실제이익조정활동이 자본비용에 미치는 영향

김정교(Jung-Kyo Kim),유순미(Soon-Mi Yu),김현진(Hyeon-Jin Kim) 한국산업경영학회 2010 한국산업경영학회 발표논문집 Vol.2010 No.2

최근 발생액을 통한 이익조정(AEM)과 더불어 실제영업활동을 통한 이익조정(REM)이 또 다른 이익조정수단으로 이용되고 있다는 연구가 활발하게 제시되고 있다. 본 연구는 AEM과 REM이 정보위험(information risk)을 증가시켜 이에 대한 위험프리미엄으로 자기자본비용이 증가하는 지를 조사하고 REM의 경우 AEM에 비해 외부의 감시∙감독의 어려움 및 미래성과에 대한 부정적인 영향으로 인하여 더 큰 자기자본비용을 가져오는 지를 살펴보았다. 분석 결과 AEM과 REM은 자기자본비용을 증가시키는 것으로 나타나 AEM 뿐만 아니라 REM도 투자자의 정보비대칭성을 야기시켜 결국 자기자본비용이 증가하는 것으로 나타났다. 특히, 실제이익조정 중에서도 비정상영업현금흐름과 비정상제조원가가 자기자본비용에 영향을 미치는 것으로 나타났다. 또한, 자기자본비용에 대한 영향에 있어 REM은 AEM에 비해 더 크고 유의적인 양(+)의 계수값을 보임으로써 외부투자자들은 AEM보다 REM에 좀 더 심각하게 패널티를 부과하여 보다 높은 요구수익율을 가진다는 것을 의미한다.

감사품질이 기업의 이익조정에 미치는 영향 (The Effect of Audit Quality on Earnings Management)

김정교(Kim Jung-Kyo),유순미(Yu Soon-Mi),김경옥(Kim Gyeong-Ok) 한국국제회계학회 2011 국제회계연구 Vol.0 No.38

본 연구의 목적은 감사품질이 기업의 이익조정에 영향을 미치는지를 검증하였다. 감사품질의 대리변수로 감사인 규모(Big4 여부)와 산업전문성, 감사인 교체를 이용하였다. 또한 이익조정동기가 있는 기업에서 더욱더 이익조정을 억제할 수 있는지를 검증하였다. 이것은 이익조정동기가 있는 기업에 대해 이익조정동기가 없는 기업보다 보다 확대된 입증감사절차를 수행할 것이며 이때 높은 품질의 감사인은 재무제표의 부정이나 오류를 발견할 가능성과 이를 외부에 보고할 가능성이 높아 결과적으로 보다 낮은 재량적 발생액을 가져올 수 있다. 분석 결과, 감사품질이 높은 감사인으로부터 외부감사를 받은 기업의 재량적 발생액이 그렇지 않은 기업의 재량적 발생액보다 유의적으로 낮게 나타났다. 이는 높은 감사품질이 경영자의 기회주의적 이익조정행위를 제한할 수 있다는 것을 의미한다. 둘째, 이러한 결과는 이익조정동기를 고려한 분석에서도 일관되게 나타났다. 즉, 적자회피 또는 이익감소회피 유인이 있는 기업에서 높은 감사품질 기업과 낮은 감사품질 기업의 재량적 발생액의 차이는 더 크게 나타났다. 이것은 높은 감사품질을 가진 감사인은 이익조정동기가 있는 기업에 대해 더욱 확대된 감사를 통하여 경영자의 이익조정행위를 제한할 수 있음을 의미한다. 이는 곧 투자자나 기업의 외부이해관계자가 투자의사결정 및 기업가치 평가시 감사품질의 차이에 대해 이익조정동기가 없는 기업보다 이익조정 동기가 있는 기업에서 더욱 중요하게 고려해야 함을 시사한다. This study examines the relation between audit quality and earnings management. Consistent with prior research, we treat audit quality as a dichotomous variable and assume that Big 4 auditors are of higher quality than Non-Big 4 auditors(industry expertise(specialization) auditors are of higher quality than non-industry expertise auditors. We employ discretionary accruals to capture earning management and discretionary accruals are estimated by a cross-sectional model of Kothari et al.(2005). Prior literature suggests that auditors are more likely to restrict management’s accounting choices that increase earnings (as opposed to decrease earnings) and that auditors are more likely to be sued when they are associated with financial statements that overstate earnings (as compared to understate earnings). Therefore, we hypothesize that clients of lower quality auditors report discretionary accruals that increase income relatively more than the discretionary accruals reported by clients of higher quality auditors. This hypothesis is supported by evidence from a sample of 10,754 firm years. And also we found that higher-quality audit would be more effective in deterring accounting manipulation than the lower one if the earnings manipulation incentive exists at the first place.

기업의 사회적 책임활동(CSR)이 기업위험에 미치는 영향

김정교(Kim Jung-kyo),김태곤(Kim Tae-gon),신찬휴(Shin Chan-hyu) 한국국제회계학회 2016 국제회계연구 Vol.0 No.70

기업은 다양한 이해관계자와 관계를 맺으며 영업활동을 하고 있고, 이해관계자와 발생하는 부정적 사건은 기업의 영업활동에 심각한 영향을 미칠 수 있다. 2013년에 N유업의 임직원과 대리점주 간에 발생한 갑질사건이나 2014년 K항공의 경영진과 직원 간에 발생한 항공기회항 사건은 해당 기업의 이미지에 심각한 악영향을 미쳤다. 전통적인 위험관리방법은 위험요인을 제거하는 방법이지만, 최근의 부정적 사건들은 기업 입장에서 사전에 인식하기 어렵기 때문에 위험요인을 제거하는 위험관리방법은 한계가 존재한다. 본 연구에서는 이해관계자와의 문제로 인해 발생할 수 있는 부정적 사건의 영향을 기업의 사회적 책임활동(CSR)이 완화할 수 있는지를 검증하였다. 기업의 CSR활동을 통해 형성된 좋은 기업이미지는 부정적 사건으로 인한 사회적 제재를 감소시키는 요인으로 작용하는 보험역할을 수행할 수 있다. 연구 결과, CSR활동을 많이 수행하는 기업의 기업위험이 상대적으로 낮은 것을 검증하였다. 이해관계자와의 무형적 자산이 많은 기업일수록 CSR활동의 기업위험 완화 효과가 증가할 것으로 예상되며, 이를 검증하기 위해서 무형적 자산과 관련된 변수인 시가장부가비율, 기업규모, 광고선전비, 직원수가 CSR활동과 기업위험 간의 관계에 미치는 조절효과를 추가로 분석하였다. 추가분석 결과, 무형적 자산과 관련있는 변수들이 증가할수록 CSR활동과 기업위험 간의 관계가 강화되는 것을 검증하였다. Firms have done business with various stakeholders, and negative events with stakeholders can give bad effects to the firms. Negative events such as abuse of executives or staff members authorities made firms image badly. Though traditional risk management method is to remove risk factors, it has a limitation that is not easy to find risk factors since those are distributed over a wide area. In this study, we examine whether CSR(corporate social responsibility) activities can relieve bad effects from negative events with stakeholders. Researchers in prior studies said that a good impression from CSR activities can plays a role like a insurance and reduces social sanction to the firms. After verifying a hypothesis about the relation with CSR activities and negative events, we found that the firms which have performed more CSR activities have lower firm risk than the others. Then we expect that the reduction effect of CSR activities will be stronger in the firms which have much intangible assets, and examined moderating effects of intangible assets such as market to book value, firm size, advertising expenses and the number of staff members. We confirmed that the more intangible assets, the more firm risk is reduced by CSR activities.

내부회계관리제도의 취약점과 발생액의 질

김정교 ( Jung Kyo Kim ),유순미 ( Soon Mi Yu ),김현진 ( Hyeon Jin Kim ) 한국회계학회 2009 회계저널 Vol.18 No.4

파생상품 사용의 결정요인

김정교(Jeong Kyo Kim),반혜정(Hye Jung Ban) 한국경영학회 2002 經營學硏究 Vol.31 No.5

Recently, corporations are increasingly exposed to uncertainties regarding a variety of environments as integration and globalization of world economy. Accordingly, corporate risk management is throught to be an impoertant element of a firm`s overall business strategy and increases the necessity of the study for hedging. This study investigates the factors that determine the use of derivatives as hedging strategy of firm. The result provides the evidence that the use of derivatives is higher for firms with lower financial risk, higher liquidity, higher growth options, greater progressivity of tax schedule and greater foreign exposure. This study also finds that use of derivatives is affected by the moderator variable; firm size and degree of geographic diversification. That is, the relationship between derivatives use and financial risk is higher for smaller firm and the relationship between derivatives used and liquidity is higher for large firm. The degree of derivatives use caused by foreign exchange rate risk is higher for firm with lower degree of geographic diversification because of natural hedging. The findings of this study would suggest basic framework of study about derivatives, useful guidance to the process of standard settlement and strategic view of hedging through derivatives.

감리지적 예측확률로 측정한 감사품질이 재량적 발생액에 미치는 영향

김현진(Kim, Hyun Jin),김정교(Kim, Jung Kyo),유순미(Yu, Soon Mi) 한국국제회계학회 2013 국제회계연구 Vol.0 No.47

2008년 글로벌 경제위기 이후 회계정보의 신뢰성에 대한 관심이 높아지기 시작하였고, 이에 따라 감사품질과 회계정보의 신뢰성에 간의 관련성에 관한 연구가 다수 수행되었다. 많은 선행연구에서는 다양한 감사품질의 대용치를 이용하여 감사품질과 회계정보의 신뢰성 사이의 관련성을 연구하였다. Becker et al.(1998)는 Big6 감사인의 피감사기업의 재량적 발생액이 그렇지 않은 기업보다 현저하게 낮음을 발견하였다. 그들은 이러한 결과는 감사품질이 높은 감사인(Big6 감사인)이 그렇지 않은 감사인보다 경영자의 기회주의적 행위를 제한함에 있어 더 효과적으로 감시하기 때문이라 주장하였다. 한편 Park and Shim(2002)는 한국기업을 대상으로 감사인 유형이 재량적 발생액에 미치는 영향을 분석하였는데, Big6 감사인이 Non-Big6 감사인 보다 경영자의 기회주의적 이익관리를 효과적으로 억제한다는 결과를 발견할 수 없었다. 뿐만 아니라 산업전문감사인 여부와 재량적 발생액 간의 관련성을 분석한 결과 역시 양자 간의 유의한 관련성을 발견할 수 없었다. 이와 같이 감사품질의 최선의 대용치에 대한 상반된 실증적 증거가 발견되고 있으므로 감사품질에 대한 새로운 대용치 개발이 필요하게 되었다. 그러므로 본 연구는 새로운 감사품질의 대용치를 개발하기 위하여 감사인 및 피감사기업의 특성변수를 이용하여 감리지적확률을 추정하고자 한다. 구체적으로 감리지적 여부를 더미변수로 하는 종속변수와 감사인 특성변수를 이용하여 로지스틱 회귀분석을 수행하여 예측확률을 산출한다. 추가적으로 개별적인 감사환경을 통제하기 위하여 피감사인 특성변수 또한 설명변수에 포함한다. 그런 다음 감사품질과 재량적 발생액 간의 관련성을 분석한다. 감사품질은 감리지적 예측확률로 측정하고 재랑적 발생액은 수정 Jones 모형에 영업현금흐름과 전기 총발생액을 추가한 Pae(2005) 모형을 이용하여 추정한다. 분석결과, 공인회계사 수가 많고 시장점유율이 높으며 교육훈련비 지출이 많은 회계법인의 피감사기업이 그렇지 않은 기업에 비해 감리지적 확률이 더 낮음을 발견하였다. 그러나 감사인의 경력이 길고 소유집중도가 높은 회계법인의 피감사기업이 그렇지 않은 기업에 비해 감리지적 확률이 더 높음을 발견하였다. 한편, 감사품질이 높을수록(감리지적 예측확률이 낮을수록) 재량적 발생액이 낮게 나타나 회계정보의 신뢰성이 더 높음을 발견하였다. After global financial crisis of 2008, the public begins to pay attention to the reliability of accounting information. For this reason, the relation between audit quality and reliability of accounting information has been examined in lots of prior literatures. They investigate the relation between audit quality and reliability of accounting information using various proxies for audit quality. Becker et al.(1998) found that the level of discretionary accruals is significantly lower for Big 6 clients than non-Big 6 clients. Their findings suggest that high audit quality proxied by Big 6 auditors is related with effective monitoring, which limits manager"s ability to make opportunistic accrual choices. Park and Shim(2002), however, examined the effects of auditor type on discretionary accruals using Korean data. They found that Big 6 auditors were not more effective in constraining opportunistic earnings management than non-Big 6 auditors. In addition, they investigated the effects of industry-specialized auditors on discretionary accruals, but they did not find a significant relation between industry-specialized auditors and discretionary accruals. In the context of mixed evidence about the best proxy of audit quality, researchers need to develop new proxies for audit quality. To develop new proxy for audit quality, I estimate the probability for enforcement actions by the Financial Supervisory Service(FSS) using both auditor"s and client"s characteristics. In particular, in logistic regression a dependent variable is a dummy variable that is given 1 if the client is enforced by FSS during a fiscal period, and 0 otherwise. Explanatory variables are auditor characteristics. In addition, client"s characteristic variables are also included to control client‘s individual audit environments. I next examine the effect of audit quality on discretionary accruals. I measure audit quality using prediction probability of enforcement actions by the FSS and employ Pae(2005) model to measure discretionary accruals that includes operating cashflows and lagged total accruals in Jones(1991) model. The results are as follow. First, I find that clients of auditor with more CPAs and greater market share, more education & training expenditure are less likely to be enforced by the FSS, but I find that clients of auditors with longer CPA"s career and higher ownership concentration are more likely to be criticized by FSS. Second, I find that clients of auditors with higher audit quality are more likely to have lower discretionary accruals and are thus more likely to enhance the reliability of accounting information. The findings have implications for regulators, auditors, managers, and researchers. First, these findings will help the clients and regulators to predict quality of auditors and contribute to improve reliability of accounting information. Second, these findings support the notion that auditor"s characteristics are fundamental element in the production of high-quality audit. Third, these findings suggest a new proxy to measure audit quality for other researchers. This study has several limitations. Specially, we rely on the disclosure of FSS for the actual presence of audit failure. To the extent that there is a systematic bias in choice to identify and disclosure audit failure, our sample may not represent the true underlying population of firms with lower-quality auditor.

파생상품을 이용한 헷징 수요의 결정요인

반혜정(Hye Jung Ban),김정교(Jeong Kyo Kim) 한국경영학회 2004 經營學硏究 Vol.33 No.1

This study investigates the factors that determine to derivatives use of firms. We consider seven factors as determinants of hedging with derivatives: firm`s financial distress risks, liquidity, bond contracting costs, managerial incentive compensation, corporate tax schedule. foreign exchange risks, discretionary accruals. We used notional amount of derivatives as dependent variable and we divided the determinants of hedging with derivatives into two categories; endogenous factor and exogenous factor. Therefore, we performed path analysis to examine hypotheses about the factors. Also, we performed logistic analysis to compare the result with prior research. We draw the following results; First, firms with lower financial distress risks or lower liquidity are more likely to use derivatives. Second, firms hedge to reduce expected tax liabilities. Third, firms with higher foreign exchange risks are more likely to use derivatives. Forth, hedging with derivatives and discretionary accruals has negative relationship but we can find a partial evidence, not a perfect evidence, of this relationship.

2000년대의 감사환경 변화와 감사인 보수주의: 내부회계관리제도와 증권관련집단소송법을 중심으로

신찬휴 ( Chan Hyu Shin ),김정교 ( Jung Kyo Kim ) 한국회계학회 2015 회계학연구 Vol.40 No.1

2000년대 초반에 발생한 국내외의 회계부정사건으로 인해 회계투명성 강화에 대한 여론이 확산된 결과 회계 개혁을 위한 여러 제도가 도입되었다. 본 연구에서는 이 중 가장중요한 내부회계관리제도의 도입과 증권관련집단소송법 시행이라는 법적 환경의 변화에 따라 감사인 보수주의가 어떻게 수정되었는지를 조사한다. 표본기간을 내부회계관리제도 도입 이전, 내부회계관리제도 도입 이후부터 증권관련집단소송법 시행 이전, 그리고 증권관련집단소송법 시행 이후의 3개 기간으로 나누어, 감사인의 감사보고에 따른 예상손실비용을 고려하여 각 기간의 계속기업불확실성 표명확률을 추정하였다. 그리고 제도 도입 이전과 이후의 계속기업불확실성 표명확률의 평균차이를 감사인 보수주의 변화에 의한 차이와 피감사기업 특성 변화에 의한 차이로 분해하는 방법을 통해 제도 도입 이후 감사인 보수주의 변화를 검증하였다. Well-known companies such as Enron, WoldCom, Tyco, Qwest, Global Crossing were exposed to accounting frauds after 2000 in US and there was increasingly growing concern about financial reporting reliability. To address this concern, Congress and Securities and Exchange Commission( SEC) enacted Sarbanes-Oxley Act( SOX). At the similar time, some accounting frauds of Korean companies such as SK Global, Daewoo and so on also happened and provoked the need of tightening up the monitoring system for accounting practices. According to the need, some new accounting reform acts such as Internal Control over Financial Reporting, Securities-Related Class Action Act and the like were brought about. Internal Control over Financial Reporting intended to make a strong internal control system in the company and had been enforced since 2005. Securities-Related Class Action Act intended to relieve investment loss related to security trades of investors and had been wholly enforced since 2007. Changes in the auditor``s environment could affect the efficiency of internal control system or litigation risk for auditor, and then auditor could change his reporting strategies for clients in response to these changes. Francis and Krishnan(1999) defined auditor reporting conservatism as "lowering their threshold for issuing modified audit reports, an action that will increase modified reports and, therefore, lessen the likelihood of failing to issue a modified report when appropriate." It can be expected that introduction of internal control system in firms makes the reliability of financial reporting increase and could therefore decreases the control risk in financial statement audit. If the auditor relaxes his conservatism excessively and bears high audit risk over the acceptable level considerably, he could be exposed to lawsuits and reputation loss. On the other hand, if the auditor tightens his conservatism excessively and accepts low audit risk blow the acceptable level considerably, he might face the risk of losing clients because of strict audit. Therefore, the auditor needs to make an audit plan to maintain the acceptable level of audit risk. If the internal control over financial reporting improves the reliability of financial reporting of clients, control risk( CR) of auditor could decrease, and then auditor can achieve the acceptable level of audit risk, even if he sets less conservative audit strategy. In other words, when the auditor wants to maintain the acceptable level of audit risk, he can accept more detection risk( DR) through decrease of control risk( CR) after introduction of the internal control over financial reporting, Therefore the auditor could relax his conservatism after introduction of the internal control over financial reporting in 2005. On the other hand, the Securities-Related Class Action Act is likely to increase litigation risk of the auditor. Well-intentioned investors who are suffered great losses from trading securities could file a lawsuit against auditor on the ground of poor audit, and then the auditor might be exposed to litigation risk and reputation loss. If the auditor loses a lawsuit, he should bear an enormous compensation for a damage of investors because other investors who didn``t take a part in the legal action can also recover their damages. Therefore, the auditor needs to set an audit strategy more conservatively to deal with high litigation risk after the Securities-Related Class Action Act takes effect. The auditor could tighten his conservatism in correspondence with high litigation risk after the Securities-Related Class Action Act becomes effective totally in 2007. We investigate changes of the auditor conservatism respectively after the Internal Control over Financial Reporting and Securities-Related Class Action Act take effect. We divide total sample period into 3 subsample periods and investigate changes of auditor conservatism after enforcement of the two accounting reform systems. The first subsample period is one before the Internal Control over Financial Reporting became effective(2002-2004). The second subsample period is one from the internal control over financial reporting through the Securities-Related Class Action Act(2005-2006). The third subperiod is one after Securities-Related Class Action Act became effective(2007-2010). We use the going-concern modifications to investigate auditor conservatism, because the auditor conservatism could affect reporting the going-concern modifications. We estimate the average probability of issuing the going-concern modifications in each subperiod and calculate the difference of it between before and after the accounting reform system was enforced. And then we decompose the difference of the average probability of issuing the going-concern modifications into a component due to changes in auditor conservatism and a component due to changes in client risk characteristics. We can investigate the change of auditor conservatism directly by using the method of decomposition. This study contributes two points. First, we directly investigate effects of two accounting reform systems in 2000s to the auditor conservatism. We think Internal Control over Financial Reporting and Securities-Related Class Action Act are most important systems of accounting reform systems in 2000s. Some prior studies investigate effects of these systems, but there are nothing to observe the effect to the auditor conservatism. This study investigates the effect of Internal Control over Financial Reporting to the auditor conservatism for the first time and the effect of Securities-Related Class Action Act the auditor conservatism directly. Second, We improve the method of study to investigate the effect of system change to the auditor conservatism. Francis and Krishnan(2002) investigate the effect of system change by using the difference of probability of issuing the going-concern modifications between years before and after system takes effect. Their method of study could distort because unusual years could be inserted in sample years and auditor tenure could affect the auditor conservatism. We improve their method of study to solve limits and use an improved method to investigate change of auditor conservatism. Futhermore, we could have results by using more appropriate model to estimate the probability of issuing the going-concern modifications that can include auditor``s expected loss.

고성능 타원곡선 암호시스템의 연산기 구현

이병윤(Byoung-Yun Yi),박종서(Jong-sou Park),최용제(Yong-Je Choi),김무섭(Moo-Seop Kim),김호원(Ho-Won Kim),정교일(Kyo-Il Jung) 한국정보보호학회 2001 情報保護學會誌 Vol.11 No.1

電子産業의 實態分析 및 競爭力 提高戰略

鄭俊秀,尹英得,方鎬烈,金基錫,金正敎 釜山大學校 經營 經濟 硏究所 1990 經營 經濟 硏究 Vol.9 No.1