Accounting conservatism, debt contracts and financial institutions

Li, Jing Columbia University 2009 해외공개박사

This thesis studies the role of accounting conservatism in debt contracting and in financial institutions. In the first setting, I find that the demand for accounting conservatism in debt contracts depends on whether the debt covenant can be renegotiated and the cost of renegotiation. When the covenant is not renegotiable or when renegotiation cost is sufficiently high, more conservative accounting reduces the efficiency of debt contracts. When renegotiation cost is moderate, more conservative accounting may increase the entrepreneur's welfare under certain conditions, especially for firms with less promising investment opportunities and for firms with higher liquidation values. When renegotiation is costless, the degree of accounting conservatism becomes irrelevant and the first best liquidation is always achieved. In the second part, I examine the effectiveness of capital regulation in controlling excessive risk-taking by banks under three different accounting regimes: historical cost accounting, lower-of-cost-or-market accounting and fair value accounting. Given some minimum capital requirement, the bank is more likely to issue equity capital in excess of the minimum required level and implement less risky investment policy under either lower-of-cost-or-market accounting or fair value accounting than under historical cost accounting. But fair value accounting induces more risk-taking compared to lower-of-cost-or-market accounting because of the short term interest of the bank manager. From the regulator's perspective, if the social cost associated with capital regulation is high, lower-of-cost-or-market accounting is the optimal regime; however, if the ex-ante effort by the bank to discover the risky investment is important, the regulator may find it optimal to choose either historical cost accounting or fair value accounting, when the bank manager is very short term oriented.

學校法人 會計制度에 관한 硏究

진종식 東亞大學校 敎育大學院 1988 국내석사

Accounting can be difined as a social system which provides useful informations to its users. Accounting information users can make their economic dicisions with the usage of accounting data. Therefore, the accounting system for school corporations is a system to provide useful informations about the outcome of colleges and universities education and research activities and to make the indicator of plan, measurement and control in their administration This study examines and analyzes the finance and accountng rule for private school institutions and special regulations to the same rule and refers other articles, papers and laws in associated with private school institutions in the descriptive approach. It limits the range of research to private school institutions prescribed in the same rule and focuses on the only sphere of financial accounting for external accounting information users. First, this thesis recognizes the accounting for Colleges and Universities by understanding specific features, basic premises and research fields of the accounting for private school institutions. Second, comparing the accounting systems among Korea, America and Japan, this thesis studies in detail on the accounting standards of educational institutions, financial statments, and auditing systems, with a special emphasis on the accounting rules of school institutions. And it evaluates the established accounting system for private school institutions. Finally, this thesis searches for several problems and solutions for them contained in the accounting system for colleges and universities. According to this study, the problems of the accounting system for school corporations may be summarized as following: 1. Enforcement of the depreciation 2. Initiation of fund accounting 3. Clarification of capital and reserve 4. Improvement of financial statements 5. Other issues Based on the systematic analysis in this thesis, the following suggestions are provided to develop the accounting system for colleges and universities. 1. Even though school corporations are not profit-making organization, a recognition of the depreciation on the fixed assets in colleges and universities must be adopted. 2. The accounting system for school corporations can be devided profit-making accounting and non-profit-making accounting. The fund accounting system should be initionated in the accounting system for schools. 3. The finance and accounting rule for private school institutions is required to provide a reasonable standard m the account of capital and reserve. 4. Financial statements should be formed into suitable titles and modes. And several supplement should be simplified into the fixed assets statements, loan statments, capital details and auditing reports. 5. In other issue, for example, the supervisory office(i. e., the Ministry of Education) must recognize the importance and independance of the role of C. P. A. who acts also as a supervisor of the school.

會計變更 實態와 改善方向에 관한 硏究 : 上場企業을 중심으로

양원택 慶北大學校 經營大學院 1985 국내석사

Accounting changes may significantly affect financial statement measurements and other related accounting data and may diminish the comparability of such data. The principle of consistency is aimed at insuring comparability of the financial statements of the current year with those of proceeding years. But the absolute compliance with consistency guideline regardless of the situation, may reduce the relevance and preciseness of a financial statement ; different situation may require different accounting methods. The generally accepted accounting principle permits the management of a firm to change its method on the condition that new method should justifiably replace the existing one. It is unfortunate, however, that there is no widely acknowledged definite basis for preferability judgement of accounting changes In our Country, the Accounting principle doesn't have a concrete treatment method for this problem. Also accounting change is often used in smoothing the income. Therefore, thesis suggests improving the plan of accounting change in Korean enterprises. First: only in the sense of the consistent use of accounting principles and concepts, a not accounting method, dose the principle have the flexibility necessary for a modern realistic revealation of the progress and status of an economic entity. Second : the Accounting change included in the prior period adjustments on current Business Accounting Principle should be separated in another item. Third : The clause of a periodical resasiearow is to be added to the standard of consistency of Business Accounting principle, such as a prohibition from changing the principles for five years. Fourth : Korean Institute of Certified Public Accountants proposes the indicating items as a standard of reasonable condition for changes in accounting. Fifth : The Provision of enlargement in disclosure of Accounting Changes must be added to the standard of consistency of Business Accounting Principle. Sixth : In our accounting principle, the changes in accounting are included in a supplementary footnote but this is not sufficient, these should be contained in the note or footnote of financial statement. Seventh : The Provisions of the standard of consistency is to be implemented as commercial law. Then upon violation of the law, the prescription of penalty must be applied.

Internationalization of Vietnamese Accounting Standards (VAS) by Adoption of International Accounting Standards/ International Financial Reporting Standards (IAS/ IFRS) : 국제회계기준의 채택에 의한 베트남 회계기준의 국제화

Nguyen Thi, Thuy Dung Kangwon National Univ. 2012 국내석사

Historically, the development of Vietnamese accounting has been based on a Soviet-style accounting system that emphasized government need and suited the pre-1986 centrally planned economy. Accounting was considered as an instrument of central economic administration and control over individual enterprises’ activities. In the context of global harmonization with International Accounting Standards/International Financial Reporting Standards (IAS/IFRS), from 2002 the process of accounting reform in Vietnam entered into a new phase that is slowly converging Vietnamese Accounting Standards (VAS) with International Financial Reporting Standards (IFRS). The accounting system was formulated by the Ministry of Finance and was rigidly applied for all accounting entities with the aim of providing data for the State’s economic planning and fiscal control. However, the suitability of International Accounting Standards/International Financial Reporting Standards (IAS/IFRS) for Vietnam is still being debated. First, the professional accountants’ quality in Vietnam is not sufficient to make the judgments and estimates required by the Anglo-American principles-based accounting model. Second, internationalization of Vietnamese Accounting Standards (VAS) by adopting IAS/IFRS depends largely on non-state stakeholders. Actually, during the period 2001-2005, Vietnam accepted 26 Vietnamese Accounting Standards (VAS) by joining the International Federation of Accountants (IFA). The rapid increase of International Commerce and Capital Flow since the end of the 20th century has caused Vietnamese accounting to be reformed thoroughly from the viewpoint of internationalization of Accounting Information. As a result, Vietnam has also adopted IAS/IFRS as a basis for its own standards for preparation of consolidated financial statements. The purpose of the research is to examine problems that affect Internationalization of Vietnamese Accounting Standards (VAS) by Adoption of International Accounting Standards/International Financial Reporting Standards IAS/ IFRS). 역사적으로 베트남 회계는 구 소련 방식의 회계시스템. 즉, 정부의 필요에서 비롯되고 그래서 1986년 이례로 중앙통제방식의 계획체제하에서 통용되었던 시스템을 토대로 발전되었다. 그래서 회계는 중앙경제관리와 개별기업의 활동에 대한 통제 수단으로 여겨졌다. 그러나 국제회계기준(IAS)/국제재무보고기준(IFRS)에 의해 회계기준을 세계적으로 조화시키려는 관점에서 베트남은 회계제도개혁에서 새로운 국면을 맞게 되었고, 그래서 베트남회계기준(VAS)을 서서히 국제회계기준에 맞추어 나가게 되었다. 회계제도는 재무부에 의해 수립되고 또한 이 제도는 모든 회계실체들이 국가경제계획과 재정 통제를 위한 자료를 제공할 수 있도록 엄격하게 적용되었다. 그러나 베트남에서의 국제회계기준의 채택은 많은 문제점을 안고 있다. 첫째, 베트남의 회계전문직들은 영미의 회계방식의 모델에서 요구되는 판단이나 측정을 위해서 아직까지 자질면에서 크게 부족하다. 둘째, 베트남에서의 회계기준의 국제화는 주로 비국가적 제삼자단체에 크게 의존하고 있다. 실제로 베트남은 2001-2005의 기간 동안 국제회계사연맹에 가입하여 26개의 베트남회계기준(VAS)을 공표하였다. 20세기 말 이후 국제적 상거래와 자본흐름의 급격한 증가는 베트남 회계를 회계정보의 국제화 관점에서 철저하게 개혁하는 계기가 되었다. 그 결과 베트남은 연결재무제표작성을 위한 회계기준으로서 국제회계기준/국제재무보고기준에 의거하게 되었다. 본 연구는 베트남에서 국제회계기준/국제재무보고기준의 채택으로 베트남 회계기준의 국제화에 어떤 영향을 미치는지를 분석, 검토하는데 그 목적을 두고 있다.

An evaluation of settlement rate reduction on the profitability of international voice carriers

Crametz, Jean-Pascal Stanford University 2001 해외박사(DDOD)

The accounting rate system is an accounting technique by which each telecommunication company exporting a call to another country compensates the terminating carrier for its services with a pre-determined per-minute settlement amount which is usually 50% of what is called the accounting rate. Historically, the accounting/settlement rate system has served the industry well for many years, as a means to equitably share the revenues from international services between origin, destination and transit countries. While the accounting/settlement paradigm is still with us today, the conditions for it to work well have changed; thus challenging its very existence. The major reasons for this are: the difference in equipment/infrastructure efficiency between developed and developing countries, the imbalance of traffic between country pairs and the relative disparity in inflation rate and exchange rate. These asymmetric conditions raise serious questions about the appropriateness of the accounting rate paradigm. The thesis analyzes different aspects of the accounting rate debate: What is an appropriate and fair split of the accounting rate? Is 50%–50% a fair split between industrialized and developing nations? We develop a modelling framework and apply it to specific examples to evaluate under what conditions lower accounting rates can be favorable to international voice carriers, whether they are still operating as monopolies, or if their country is opening up to competition, as has been the intent of the recent World Trade Organization (WTO) round. The thesis also investigates issues such as subsidies to upgrade the network, collusion between carriers. Finally, it looks at the effect of the development of technologies such as (i) callback, which involves a transit country to bypass the costliest link, or (ii) an “open-sky” competitive environment where carriers are allowed to compete overseas and bring back traffic to their own countries, and how they bring more fuel to the settlement rate debate.

Financial reporting comparability and relative performance evaluation

Nam, Jonathan ProQuest Dissertations & Theses University of Minn 2016 해외박사(DDOD)

There is limited large-sample empirical evidence in the U.S. that CEO compensation contracts use the accounting performance of peer firms as a benchmark to evaluate the CEO's own-firm accounting performance (i.e., accounting-based relative performance evaluation, RPE). Given the anecdotal and empirical observation that firms do use their own accounting numbers in determining CEO compensation, the lack of evidence of accounting-based RPE presents a puzzle. My study questions whether the lack of evidence is attributable to a limitation of the conventional empirical research design used to test for RPE. I propose that efficient relative evaluation using peer-firm accounting performance requires that the peer firm has a comparable financial reporting system. Thus, I refine the selection of the peer group by matching the firm of interest with industry-size peer firms with high financial reporting comparability. I find strong empirical evidence of accounting-based RPE in determining CEO's total compensation when financial reporting comparability is taken into account in peer selection. Consistent with expectations, I also find that accounting-based RPE is used more in determining cash compensation than equity compensation and its use increases in the fraction of CEO cash compensation to total compensation. I further find that, when the fraction of equity compensation declined during the recent financial crisis, the use of own-firm stock returns and price-based RPE in determining CEO's total compensation declined as expected, but the use of own-firm accounting performance and accounting-based RPE continued to be significant. Overall, my results resolve the apparent inconsistency between the substantial anecdotal evidence and the lack of prior empirical support for accounting-based RPE in determining CEO compensation in the U.S.

중국과 한국 대학의 회계시스템 비교연구

QI CHUANYING 가천대학교 글로벌캠퍼스 일반대학원 2024 국내석사

중국의 대학 회계는 정부 회계시스템의 중요한 일부분이고 한국은 대학 회계와 정부 회계시스템이 상대적으로 독립적으로 운영되고 있다. 시장경제의 발전에 따라 전통적인 현금주의 회계의 대학 회계는 더 이상 사회의 요구에 부응하지 못하면서 각국의 대학들은 발생주의 회계를 도입하고 있다. 중국이 2019년 새 정부 회계제도에 발생주의 회계를 도입한 데 비해 한국은 2015년 대학 회계에 발생주의를 전면 도입했다. 한국의 현행 대학 회계제도는 회계처리의 확대, 발생주의 회계의 도입, 회계정보 이용자의 수요 중시 등 구미 국가들의 경험을 벤치마킹한 측면이 많다. 한국의 대학회계는 오랜 역사와 국제적 수준회계를 벤치마킹하여 비교적 잘 정비된 대학 회계다. 본 논문에서는 한국과 중국의 대학 회계제도를 비교하여, 두 나라의 대학 회계시스템의 공통점과 차이점을 살펴본다. 또 한국대학 회계제도의 성공적 요소를 활용해 중국대학 회계제도를 보완할 수 있도록 시사점을 제시했다. 논문은 먼저 한국과 중국의 대학 회계 발전 역사와 현황을 비교하였다. 한국의 '국립대 회계법'과 중국의 '신정부 회계제도'는 회계방식의 차이가 있다. 다음으로 한·중 대학의 정보공개 현황과 관련 법규를 면밀히 검토했다. 베이징대 정보공개시스템과 한국의 대학알리미를 예로 들어 실제 공시 상황을 살펴보았다. 마지막으로 중국과 한국대학의 재무 정보공시인 대학 결산서를 비교 분석했다. 이러한 비교의 결과 다음과 같은 중국 대학의 재무 시스템의 문제점과 해결 방안을 제시하였다. 첫째중국 대학의 회계제도는 낙후되어 있어서 재무정보를 체계적으로 공시할 수 있는 발생주의 회계를 전면적으로 도입할 필요가 있다. 둘째, 중국대학의 정보공시에 관한 법률 및 규정이 미비하고 대중이 대학 공시정보를 활용하는 데 어려움이 있다. 완벽한 법체계와 통일된 정보공시 플랫폼 구축이 필요하다. 셋째, 중국대학의 재무 정보공시에는 보완할 점이 많다. 회계정보 공개 내용이 포괄적이지 않고, 실제 재정 잔액을 객관적으로 반영할 수 없다. 현재 중국대학의 재무 정보공시는 현금주의 회계로 이뤄진 예산보고서와 결산보고서로 공시하고 있다. 발생주의 회계로 작성된 재무 보고서는 당분간 공시하지 않는다. 강력한 정부 감독 및 기타 문제가 부족하다. In China, university accounting is an integral part of the government accounting system, whereas in South Korea, university accounting is independent of the government accounting system. With the development of the market economy, the traditional cash basis accounting system for universities can no longer meet the needs of contemporary society. Universities worldwide have begun to adopt the accrual basis of accounting. Compared to China, which started implementing accrual basis accounting in the new government accounting system in 2019, South Korea fully adopted the accrual basis for university accounting in 2015. The current university accounting system in South Korea draws heavily from the experiences of Western countries, such as expanding the scope of accounting, introducing accrual basis accounting, and focusing on the needs of accounting information users. Today, South Korea has become one of the countries with a relatively well-developed university accounting system. After a long history and incorporating international government accounting practices, South Korea has established a comprehensive framework for university accounting. This paper compares the university accounting systems of South Korea and China from an international perspective, examining the similarities and differences between the two countries' systems. It also proposes valuable suggestions for improving China's university accounting system based on the successful elements of South Korea's system. The paper first compares the development history and current status of university accounting in China and South Korea, highlighting the differences in accounting methods between South Korea's "National University Accounting Law" and China's "New Government Accounting System." Next, it thoroughly studies the current status and related laws and regulations of information disclosure in Chinese and South Korean universities. By using the information disclosure systems of Peking University and South Korea's "대학알리미" as examples, the paper presents actual disclosure practices. Finally, it compares the financial information disclosure of universities in both countries, specifically the publication of university financial statements. The research identifies several issues in China's university financial system and proposes solutions: The accounting system in Chinese universities is outdated and needs to fully adopt the accrual basis of accounting. The legal framework for information disclosure in Chinese universities is inadequate, and the public finds it challenging to utilize disclosed information. There is a need for a comprehensive legal system and a unified information disclosure platform. The financial information disclosure in Chinese universities has significant issues, such as incomplete disclosure of accounting information, which fails to objectively reflect the actual financial surplus. Currently, Chinese universities disclose budget and settlement reports formed on a cash basis, while financial reports formed on an accrual basis are not disclosed. Additionally, there is a lack of effective government supervision. Through detailed comparison and analysis, this paper provides valuable references and suggestions for improving the university accounting system in China.

사립대학 교비회계 회계제도 개선에 관한 연구 : 특별회계 회계처리를 중심으로

이근호 연세대학교 경영대학원 2002 국내석사

The main thesis of this dissertation is a study of accounting system of private universities. In concrete terms the purpose of this study is to enhance the capability of mutual comparison of every university’s accounting unit and financial statements by standardizing the method of drawing out accounting process, and financial statements about various accounting units. For this study I referred to diverse documents related to private universities such as the private school laws and the unified accounting process methods through analyzing Yonsei University’s 2000 financial statements as a practical example. Following are the summaries of the results. /First, I proposed the method of adding up various accounting units in the university for drawing out accurate financial statements provided by the private school law 29 and other special stipulations. For this, I introduced the subordinate concept of ‘university special accounting’ and ‘university general accounting’ that is not specified in the private school law. I included accounting units related with the university’s inherent operation, and classified university’s special accounting units which is not closely related to the university’s inherent operations./Second, for accurate drawing out financial statements of university accounting we have to combine all university internal accounting units, which provide us with the possibility to analyze the assets and liabilities as well as revenues and expenses of the university’s accounting. When we draw out financial statements, the internal accounting transactions must be eliminated from transactions, which occur among internal accounting units. /Third, I introduced the general concept of university’s independent accounting. The item of the major enterprise of revenues and expenses of the special accounting unit in university’s independent accounting is not related to the university’s inherent operation. I included accounting units, because the 본 연구는 사립대학의 교비회계 회계제도에 관한 연구이다. 구체적으로 말하면 대학내 존재하는 여러 회계단위에 대한 회계처리 및 재무제표 작성 방법을 통일하여 각 회계단위 그리고 각 대학별 재무제표의 상호 비교가능성을 제고하기 위한 연구이다. 이러한 연구를 위하여 사립학교법 등 사립학교와 관련된 여러 문헌을 참고하였으며 실제사례로 연세대학교의 2000회계연도 결산서를 분석하여 사립대학의 교비회계를 구성하는 대학내 여러 회계단위에 대한 통일된 재무제표 작성 및 회계처리 방안을 제시하였다. 그 결과를 요약하면 다음과 같다./첫째, 사립학교법 제29조 및 특례규칙에서 규정하고 있는 교비회계의 정확한 재무제표 작성을 위해 대학내 다양한 회계단위의 재무제표를 합산하는 방안을 제시하였다. 이를 위해 교비회계의 하위개념으로 사립학교법 및 특례규칙에서 명시하지 않은 ‘교비특별회계’와 ‘교비일반회계’에 대한 개념을 도입하였다. 교비일반회계에는 대학의 고유목적업무와 관련된 회계단위들을 포함시켰으며, 대학의 고유목적업무와 관련성이 적은 회계단위들은 교비특별회계로 분류하였다./둘째, 교비회계의 정확한 재무제표 작성을 위해서는 대학내 모든 회계단위를 합산하여야만 교비회계의 자산 및 부채, 그리고 수익 및 비용의 각 항목별 분석이 가능하다. 이를 위해 내부 회계단위간 발생되는 거래는 재무제표 작성시 반드시 내부거래로 제거해야 한다./셋째, 독립회계의 개념을 도입하였다. 독립회계에는 특정회계단위의 주된 사업의 수입·비용 항목이 대학의 고유업무와 관련이 없고, 그 사업의 규모 및 특성상 별도법인 또는 별도사업자로 분리되어 사실

Effect of Accounting Conservatism on the Relation between ESG Disclosure and Firm Value : Focus on the Comparison of Chinese and Korean Listed Firms

전해연 배재대학교 대학원 2022 국내박사

ESG(환경, 사회 및 기업 지배구조) 정보는 기업의 지속가능한 발전에 영향을 미치는 주요 결정요인으로 주목받고 있으며, 다양한 이해관계자들을 대상으로 그 수요가 크게 증가하고 있는 추세이다. 또한 회계보수주의는 기업 관련 각종 정보의 공시 및 기업가치에 일정한 영향을 미치는 것으로 알려져 있다. 이에 본 연구에서는 회계보수주의가 ESG 공시정보 및 기업가치간의 관계에 미치는 영향을 분석하는 것을 주된 목적으로 하였다. 본 연구의 목적을 달성하기 위해 다음 세 가지의 세부적인 목표를 설정하였다. 첫째, 중국과 한국의 기업들을 대상으로 ESG 공시의 가치 관련성을 분석하여, ESG 공시와 기업가치간의 관계를 실증적으로 분석한다. 둘째, Khan과 Watts(2009)가 개발한 보수성 지수를 독립 변수로 설정하고 회계보수주의와 기업가치간의 관계를 분석한다. 셋째, Khan과 Watts(2009)가 개발한 보수성 지수를 조절변수로 설정하여 회계보수주의가 ESG 공시 및 기업가치간의 관계에 미치는 영향을 분석한다. 본 연구의 실증적 분석을 위해 2015년부터 2019년까지의 기간중 중국의 상하이증권거래소(SSE)와 심천증권거래소(SZSE) A주식(A share) 상장기업 및 한국 유가증권거래소(KOSPI), 코스닥(KOSDAQ) 상장기업을 표본 기업으로 선정하였다. 기업의 ESG 공시 정보에 대한 대용변수(proxy)로 기업의 ESG Score(E, S, G, Total 점수)를 대체 적용하였다. 기업의 ESG Score는 많은 기관들에서 측정 및 제공하고 있으나, 본 연구에서는 이중에서 가장 공신력 높고 대표적인 측정치라 평가되고 있는 Bloomberg와 Thomson Reuters Eikon DataBase(DB)에서 수집한 ESG Score를 활용하였다. 이외의 기업회계 관련 자료는 Osiris DB에서 수집하였다. 본 연구의 결과는 다음과 같다. 첫째, ESG 공시는 중국 및 한국 기업 대상으로 모두 유의한 가치 관련성을 가지고 있는 것으로 나타났다. 중국 기업의 경우에 E 공시만 기업가치에 정(+)의 영향을 미치는 것으로 나타났고, 한국 기업의 경우에는 ESG Total 점수(ESG)와 기업가치간의 관계가 정(+)의 유의한 관계를 가지는 것으로 확인되었다. 이러한 결과는 한국 기업의 ESG 지수 개별 점수(E, S, G)를 대상으로도 동일하게 나타났다. 둘째, 회계보수주의는 중국 및 한국 기업 모두 기업가치에 정(+)의 영향을 미치는 것으로 확인되었다. 셋째, 회계보수주의에 따른 ESG 공시와 기업가치간의 관계는 보수주의 수준별로 차이를 보이고 있었다. 이러한 결과는 Hong(2020)의 결과와 일관된 것이다. 넷째, ESG 공시는 재량적 발생액을 감소시킴으로써 회계보수주의를 보완하는 작용을 하는 것으로 검증되었다. 이러한 결과는 Kim et al. (2012)와 Agoglia et al. (2022)의 결과와 일관된 것이다. 본 연구의 결과를 통해 ESG 공시와 주주가치간의 관계를 향상시킬 수 있으며, 더 나아가 기업 이해관계자들의 가치 향상에 기여할 수 있음을 확인할 수 있었다. 이러한 결과는 ESG 공시표준의 구현에도 긍정적인 영향을 미칠 것이다. 중국 기업과 한국 기업을 대상으로 비교된 결과를 제시함으로써 향후 중국 자본시장에서의 ESG 의무공시 정책을 유인할 수 있는 실증적 증거로서 공헌할 것으로 기대된다. 마지막으로, 회계보수주의가 ESG 공시와 기업가치간의 관계에서 보완적 역할을 하고 있음을 확인함으로써 ESG 공시에 대한 기존의 연구 결과를 보완할 수 있을 것으로 기대된다. Environmental, Social and Corporate Governance (ESG) information is not only drawing attention as a major determinant of a company's sustainable development, but also its demand is increasing significantly among various stakeholders. In addition, accounting conservatism is known to have a certain effect on the disclosure and firm value of various information related to companies. Therefore, the main objective of this study is to analyze the impact of accounting conservatism on the relationship between ESG disclosure information and firm value. To achieve the purpose of this study, three detailed goals are set. First, the value relevance of ESG disclosure is analyzed for Chinese and Korean companies, and the relationship between ESG disclosure and firm value is empirically analyzed. Second, the conservatism index developed by Khan and Watts (2009) is set as an independent variable and the relationship between accounting conservatism and firm value is analyzed. Third, the conservatism index developed by Khan and Watts (2009) is set as a moderating variable to analyze the effect of accounting conservatism on the relationship between ESG disclosure and firm value. For the empirical analysis, this study is focused on Chinese A-share listed companies on the Shanghai Stock Exchange (SSE) as well as Shenzhen Stock Exchange (SZSE) and KOSPI (Korea Composite Stock Price Index) and KOSDAQ (Korea Securities Dealers Automated Quotations) listed companies from 2015 to 2019. The company’s ESG Score (E, S, G and Total score) are adopted as a proxy for ESG disclosure information. Corporate ESG scores are measured and provided by different institutions. For the purpose of this study, ESG scores are collected from Bloomberg and Thomson Reuters Eikon Databases (DB). These scores are considered to be the most reliable and representative measurements among them. Corporate accounting-related data are obtained from Osiris DB. The results are as follows. First, ESG disclosure has a significant value relevance for both the Chinese and Korean samples. However, for Chinese companies, only E disclosure is positively (+) associated with firm value. In contrast, the relationship between total ESG score (ESG) and firm value are positive (+) for Korean companies. This result is the same for individual ESG index scores (E, S, G) for Korean companies. Second, accounting conservatism is positively (+) associated with firm value for both Chinese and Korean firms. Third, the relationship between ESG disclosure and firm value varies by accounting conservatism under different levels. This result is in support of Hong (2020) that found ESG disclosure to complement accounting conservatism. Fourth, ESG disclosure complements low accounting conservatism by reducing discretionary accruals to constrain earnings management. This finding is in line with the results of Kim et al. (2012) and Agoglia et al. (2022). The results of this study can enhance the relationship between ESG disclosure and shareholder value. More so, it contributes to the improvement of corporate stakeholders' value. These results will have a positive effect on the implementation of ESG disclosure standards. By presenting the result of the comparison between Korean and Chinese companies, this result is expected to be used as a fundamental resource to attract ESG mandatory disclosure policy in the Chinese capital market. Finally, it is expected that the results of the existing studies on ESG disclosure can be supplemented by confirming that accounting conservatism plays a complementary role in the relationship between ESG disclosure and firm value.

會計變更이 監査意見에 미치는 영향에 대한 硏究

정은용 漢陽大學校 經營大學院 1984 국내석사