of Japanese Corporations" 174-189, 1991

29 "Additional Evidence on Bonus Plans and Income Management" 3-27, 1995

30 "Accounting Method Choice: Opportunistic Behavior, Efficient Contracting and Information Perspective" 207-218, 1995

31 ""Institutional Investors and Corporate Governance:The Case for Institutional Voice" 19-32, 1992