감사품질과 신규상장기업의 이익조정

최정호 ( Jung Ho Choi ) 한국회계학회 2006 회계학연구 Vol.31 No.4

본 연구에서는 회계정보에 근거하여 공모주식의 발행가액을 결정하였던 과거의 IPO 기업과 수요예측방식으로 공모가 결정방식이 변경된 이후 최근의 신규 상장 기업을 대상으로 감사인의 감사품질과 이익조정의 관련성에 관하여 실증적으로 분석하였다. IPO 경우 발행회사와 투자자간에 심각한 수준의 정보 불균형이 존재하기 때문에 투자자는 공모가의 적정성을 정확히 평가하기가 어렵다. IPO 기업은 공모주식의 최초발행가격과 상장 후 시가를 될 수 있는 한 높이기 위해서 이익을 상향조정할 가능성이 높아 감사인의 역할이 강조된다. IPO 기업의 재무제표 감사에 수반되는 감사위험은 기존 상장기업의 재무제표를 감사할 때 보다 더 높다. 또한 부실감사에 관련된 소송위험에 상대적으로 더 많이 노출되어 있는 대형회계법인은 소형회계법인보다 보수적인 감사를 실시하기 때문에 감사인의 유형에 따른 감사품질이 더욱 차별화될 가능성이 많다. 본 연구에서는 이러한 이론적 배경과 선행연구를 토대로 감사품질과 IPO 기업의 이익 상향조정행위와의 관련성에 관한 가설을 설정하고 단일변량분석과 다변량 분석을 실시하였다. 연구결과는 다음과 같다. 첫째, IPO 기업은 공개한 이후부터 이익을 상향조정하고 있어 선행연구와 일치하는 것으로 나타났다. 신규공개기업은 공개하기 훨씬 이전부터 이익을 상향 조정할 것이라는 예측과는 일치하지 않았다. 둘째, 감사인의 크기와 명성으로 측정한 감사품질은 IPO 기업의 이익조정행위에 영향을 미치지 않았다. 이는 전체 조사대상 기간에 의한 분석과 상장 연도를 중심으로 한 연도별 분석에도 동일하게 관측되었다. 셋째, 감사인지정제도가 실시되기 이전에 상장된 기업과 마찬가지로 감사인지정제도가 실시된 이후에 상장된 기업의 감사에서도 감사품질의 차별화가 이루어지지 않았다. 이러한 결과는 감사인 지정제도의 긍정적 효과를 검증한 선행연구와 달리 과거의 IPO 감사시장에서 감사인 지정제도가 감사인의 독립성 제고에 기여하지 못했음을 시사한다. 넷째, 공모가의 결정방식이 수요예측방식으로 변경된 기간을 구분한 분석에서도 감사품질과 IPO 기업의 이익조정과의 관련성이 없는 것으로 나타나 제도 변경 이전과 차이가 없었다. When the initial public offerings (IPO) firm issues stocks in the market for the first time, there are high information asymmetries between the issuer and the investors. Since little information about the firm is available, it may be difficult for investors to judge the appropriateness of the firm`s offer price, and accounting information plays a critical role in such judgement process. In past IPO cases, stock price was determined mainly based on accounting performance measures such as book value and net income. This stock price determination mechanism provided firms with incentives to manage earnings opportunistically by reporting high positive accruals to boost the offer price and increase the chance of having the issue successfully subscribed. The context of the IPO naturally leads to a demand for credible auditors to deter managers from opportunistically manipulating earnings to obscure the true underlying firm performance and mislead investors. The purpose of this study is to investigate the relationship between audit quality and IPO firms` earnings manipulation. Since auditors are exposed to high risk in auditing the IPO firm`s financial statements, they may audit in a more conservative manner and do not allow managers to report unusually positive high accruals. Large and prestigious audit firms are perceived to provide increased coverage in the event of audit litigation, and therefore they are more frequently sued by investors claiming damages associated with the audit failure. It is hypothesized that audit quality is more greatly differentiated between big and small audit firms in the context of IPO firm audit than in the case of the listed firm audit; discretionary accruals of the firms audited by big audit firms is likely to be smaller than that of the firms audited by small audit firms. The sample consists of 383 IPO firms going public between 1986 and 2003. I examined the sample firms for seven years surrounding the IPO year (from -3 to +3 years) to measure whether they opportunistically manage earnings. 2,116 firm·years are included in the final sample. Big 6 firms audited 47.5% of the total sample. The dependent variable of the research model is discretionary accruals estimated by the modified Jones model. I estimated the Jones regression cross-sectionally for all the listed firms excluding IPO firms to separate total accruals into expected and unexpected components. The cross- sectional regression is re-estimated for each fiscal year and 2-digit SIC codes as the IPO firms. Discretionary accruals are calculated by subtracting the estimated expected accruals adjusted for the change in credit sales from the total accruals of the IPO firms. Current discretionary accruals in addition to the total discretionary accruals are separately computed excluding gross property, plant, and equipment(PPE) in the estimation process of the discretionary amount based upon the literature that current working capital accruals are more susceptible to manipulation. The time-series pattern of discretionary accruals is presented in Table 5. Panel A and Panel B indicate total and current discretionary accruals for each period, respectively. The mean and median values of discretionary accruals for years 0, 1, and 2 are significantly different from zero. This evidence indicates that managers tend to manipulate earnings upward subsequent to IPO, contrary to the expectation that highly positive accruals will be reported in pre-IPO years to establish a high IPO price. Table 6 reports the univariate analysis results. Panel A shows the discretionary accruals amount, the absolute value of discretionary accruals, and positive and negative discretionary accrual amounts, respectively. Both the mean and median of discretionary accruals of the firms audited by Big 6 are not different from that of the firms audited by Non-Big 6. This results are the same as Panel B (current discretionary accruals). But in the case of the absolute value of discretionary accruals and positive discretionary accrual, the median value of discretionary accruals of the firms audited by Big 6 are significantly smaller than that of the firms audited by Non-Big 6. Table 8 indicates the estimated results of the research model. This multivariate analysis does not support the hypothesis that discretionary accruals of the IPO firms audited by high quality audit firms is likely to be smaller than that of the IPO firms audited by low quality audit firms. The interaction variable(D·AUDITOR) is added to the regression model to investigate the possibility that the effect of audit quality on earnings manipulation will differ when IPO price determination mechanism changed from the accounting performance-based to the book building systems in 1997. The estimated regression coefficient of the interaction variable is not statistically significant, either and the change in IPO price determination mechanism does not influence the main results. I re-estimated the research model separating the sample period into pre-and post-1994 when the regulatory body(Securities and Futures Commission) began to mandatorily assign statutory auditors to the IPO firms to enhance auditor independence. The results are presented in Table 10. Panel A and Panel B indicate the IPO firms having gone public before and after 1994, respectively. Auditor assignment does not change the main results. The results of this study imply that in the Korean IPO audit market, auditor quality is not still differentiated between Big and Non-Big audit firms even when auditor are severely punished in the event of audit failure, and their perceived audit risk has remarkably increased recently.

Case Reports : A Case of Eosinophilic Polymyositis Treated with Immunosuppressants

최정호 ( Jung Ho Choi ),강지현 ( Ji Hyoun Kang ),온리휘 ( Lihui Wen ),이정원 ( Jeong Won Lee ),이경은 ( Kyung Eun Lee ),박동진 ( Dong Jin Park ),박용욱 ( Yong Wook Park ),김태종 ( Tae Jong Kim ),이신석 ( Shin Seok Lee ) 대한류마티스학회 2015 대한류마티스학회지 Vol.22 No.5

저자들은 사지의 부종, 근육통 및 근력저하를 주소로 내원한 환자를 호산구성 다발근염 진단 하에 고용량 글루코코르티코이드 치료를 시행하였으나, 이에 충분한 반응을 보이지 않아 면역억제제를 추가로 사용하여 성공적으로 치료한 호산구성 다발근염 1예를 경험하였기에 문헌 고찰과 함께 보고하는 바이다. Eosinophilic polymyositis is a rare form of inflammatory muscle disease associated with peripheral blood and/or tissue eosinophilia. Most patients respond to glucocorticoids, however some show poor prognosis, leading to mortality. A 28-year-old female was admitted to our hospital because of myalgia and motor weakness of the upper and lower extremities. Laboratory findings showed significantly elevated levels of muscle enzymes and inflammatory lesions in both thigh muscles were demonstrated on magnetic resonance imaging. A diagnosis of eosinophilic polymyositis was based on histological findings, which showed diffuse eosinophilic infiltration into perivascular spaces in the endomysium and perimysium, and necrosis of myofibers. High-dose methylprednisolone treatment improved the clinical symptoms and muscle enzymes. However, on tapering the glucocorticoid dose, clinical and laboratory findings were exacerbated. After the addition of methotrexate and azathioprine, the symptoms and muscle enzymes recovered without relapse. Here, we report on a case of eosinophilic polymyositis, which responded to immunosuppressants. (J Rheum Dis 2015;22:308-312)

국내 N-ISDN 환경에서의 고속접속 연구

최정호(Jung-ho Choi),김문희(Mun-hee Kim),이성근(Seong-keun Lee) 한국통신학회 1998 한국통신학회 학술대회 및 강연회 Vol.1998 No.12

회상(回想)

최정호(Choi, Jung Ho) 한국콘크리트학회 2005 콘크리트학회지 Vol.17 No.1

이사회 특성과 투자효율성

최정호(Choi, Jung Ho),김명서(Kim, Myoung Seo),홍수희(Hong, Su Hee) 한국국제회계학회 2013 국제회계연구 Vol.0 No.50

본 연구는 이사회의 특성을 이사회 규모, 이사회 독립성, 이사회 활동성 및 경영자 소유지분으로 구분하여 각 특성과 투자효율성간의 관련성을 분석하였다. 투자효율성은 투자행태에 따라서 시설투자와 연구개발투자로 구분하였고, 이사회 특성과 각각의 투자효율성간의 관련성을 분석하였다. 분석결과, 다음과 같은 결론이 도출되었다. 첫째, 전체기업을 대상으로 하였을 경우 이사회 특성변수 중 규모가 클수록 연구개발 투자지출의 효율성도 높아 본 연구에서 제시한 가설과는 상반된 결론이 도출되었다. 이러한 결과는 선행연구들에서 대규모이사회가 소규모이사회보다 대리인 문제를 증가시켜 효율적이지 못하다는 결론과 상반된다. 또한 이사회 독립성의 대용변수인 사외이사의 비율이 높을수록 연구개발 투자효율성이 저하되고 있는 것으로 나타나 마찬가지로 본 연구에서 제시한 가설과 상반된다. 둘째, 전체기업을 대상으로 하였을 경우 경영자 소유지분이 높을수록 연구개발 투자효율성이 높은 것으로 나타났다. 이러한 증거는 경영자 소유지분이 높을수록 효율적인 투자를 하고 있음을 의미하며, 일부 선행 연구의 결과를 뒷받침한다. 셋째, 과잉투자기업을 대상으로 하여 살펴본 경우 이사의 수가 많을수록 시설투자지출에 대한 투자효율성이 높은 것으로 나타났다. 이는 과잉투자기업의 경우에는 이사회 규모가 클수록 시설 지출에 대한 과잉투자가 억제 될 수 있음을 의미한다. 또한 과소투자기업을 대상으로 살펴본 경우에도 이사회 규모가 클수록 연구개발 투자효율성이 높아 연구개발에 대한 과소투자가 억제되고 있는 것으로 관측되었다. 또한 시설투자효율성의 경우는 경영자 소유비율이 높을수록 시설투자의 효율성이 높아져 과소투자가 억제됨을 알 수 있었다. 넷째, 이사회 특성변수와 투자효율성의 관련성에 있어서 상호출자제한집단에 소속되어 있는 기업 여부를 고려한 결과, 과잉투자기업의 경우 연구개발투자지출의 효율성은 대규모기업에서는 이사회 개최 수가 많을수록(이사회 활동성이 높을수록) 투자효율성이 높아 연구개발에 대한 과잉투자가 억제된다는 결론이 도출되었다. 본 연구는 이사회의 기능강화가 기업의 투자효율성 증대를 통한 수익력 제고에 기여할 수 있는지의 여부를 조사함으로써 이사회제도의 발전방향에 대한 시사점을 제공할 수 있을 것이다. The purpose of this study is to investigate the relationship between the characteristics of board of directors and the efficiency of investments of capital expenditures and R & D. The characteristics of board of directors are defined as the size, independence, activities, and managerial ownership. The results of the analyses reported the following evidences. First, in case of all the sample firms, it was found that the size of board of directors is positively related to the efficiency of R&D investment expenditures, contrary to the hypothesis formulated in this study. This result is contrary to the evidence of previous research studies that a large-sized board of directors is less efficient than a small-sized one. Besides, as the ratio of outside directors, a proxy variable of the independence of board of directors, became higher, the efficiency of R&D investment declined more, which is also inconsistent with the theory of this study. Second, in case of all the sample firms, it was found that as managerial ownership became higher, the efficiency of R&D investment became higher. Such evidence indicates that as managerial ownership becomes higher, the related company makes more efficient investments, which supports the results of some previous researches. Third, in case of over-investment firms, it was reported that as the number of directors increased, the efficiency of facilities investment became higher. Such an evidence shows that as the size of board of directors in over-facilities investment firms became larger, such over-investment behavior might be reduced. Besides, even in case of under-investment firms, it was found that the size of board of directors became larger, the efficiency of R&D investment became higher, which indicates that under-investment in R&D was also curbed. Moreover, in case of the efficiency of facility investment, it was reported that the ratio of managerial ownership became higher, the efficiency of facility investment became higher as well. Finally, this study report the evidence that, in case of the firms belonging to the large Chaebul groups, the efficiency of over-R&D expenditures firms has increased as a result of frequent board meetings, leading to suppressing over-R&D investment behavior.

푸른세상을 만드는 힘 기초소재(주)

최정호(Choi, Jung Ho) 한국콘크리트학회 2005 콘크리트학회지 Vol.17 No.1

디젤엔진 Oil Dilution 검증을 위한 CDPF(매연포집필터) 재생 조건에 대한 연구

최정호(Jung-ho Choi) 한국자동차공학회 2011 한국자동차공학회 학술대회 및 전시회 Vol.2011 No.11

Increasing regulatory demand for clean air and better fuel economy have led to the greater penetration of diesel passenger cars equipped with Catalyst diesel particulate filters [CDPF]. However, the oil dilution problem occurs when CDPF is regenerated. The engine oil dilution by diesel fuel is a major factor of decreasing an engine oil viscosity. This affects damage to the oil lubrication, and then the engine will be destroyed in the end. Therefore, the experimental study performs 3 kinds of driving mode for searching worst condition of oil dilution when CDPF regenerated. After test, we find it is a key point about oil dilution that CDPF regeneration is a success or failure. Finally, we developed the test procedure to verify oil dilution when CDPF regenerated by fuel.

문화ㆍ역사마을 계획특성에 관한 연구

최정호(Choi Jung-Ho),장림종(Jang Leem-Jong) 대한건축학회 2007 대한건축학회 학술발표대회 논문집 - 계획계/구조계 Vol.27 No.1

This study analyzed design characteristics of regeneration of cultural and historical villages focused on the Seogwipo Beobwhan village. Regenerating villages in Korea was enhanced by the local self-governing system started first in 1995. It will revitalize regions but there are lacks of systematic theoretical access. This study analyzed the case in various design aspects and brought up design characteristics of urban design and architecture. Therefore, the results of this study can be applied to other similar cases by offering systematic and theoretical access methods to regenerate the villages in cultural and historical way.

信用狀去來에 의한 代金決濟方式의 再認識

崔正鎬(Choi Jung-Ho) 한국무역학회 1993 貿易學會誌 Vol.18 No.-

새롭게 진단된 한국인 제2형 당뇨병환자에서 내피세포 의존성/비의존성 혈관 확장반응의 경동맥내중막 두께와의 연관성

최정호 ( Jung Ho Choi ),민경완 ( Kyung Wan Min ),김효정 ( Hyo Jeong Kim ),구보경 ( Bo Kyung Koo ),임채영 ( Chae Young Lim ),김현진 ( Hyun Jin Kim ),박강서 ( Gang Seo Pak ),한경아 ( Kyung Ah Han ),김응진 ( Eung Jin Kim ) 대한당뇨병학회 2007 Diabetes and Metabolism Journal Vol.31 No.6