회계부정과 관련된 증권관련집단소송법의 고찰

전성빈 ( Sung Bin Chun ) 서강대학교 경영연구소 2006 서강경영논총 Vol.17 No.2

Dell의 공시위반 및 회계부정에 관한 사례연구

전성빈(Sung Bin Chun),조은호(Eun Ho Cho) 한국경영학회 2012 Korea Business Review Vol.16 No.2

2010년 7월 22일 델(Dell Inc.)은 공시 및 회계 위반으로 미국 증권거래위원회(SEC)가 부과한 1억 달러의 벌 금을 납부하기로 합의했다. SEC에 의하면, 델은 FY2003년 1분기부터 FY2007년 1분기까지 인텔(Intel Corp.) 로부터 받은 거액의 리베이트를 이용하여 영업이익을 조정했다는 내용을 공시하지 않거나 허위공시 하여 증권거래법 을 위반하였고, FY2002년부터 FY2005년까지 구조조정충당금 등의 비축충당금(cookie jar reserves)을 이용하여 부적절한 회계처리를 함으로써 회계기준을 위반했다. 즉 델은 리베이트를 매출원가에 반영하여 적절하게 회계처리를 했지만, 리베이트 금액 및 그 본질에 대해 적절히 공시하지 않아 공시위반을 하였다. 또한 현재의 이익을 과소 계상 하기 위해 과도한 비축충당금을 설정한 후, 미래의 이익을 과대 계상하기 위해 동 충당금을 사용하는 부적절한 이익 유연화의 회계처리로 인해 회계기준을 위반했다. 델이 관련 법규를 위반한 주된 사유는 재무분석가의 이익 예측치를 무리하게 달성하고자 하는 경영진의 욕구와 이를 견제할 수 없는 취약한 내부통제시스템 때문이었다. 이에 SEC는 투자자 보호를 위해 공시위반과 부적절한 회계처리에 강한 제재를 가함으로써 자본시장에 경고를 보냈다. 본 사례는 기업 주요 정보의 적극적인 공시의 중요성을 보여줄 뿐 아니라, 이익의 감소를 초래하는 비축충당금 설 정 관행에 대해서는 비교적 관대했던 규제기관의 인식 변화를 강조함으로써 경영진과 감사인에게 시사하는 바가 크 다. 2011년부터 우리나라의 상장기업에 적용을 시작한 국제회계기준이 원칙주의에 입각하여 공시와 회계 투명성을 더욱 강조한다는 점에서 본 사례를 살펴보는 것은 의미가 있다. The Securities and Exchange Commission charged Dell Inc. with failing to disclose material information and using fraudulent accounting on July 22, 2010, thus violating securities law and generally accepted accounting principles. Dell agreed to pay $100 million penalty to settle the SEC`s charges. From Q1FY2003 to Q1FY2007, the rebate that Dell received from Intel Corporation allowed it to adjust its operating income to meet the analysts` earnings consensus. Dell did not disclose these adjustments or misrepresented material information regarding the nature of rebates. And from FY2002 to FY2005, the company used improper accounting by maintaining a series of cookie jar reserves such as restructuring charges to cover shortfalls in operating results in the following periods. Dell`s deficient internal control systems allowed the company to engage in improper accounting and disclosure practice. This case emphasizes the importance of full disclosure and the risk of improper income smoothing using cookie jar reserves. It is meaningful to examine Dell`s disclosure and accounting violation case since Korean listed companies were required to apply K-IFRS that demands more disclosure and accounting transparency based upon principle-based approach rather than rule-based approach.

유형자산 회계처리기준의 개선방안에 대한 연구

전성빈(Sung Bin Chun),최순재(Soon Jae Choi),황국재(Kook Jae Hwang) 서강대학교 경영연구소 2001 서강경영논총 Vol.12 No.1

N/A

공시정보와 사적정보에 대한 재무분석가의 인식과 이용행태

전성빈 ( Sung Bin Chun ),이아영 ( A Young Lee ),김명인 ( Myung In Kim ),김성혜 ( Sung Hye Kim ),조은호 ( Eun Ho Cho ) 한국회계학회 2013 회계저널 Vol.22 No.3

This study examines the perception and usage behavior of financial analysts on public and private information. Most prior empirical studies investigated capabilities of financial analysts to forecast earnings and factors affecting analysts` earnings forecasts by using archival database of analysts` earnings forecasts. And a few prior survey studies also attempted to account for the above mentioned research questions. While the type of research based on large-sample archival analysis ensures statistical power and cross-sectional variation, it has a limitation on directly identifying the perception of analysts on information in the process of producing their earnings forecasts. By using survey method, this study investigates how analysts perceive and evaluate the public and private information and what specific information they mostly use in formulating their earnings forecasts. The survey data was collected from 185 financial analysts working in 15 securities brokerages as of Feb. 2012. The major results are as follows. First, while financial analysts highly evaluate the reliability of current disclosure system, they do not have a high opinion of the disclosure system in terms of timeliness and full disclosure. Second, they partly rely on private information in formulating their earning forecasts to compensate for the lack of timeliness and full disclosure of public information. A significantly positive relationship is also observed between analysts` career and the extent of usage of private information. Lastly, they consider income statement, statement of cash flow, operating income, sales revenue, price earnings ratio, and return on equity as important information among public information when analyzing a company. Dealing with the perception and usage behavior of financial analysts on public and private information for the first time, this study contributes to the existing literature on analysts` earnings forecasts by collecting and analysing relatively large and extensive survey data. This study sheds some light on how analysts evaluate current disclosure system, how they perceive and evaluate the public and private information in terms of reliability, timeliness, and full disclosure and what specific information they consider important in the set of public and private information. Specifically, the survey results of analysts` perception and usage behavior on private information can provide a meaningful implication for future research. The results of this study have important implications to regulatory authorities, academic community, and business world by providing the perception and usage behavior of analysts on information who are one of the most important user groups of financial information under current disclosure system.

경영진단의견서(MD&A)의 국내외 사례연구 -인텔과 삼성전자의 MD&A 비교분석 및 케이티(KT)의 미국과 국내용 MD&A 비교분석을 중심으로-

전성빈 ( Sung Bin Chun ),이아영 ( A Young Lee ),김성혜 ( Sung Hye Kim ) 한국회계학회 2012 회계저널 Vol.21 No.2

경영진단의견서(MD&A: Management Discussion and Analysis, 이하 MD&A) 제도는 투자자들이 회사의 사업을 전체적인 관점에서 이해할 수 있도록 경영진이 회사의 영업실적, 재무상태, 유동성 등에 중요한 영향을 미친 요인들을 분석하고, 당해 요인의 향후 발생가능성 등을 평가하여 공시함으로써 기업과 투자자간의 정보 불균형을 해소하기 위한 제도이다. 본 연구에서는 감사받은 재무제표와 함께 기업 공시의 핵심을 이루는 사업보고서상의 경영진단보고서(MD&A) 의 공시현황과 문제점을 국내외 사례 분석을 통해 살펴봄으로써 우리 기업들의 투명성 제고에 필요한 시사점을 얻고자 하였다. 이를 위해 MD&A의 의의, 국내외 관련 제도, 미국기업인 인텔과 한국기업인 삼성전자의 비교, 미국에 상장된 한국기업인 케이티(KT)의 미국 공시용과 국내 공시용 MD&A를 비교 분석하였다. 본 사례연구의 결과는 다음과 같다. 첫째, 미국은 MD&A 공시 제도를 시행한 지 상당 기간이 경과하였지만 우리나라는 2009년에야 의무 공시항목으로 지정된 관계로 전반적으로 봤을 때 아직 국내기업의 MD&A 공시 내용은 외국기업에 비해 양적, 질적 측면에서 부족한 점이 많은 것으로 나타났다. 둘째, 인텔의 MD&A는 분석내용을 다양한 그래프와 도표 등을 활용하여 제시함으로써 정보이용자의 이해가능성을 제고한 반면 삼성전자의 MD&A는 상당부분 기존의 재무제표를 그대로 요약한 수준에 그치고 있다. 또한 인텔은 MD&A를 통해 미래 실적 관련 주요 수익 비용 항목의 구체적인 수치와 오차 범위를 제시하면서 상당한 수준의 미래 지향적인 정보를 제시하는 반면, 삼성전자의 MD&A에서는 제한적으로 제공하는 미래지향적인 정보는 거시적이고 일반적인 정보가 대부분이다. 셋째, 미국시장에 상장되어 미국의 SEC와 국내의 금융감독원에 MD&A를 공시해야하는 케이티의 사례는 흥미로운 시사점을 제공한다. 전반적으로 케이티의 미국시장 공시용 MD&A가 국내용에 비해 공시의 양과 질에 있어서 충실성 측면에서 양호하다. 케이티의 경우 미국 공시용 MD&A를 번역만 하여 국내 투자자에게 제공할 수 있었지만 미국시장 투자자와 국내시장 투자자에게 상이한 정보를 제공하는 것으로 나타났다. 이러한 결과는 우리 기업들의 MD&A 작성 능력이 부족하기 보다는 MD&A에 대한 시장의 수요와 감독기관의 관심이 낮은 데에 기인한 것으로 보인다. The Management Discussion and Analysis(MD&A) is an important part of a firm`s overall disclosure package. Its primary objective is to enhance the investor understanding of an issuer`s business by providing supplemental analysis and background material to allow further understanding of the nature of the issuer`s operations, and the prospects for the future. In the US, even though the MD&A must cover certain topics as key narrative disclosure required by the Securities and Exchange Commission(SEC) for annual and quarterly financial reporting, managers have flexibility in choosing the breadth and depth of what is discussed in the MD&A. The MD&A is intended as a way for managers to provide their perspectives of the firm to investors, such as why earnings have changed, what liquidity needs the firm faces, what capital resources have been or are planned to be used, and what material market risks the firm is exposed to. Such information would help investors assess the firm`s past performance and current financial condition as well as predict future cash flows(Brown and Tucker, 2010). Since the SEC has been providing more concrete guidance of the MD&A disclosure and monitored the ex-post MD&A disclosure, the MD&A disclosure practice in the US is established more effectively and efficiently. Unlike the US, the Korean regulatory authorities have not explicitly demanded any descriptive disclosure regulation about the MD&A and the Korean public companies do not recognize the importance and significance of the MD&A disclosure. This study investigates the practice of the MD&A disclosure of Korean firms by comparing the MD&A of a US firm(Intel) with that of a Korean firm(Samsung Electronics) in the same industry. Additionally, we examine the MD&A practice of the KT(Korea Telecom). The KT, a major player in the telecommunication industry in Korea, is listed in both the Korean and the US stock markets and is thus required to disclose the MD&A in two markets for annual financial reporting. Such a disclosure environment provides us with a unique opportunity to examine the difference in the disclosure practice between the domestic and the foreign markets for the same company. The main results of this case study are as follows. First, taken as a whole, both the quantity and quality of MD&A disclosure in Korea seem insufficient for an investor to assess the future performance of the firm, compared to MD&A disclosure in the US. Second, Intel`s MD&A presents analytical results depicted by various tables and graphs to enhance the user`s understanding. The usefulness of information can be increased by making it more understandable and, hence, useful to a wider circle of users(SFAC No.2). However, MD&A of Samsung Electronics mostly presents only summaries of existing financial statements and fails to provide incremental and useful information other than financial statements information. Also the MD&A of Samsung Electronics does not provide enough forward-looking and firm-specific information compared to that of Intel. The SEC emphasizes that MD&A provides investors with an opportunity to see the company through the eyes of the management, and present past events and future trends in demand, events, commitments, plans and uncertainties that are likely to materially affect the company liquidity and future operations(SEC 1987,1989,2003). Finally, the case of KT listed in both Korea and US market suggests interesting implications. The MD&A in the US market includes more sufficient and informative disclosure than that in the Korean market. This means that domestic and US investors are provided with different sets of information for the same company. This evidence implies that Korean firms do not have sufficient incentives to disclose the useful information in MD&A probably due to the lack of both investors` demand for broader set of information including forward-looking one and regulatory scrutiny about MD&A. The results of this study provide basic understanding and background to MD&A research in the future. Furthermore, this study sheds some light on understanding the reasons for relatively low accounting transparency compared to overall national competitiveness by showing that there remains a lot to improve for corporate voluntary disclosure in Korea.

수시공시의 정보효과에 관한 연구

전성빈 ( Sung Bin Chun ),이아영 ( A Young Lee ),박성한 ( Sung Han Park ) 한국회계학회 2006 회계학연구 Vol.31 No.1

본 연구에서는 우리나라 수시공시 제도의 현황을 살펴보고, 2003년 금융감독원의 전자공시시스템(DART)에 신고된 일반 경영사항 관련 수시공시 자료를 이용하여 수시공시 정보가 거래량 및 주가에 미치는 영향을 살펴봄으로써 수시공시의 정보효과를 실증적으로 분석하였다. 실증분석 결과에 의하면, -1일부터 +1일까지 3일간으로 정의된 수시공시기간 동안의 거래량이 비공시기간 동안의 거래량이나 해당 기업의 기대거래량에 비해 평균적으로 비정상적인 증가를 보였다. 또한 공시기간 동안의 주식수익률 분산이 비공시기간 동안의 주식수익률 분산보다 평균적으로 유의하게 큰 것으로 나타나 수시공시 정보의 유용성을 지지하는 결과를 보였다. 수시공시로 거래량 변동이나 주가 변동이 비정상적으로 증가되었다는 것은 수시공시 정보가 투자자들에게 유용하게 이용되고 있다는 증거로 받아들일 수 있다. 즉 수시공시 정보가 정보 불균형 문제의 해소에 기여함으로써 자원의 효율적 배분 및 자본시장의 건전한 발전에 중요한 역할을 차지하고 있다는 시사점을 제시하고 있다. 한편 비모수통계량인 중위수에 대한 결과는 평균값의 경우와는 달리 수시공시에 따라 투자자에게 유용한 정보가 제공된다는 증거를 제시하지 못하고 있다. 이러한 결과는 현행 우리나라 수시공시 항목에는 정보유용성이 없는 항목이 상당수 포함되어 있을 가능성을 시사하고 있다. 따라서 향후 연구에서는 수시공시의 모든 항목들을 대상으로 각 개별항목별로 정보효과를 검증하여 중요하지 않은 수시공시 항목들을 파악함으로써 수시공시 제도 개선에 기여할 수 있을 것이다. This study empirically examines the information content of timely disclosure, using a sample of timely disclosure items reported on the DART system of the Financial Supervisory Service (FSS) during 2003. The result of the empirical tests shows that the mean volume during the disclosure period is significantly larger than that during the nondisclosure period. Also, the mean variation of stock return during the disclosure period is abnormally higher than that during the nondisclosure period. This result supports the hypothesis that timely disclosure on the whole possesses information content, and this can be interpreted as evidence that timely disclosure is useful for investor decision making. However, the result of the median test, one of the non-parametric statistics, does not support the usefulness of timely information disclosure. This implies that there may be some items that are not useful to investors in the current timely disclosure system required by the FSS. Further research should focus on finding these useless items by analyzing the information content of specific disclosure items. This would contribute to improving the timely disclosure system.

Disclosure and Stock Market Reactions to Earnings Management

전성빈 ( Sung Bin Chun ),김용태 ( Yong Tae Kim ) 서강대학교 경영학연구원 2004 서강경영논총 Vol.15 No.1

반병길 교수 정년퇴임 기념 농촌 : 회계정보의 투명성제고를 위한 회계제도의 개선 - 민간주도의 회계기준제정기구를 중심으로 -

전성빈(Sung Bin Chun) 서강대학교 경영연구소 2000 서강경영논총 Vol.11 No.1

N/A

경영자의 자산횡령과 이익조정

전성빈(Chun Sung-Bin),이아영(Lee A-Young),박하연(Park Ha-Yeon) 한국경영학회 2015 한국경영학회 통합학술발표논문집 Vol.2015 No.08

외국인투자자의 특성과 실제이익조정 -외국인대주주의 역할을 중심으로

김성혜 ( Sung Hye Kim ),이아영 ( A Young Lee ),전성빈 ( Sung Bin Chun ) 한국회계학회 2012 회계학연구 Vol.37 No.2

본 연구에서는 2003년부터 2009년의 상장기업을 대상으로 외국인투자자의 특성이 실제활동을 통한 이익조정에 미치는 영향에 대해 분석하였다. 실증 분석결과, 외국인 지분율이 높아질수록 평균적으로 기업의 실제활동을 이용한 이익조정이 낮아지는 것으로 나타났다. 이는 정보 수집 및 분석 능력이 뛰어나며 상대적으로 장기적이고 안정적인 투자를 하는 외국인투자자가 내부정보를 이용해 사적목적을 달성시키려는 경영자의 이익조정을 감소시키는 역할을 하고 있는 것으로 판단된다. 또한 이러한 실제조정의 억제효과는 주로 해당기업의 지분을 5%이상 보유하는 외국인대주주(foreign block-holders)의 역할에 기인하는 것으로 보인다. 이는 외국인대주주가 일반적인 외국인 소액주주보다 기업의 의사결정에 장기적이고 실질적인 영향력을 발휘할 수 있기 때문인 것으로 해석된다. 그러나 외국인대주주가 해당기업의 최대주주인 경우 해당기업이 실제활동을 이용하여 이익을 상향 보고하는 것으로 제시되었다. 이는 일정지분율 이상을 확보하여 기업의 가치제고에 긍정적인 역할을 하는 외국인투자자가 최대주주가 되는 경우 오히려 기업의 가치와 상반되는 의사결정에 동조할 수도 있음을 의미한다. This study investigates whether and how a firm`s earnings management through real activities is influenced by the characteristics of foreign investors` ownership structure, using a large sample of firms over the 6-year period, 2003-2009. There have been several studies which investigated the association between foreign investors` ownership and accrual-based earnings management. To our knowledge, however, none of previous research has documented the monitoring role of foreign investors on real earnings management. Managers have a greater willingness to manipulate earnings using real activities rather than accruals because real activities manipulation that typically requires a manager`s depth of insight and understanding of underlying aspects of business are less likely to draw auditors` and/or regulators` scrutiny than accrual-based earnings management. However, Roychowdhury(2006) argues that the presence of sophisticated investors restricts the extent of real activities manipulation, because they know that even though these activities enable managers to meet short-run earnings targets, they are unlikely to increase long-run firm value. We focus on foreign investors as typical institutional investors who have increasingly become significant investors in Korean Securities market since the market liberalization in 1992. Foreign investors are known as sophisticated institutional investors who have a greater ability to see through the long-run implications of current managerial actions. Therefore, monitoring activities of foreign investors reduce the benefits from private information that would adversely affects the managerial actions. This would act as a disincentive for managers to engage in real activities manipulation, particularly if such manipulation reduces firm`s economic value. Consistent with our prediction, the regression results show that the aggregated ownership of foreign investors is negatively related to the income-increasing earnings management through real activities. Another important finding of our study is that the existence of blockholders among foreign investors plays an important role in constraining managers` opportunistic behavior. Most existing studies have concentrated on just aggregated ownership of foreign investors. However, foreign blockholders, who are defined to have more than 5% of ownership, are important to managers because they have sufficient voting power to put pressure on management if they find managers` self-serving behavior to sacrifice the firm`s value. Consistent with this hypothesis, we find that control- ownership of foreign blockholders makes managers less engage in opportunistic earnings management through real operating decisions. Since the foreign blockholders variable shows larger and more significant coefficients in regression analyses, we confirm that most of decline in real-based management by foreign investors is derived from the blockholder owners` control power. On the other hand, our analysis shows that when firms have foreign shareholders as the largest shareholders, they tend to engage more aggressively in real earnings management. This is consistent with the argument that even foreign investors use their control power to maximize their own private benefit by reporting overstated accounting numbers when they hold the largest equity shares of a company. All empirical results of our study are robust to supplemental analysis, such as the inclusion of discretionary accruals measured by Modified Jones model to consider the relationship between two means of managing earnings, or two-stage least squares method to control for simultaneous equation bias. Our study contributes to the literature on the role of foreign investors in corporate governance by showing somewhat different results on the role of foreign investors who have often been regarded as just transient investors who only focus on short- term profits and therefore cannot afford to take a long-term view in investment decisions. They are sophisticated investors possessing the power to acquire and process information and interested in long-term prospects of companies. Therefore, they can reduce the managers` incentives for real earnings management, thereby mitigate agency problems caused by information asymmetry between inside managers and outside investors, and increase the firm`s value. Moreover, we do not only show that on average earnings are less likely to be managed via real actions when the level of foreign shareholdings are high, but also show that the sub-category of foreign investors (specifically those with more than 5% share holdings, and those with the largest equity positions) may exert pressure on manages regarding operational activities in different ways. These findings suggest a new approach to investigating the relation between earnings management and foreign investors` ownership, and give new insight in drawing inferences on the impact of foreign investors on earnings management using accruals as well as real activities.