국내 부동산 투자이민제도의 합리적 개선방안

양준선(Yang, Joon-Sun),곽재우(Kwak, Jae-Woo) 글로벌경영학회 2013 글로벌경영학회지 Vol.10 No.2

정부는 글로벌 경기침체 이후 국내 경제 활성화 및 외국인들의 직접투자 유치를 위하여 부동산 투자이민제도를 도입 시행하고 있다. 그러나 현행 제도 하에서는 여러 가지 문제점들로 인하여 투자이민의 활성화가 거의 되지 않고 있는 실정이다. 특히 부동산 투자이민제도의 투자대상 부동산인 휴양 목적 체류시설은 현행 조세법상 상시 업무용 혹은 상시 주거용이 아닌 경우에는 사치성 재산(별장)에 해당되어 각각의 취득 및 보유, 처분 단계 등에서 취득세, 재산세 및 양도소득세가 중과세되는 문제점과 우리나라는 경쟁국들에 비하여 부동산에 대한 투자수익률이 낮다는 문제점 등이 있다. 이에 본 연구에서는 부동산 투자이민제와 관련된 현행 제도의 패러다임이 전환되어야 함을 인식하고, 현행 국내 부동산 투자이민제도에 대한 문제점들을 살펴본다. 이에 그에 대한 합리적인 개선 방안을 제시하고자 하였다. 연구결과를 요약하면 현재 다른 경쟁 국가들과 제주도의 사례와 같이, 특별법 제정 등을 통하여 부동산 투자이민 대상 부동산에 대한 세금에 한하여 중과세를 상당부분 완화 및 폐지하거나 세금 감면 혜택을 부여하는 방식으로 탄력적인 조세 정책의 운영이 필요하다. 다음으로 사치성 재산으로 분류될 가능성이 매우 높은 부동산 투자이민 대상 부동산에 대하여 명확한 과세당국의 해석이 필요하며, 법인보다 개인의 경우에 세금 등에 보다 민감하므로 현재 주로 대형 법인 및 외국인 투자 기업 중심으로 되어 있는 외국인 투자자의 조세 인센티브를 부동산 투자이민제 대상 부동산에 대한 개인 투자자에게도 확대 적용할 필요가 있다. 또한 우리나라의 투자수익률은 주요 경쟁국에 비하여 낮은 투자수익률을 보이는 등의 여러 문제점이 있다. 이에 투자유치 경쟁국과의 비교를 통해 합리적 투자인센티브, 투자대상 부동산, 투자금액 및 투자기간 등의 선정이 필요하며, 정부는 부동산 투자이민제 본래의 도입 취지 및 활성화를 위하여 위와 같은 문제점들을 검토 및 인식하여 이와 관련된 제반의 문제점들을 개선하고자 하는 노력을 기울여야 할 것이다. The real estate investment immigration system is to grant the right of temporary residence to foreigner who invests above fixed amount in leisure purpose facilities such as condominium, resort, pension and villa within the real estate properties and to give the right of permanent residence to these foreigners who have stayed in Korea more than 5 years. Then the real estate investment immigration system was introduced as like above desirable purpose but leisure purpose facilities for Investment Immigration may be treated as Villa which is deemed to be a luxury property in accordance with the Korea Tax Law, if it is not used for daily business or daily residence, and may be imposed with high possibility, a heavy tax on the acquisition tax, property tax and the transfer income tax. Therefore, this study is to indicate the rational improvement plans in relation to these because we recognized a necessity for change of tax paradigm regarding current real estate investment immigration system. To summarize the results of this study, based on analysis for taxation of each stage, it is necessary that the Korean government shall operate the flexible taxation policies which relax considerable portion of heavy taxation system and abolish these heavy taxation system only regarding real estate investment immigration system just only such as other competing countries and JeJu have relaxed and abolished these heavy taxation system. Next, it is necessary to interpret clearly a real estates regarding real estate investment immigration system by government and tax incentives which were just forced on big company should be applicable to individual investors. In addition to these taxation policies, Korea government should select and adjust the investment area, subjects for investment real estate, investment amount and investment period etc. by comparison with other competing countries because the ROI of Korea is low etc. than that of other competing countries.

CSR 활동의 우수성이 기업의 보수적 회계처리에 미치는 영향

양준선(Joon Sun Yang),여영준(Young Jun Yeo),권오진(Oh Jin Kwon) 한국경영학회 2014 經營學硏究 Vol.43 No.6

감사수익성이 비감사서비스와 감사품질과의 관계에 미치는 영향

양준선(Joon Sun Yang),임영제(Young Je Im) 한국경영학회 2019 經營學硏究 Vol.48 No.2

내부회계관리제도에 대한 인적자원투자와 재무보고의 품질

양준선(Joon Sun Yang),여영준(Young Jun Yeo) 한국관리회계학회 2016 관리회계연구 Vol.16 No.1

본 연구는 내부회계관리제도에 대한 인적자원투자와 재무보고의 품질 간의 관련성에 대한 연구로, 내부회계관리제도에 대한 충분한 인적자원투자가 내부회계관리제도의 목적인 재무보고의 신뢰성 제고와 관련되는지를 검증하였다. 분석을 위해 내부회계관리제도에 대한 인적자원투자는 내부회계관리제도의 운영을 담당하는 인력의 수 및 담당인력들이 내부회계관리제도 업무를 수행한 평균경력월수를 이용하여 측정하였고, 재무보고의 품질은 발생액의 질을 사용하여 분석을 수행하였다. 실증분석 결과, 내부회계관리제도에 대한 인적자원투자 수준이 높은 기업일수록 재무보고의 품질이 높은 것으로 나타남으로써 내부회계관리제도 담당인력에 대한 투자와 회계정보의 신뢰성 간에 정(+)의 관련성이 존재함이 확인되었으며, 다양한 추가분석을 통해서도 연구 결과의 강건함이 유지되었다. 이상의 결과는 내부회계관리제도에 대한 인적자원투자가 내부회계관리제도의 효과적인 운영에 필수적인 요소이며 이를 통해 재무보고의 신뢰성이 확보될 수 있음을 의미한다. 본 연구는 내부회계관리제도 담당인력에 대한 투자와 재무보고의 품질 간의 관련성을 확인함으로써 내부회계관리제도에 대한 인적자원투자가 재무보고의 신뢰성에 유의한 영향을 미치고 있음을 실증하였으며, 이를 통해 정보이용자의 의사결정시 기업별 내부회계관리제도 담당인력 공시자료를 이용하여 기업의 재무보고의 신뢰성 정도를 유추할 수 있는 근거를 제시하였다는 점에서 관련 연구에 시사점을 제공할 수 있을 것으로 기대한다. This study aims to investigate the association between the human resource investment for Internal Control over Financial Reporting (hereafter, ICFR) and the financial reporting quality (hereafter, FRQ). Despite the prior studies find out that the ICFR plays the important roles in the capital market and the stakeholders, only few research exists regarding as the personnel in charge of ICFR or the investment on them which should be premised for the effective operation of ICFR. Especially, the relationship between the investment on human resources in charge of ICFR and the reliability of financial reporting has not been actively researched yet. Therefore, with the purpose of filling this research gap, this study investigates the relationship between the investment on human resources in charge of ICFR and the reliability of financial reporting. In detail, this research examines whether the sufficient investment on human resources for ICFR relates to providing more reliable financial reporting which is goals of ICFR by analyzing the association between the relative extent of human resource investment for ICFR and the FRQ. For the purpose of analysis, the sample of this study covers non-financial firms having December fiscal year from year 2006 to 2010 listed in either the Korea Stock Exchange or KOSDAQ markets. In order to identify the investment level on the human resources in charge of ICFR, I hand-collect the number of personnel in charge of ICFR and their average experience months from the ‘ICFR Operation Report’ in the annual report. I measure the human resource investment for ICFR as the number of employees involved with ICFR implementation multiplied by the average experience of those. The FRQ is used in terms of the accruals quality. The empirical results are as follows. First of all, the human resource investment for ICFR is significantly associated with the higher FRQ. It means that there is positive relationship between the investment level on the human resource in charge of ICFR and the reliability of financial reporting as expected. This empirical result is consistent in the analysis not only after separating the personnel in charge of ICFR into ‘operating department’ and ‘auditing committee or board of directors’ but also among the firms without material weaknesses in their ICFR. The results above implies that the human resources investment for ICFR is the essential factor in the effective operation of ICFR and that it secures the reliability of financial reporting. Above the findings have following contributions and differentiation points from the prior research. First, this study has shown that the investment on human resources in charge of ICFR is positively and significantly related to restoring the reliability of financial reporting. In spite of the importance about the human resources who are involved with ICFR implementation, its related research had been infrequently conducted due to the insufficient data. As a result of empirical analysis of this study, it confirms that there is a positive association between the relative level of human resource investment for ICFR and the FRQ. In addition, it gives suggestion to the way of measuring the degree of effective operation of ICFR through internal human resources’ information of the firms without material weaknesses in their ICFR, and it also makes the additional contribution as it offers the grounds to infer the extent of individual firms’ reliability in the financial reporting through the publicly disclosed human resource information related to the ICFR. That is, the findings of this study have implications as it confirms that the public announcement of human resource in charge of ICFR compelled by Korean regulation authorities provide useful information for the economical decision making of accounting information users.

가결산 공시 및 정정이 재량적발생액과 주가수익률의 상관관계에 미치는 영향

양준선(Joon Sun Yang),김기범(Ki Beom Kim) 한국경영학회 2012 經營學硏究 Vol.41 No.1

Listed companies in Korea are required to immediately disclose unaudited preliminary earnings number when they identify the material change in the current year`s sales (or net income) compared to prior year`s sales (or net income) based on Regulation on Disclosure of Listed Companies. Previous research in the area of preliminary earnings announcement suggests that many firms overstate preliminary earnings compared to actual earnings because they are not audited and focuses on market responses to firms` preliminary earnings announcement and their subsequent modification in preliminary earnings. This study extends this line of research by examining whether the announcement of and the modification in preliminary earnings affects market participants` perception on the quality of reported earnings. Specifically, this study tests the association between discretionary accruals and stock return in the situation where firms announce and modify their preliminary earnings, using a sample of listed companies from 2001-2010. Unlike other components of earnings, discretionary accruals are more subjective and reflect a higher degree of managerial judgment, thus they are likely to be affected by management opportunistic behavior. The empirical results show that (1) the association between discretionary accruals and stock return is lower for firms disclosing their preliminary earnings than firms not disclosing their preliminary earnings, (2) the association between discretionary accruals and stock return is lower for firms modifying their preliminary earnings among firms disclosing their preliminary earnings, (3) the association between discretionary accruals and stock return is lower for firms modifying their preliminary earnings in large amount among firms disclosing their preliminary earnings, and (4) the association between discretionary accruals and stock return is not affected by audit quality among firms disclosing their preliminary earnings. Thus, these results indicate that market values discretionary accruals less because of potentially aggressive and opportunistic reporting behavior of discretionary accruals by managers before firms disclose preliminary earnings, and market`s undervaluation on discretionary accruals continues even after they subsequently modify preliminary earnings during the annual audit process. There is no penalty for announcing unaudited preliminary earnings in an overstated amount. It is desirable to improve an institutional device governing a practice of preliminary earnings announcement in order to enhance earnings quality and to restore credibility of earnings number.

이사회 구성원의 교육적 배경과 재무보고의 질

양준선(Joon Sun Yang),김기환(Kee Hwan Kim) 한국경영학회 2013 經營學硏究 Vol.42 No.5

This study investigates the influence of demographic characteristics of the board of directors on financial reporting quality. Among demographic characteristics, we focus on educational background represented by academic majors in law and business. Previous researches show that the demographical characteristics of top management team such as age, gender, experience and educational background affect on financial reporting quality. Especially, researches argue that the educational background are related with risk preference of management. Also accounting and financial experience have positive relation with financial reporting quality. In this study, we use absolute value of discretionary accruals measured by the Performance matched modified Jones Model (Kothari et al 2005) and accrual quality measured by modified Dechow and Dichev model (Francis et al 2005) to proxy financial reporting quality. In addition, we classify educational background based on the highest level of schooling of the directors. We measure educational background of directors as ratio (proportion of the board of directors), numbers (number of directors with each major), and indicator variables (at least one director with each major). The sample is gathered from TS2000 database collected by Korea Listed Companies Association from 2002 to 2010. We find that the proportion, the number and the indicator of directors majoring in law and business are negatively related with the absolute value of discretionary accruals meaning higher financial reporting quality. The result is consistent using modified Dechow and Dichev model. We also analyze the relationship between the educational background of inside and outside directors and the absolute value of discretionary accruals. The results show that the major of inside directors has strong relation with financial reporting quality while there is no significant relation between the major of outside directors and financial reporting quality. This result means that the educational characteristics of inside directors affect on the financial decision more strongly than that of outside directors. In conclusion, the educational background of directors such as their major affects on the financial reporting quality. Especially, the majors of law and business affect positively the financial reporting quality. This paper contributes to the existing literature by investigating the personal characteristics of decision makers affecting on earnings quality while prior research focused on the firm level variables. Our findings also complement prior research in this area by providing new evidence on the role of educational background of board of directors affecting financial reporting quality that has not been investigated. Finally this paper expands the “upper echelons” perspectives into Korean companies that demographic characteristics of top management team affect on the management decision.

공기업의 CSR공시 형태와 공시량이 이익지속성에 미치는 영향

양준선(Yang, Joon-sun),김주연(Kim, Ju-yeon) 한국회계정보학회 2021 회계정보연구 Vol.39 No.4

[연구목적] 본 연구는 공익성과 사회공헌성의 성격이 강한 공기업의 CSR공시가 공기업의 이익지속성에 미치는 영향을 살펴보기 위해, CSR공시 여부 및 CSR공시 형태, CSR공시량(양적수준 및 빈도)에 따라 이익지속성에 미치는 영향을 분석하였다. [연구방법] CSR공시 여부는 CSR정보 공시를 최소한 한 가지 형태 이상의 공시를 하는 경우, CSR공시 형태는 CSR보고서 발간과 CSR게시판 게시물 게재를 이용하였고, CSR공시량은 연간 CSR보고서 페이지 수, 연간 CSR게시판 게시물 게재 빈도 수를 이용하여 당기의 이익과 곱하여 Sloan(1996)의 연구모형을 이용해 CSR공시여부와 CSR공시 형태 및 공시량이 차기 년도의 이익지속성에 미치는 영향을 살펴보았다. [연구결과] 공기업의 CSR공시는 이익지속성에 유의한 양(+)의 영향을 미치는 것으로 나타났으며, 이러한 영향은 CSR공시의 형태에 따라 다르게 나타났는데, CSR보고서 발간 형태의 공시가 공기업의 이익지속성에 유의한 영향을 미치지 못하는 반면, CSR게시판 게시물 게재는 이익지속성에는 유의한 양(+) 영향을 미치는 것으로 나타났다. 또한, CSR보고서 발간 페이지수로 측정한 CSR공시의 양적 수준은 이익지속성에 영향이 미미하였지만, CSR게시판 게시물게재 빈도 수로 측정한 CSR공시의 빈도 수준은 이익지속성에 유의한 양(+)의 효과가 나타났다. [연구의 시사점] 공기업의 CSR공시는 궁극적으로 기업의 이익지속성을 높이며, 이러한 높은 이익지속성은 CSR공시의 형태에 따라 다르게 나타남을 보여준다. 또한, CSR공시 형태에 따라 CSR공시량의 증가가 이익지속성을 높이는데 차별적인 영향을 미치는 것을 알 수 있다. 공기업의 CSR공시 형태에 따라 이익지속성에 차별적인 영향이 나타나는 것은 CSR게시판 게시물 게재 공시의 CSR본연의 강한 공익적이고 사회공헌적 성격에 기인한 것으로 보인다. [Purpose] This study analyzed the impact of CSR disclosure of public enterprises with strong public interest and social contribution on the persistence of public enterprises earnings. [Methodology] Whether CSR is disclosed or not was used when CSR information is disclosed in at least one form. As for the form of CSR disclosure, CSR report publication and CSR bulletin board posting were used. And the CSR disclosure amount was based on the number of CSR report pages per year and the number of CSR bulletin board posts per year. We explore the impact on earnings persistence for the next year using Sloan (1996) s research model by multiplying each CSR-related variables by the current period s profits. [Findings] Studies have shown that CSR disclosures in public enterprises have a significant positive effect on earnings persistence, and these effects vary depending on the form of CSR disclosures. While disclosure in the form of CSR reports does not significantly affect the persistence of earnings, posting CSR bulletin boards showed a significant positive impact on earnings persistence. The quantitative level of CSR disclosures measured by the number of pages published in the CSR report had minimal impact on earnings persistence, but the frequency level of CSR disclosures measured by the number of CSR bulletin posts had a significant positive effect. [Implications] The CSR disclosure of public enterprises ultimately increases the company s profit persistence, and this high profit persistence shows that it differs depending on the form of CSR disclosure. In addition, it can be seen that the increase in CSR disclosure volume has a discriminatory effect on increasing profit sustainability according to the CSR disclosure type. The discriminatory effect on profit sustainability according to the CSR disclosure form of public enterprises seems to be due to the strong nature of CSR s public interest and social contribution in posting CSR bulletin boards.

The Effects of the U.S. SEC Enforcement Actions on the Market Response to Earnings Information

Yang, Joon Sun(양준선) 대한경영학회 2010 大韓經營學會誌 Vol.23 No.1

합병기업의 합병공시 효과와 재무적 특성

양준선(Yang, Joon-Sun),곽재우(Kwak, Jae-Woo) 글로벌경영학회 2014 글로벌경영학회지 Vol.11 No.1

본 연구의 목적은 최근 활발히 진행되고 있는 M&A기업의 합병공시 효과와 재무적 특성과의 관계를 실증적으로 검증하기 위하여 11개년 동안 초과수익률의 발생여부를 검증함과 동시에 재무적 특성과의 관계를 검증하고자 함에 있다. 또한 특히 글로벌 금융위기를 겪은 2008년을 기점으로 그 이전과 이후의 합병공시의 정보효과의 양상이 어떻게 다르게 나타나는지를 추가적으로 살펴보았다. 2000년부터 2010년까지 거래소에 상장된 182개 전체 기업을 대상으로 설정된 가설들에 대한 연구결과는 다음과 같다. 첫째, M&A 기업의 합병공시일 전과 공시일에 통계적으로 유의한 양(+)의 평균초과수익률과 누적평균초과수익률이 나타나고 있는 것으로 분석되었다. 둘째, M&A 기업의 합병 전 부채비율은 누적평균초과수익률과 양(+)의 관련성을 갖는 것으로 나타났다. 이러한 결과는 증권시장 참여자들이 합병을 통한 재무구조의 개선은 차입능력의 증대효과를 가져올 것이라는 긍정적 기대의 반영 으로 해석될 수 있을 것이다. 셋째, M&A 기업의 합병 전 자기자본순이익률은 누적평균초과수익 률과 통계적으로 1%에서 유의한 음(-)의 관련성을 갖는 것으로 나타났다. 넷째, M&A 기업의 합병 전 영업현금흐름과 누적평균초과수익률은 10% 유의수준에서 통계적으로 유의한 음(-)의 관계를 갖는 것으로 나타났다. 다섯째, M&A 기업의 합병 전 시가장부가비율은 통계적으로 1%에서 유의한 양(+)의 관련성을 갖는 것으로 나타났다. 또한 금융위기 전·후 합병 공시에 대한 시장반응 추가분석에서는 금융위기 전인 2000년부터 2008년까지의 누적평균초과수익률의 추이는 전체 표본 기간 인 2000년부터 2010년까지의 결과와 거의 유사한 결과 값 및 그래표 추이를 보이고 있으 나, 금융위기 후 기간인 2009년부터 2010년까지의 결과 값 및 그래프 추이는 전체 표본 기간 값과는 상이한 결과를 보이고 있다. The purpose of this study is to analyze whether positive CAR was occurred or not before and after M&A public announcement from 2000 year to 2010 year and to verify the difference of M&A effects in accordance with company financial characteristics which affect to continuance and growth of company. In addition to this, the secondary purpose of this study is to compare the difference of M&A effect on pre and post global financial crisis. In relation to this study, first of all, for the verification of hypothesis about effect of M&A public announcement, we have verified the CAR from before 3 days till after 3 days of public announcement day (Total 7 days). Next, we have multi regression analysis which set CAR as subordinate variable and set DEBT, ROE, CFO, MTB as autonomous variables to verify the difference of M&A effect by company financial characteristics and for this study, we have a verification of hypothesis from 2000 year to 2010 year and selected the 185 companies sample which were issued the stocks in stocks market of Korea. The summaries of results are as follows. First, there are statistically significant positive ARR and CAR before 1 day of M&A public announcement and M&A public announcement day and the stockholders of M&A companies have acquired the 0.96% AR before 1 day of M&A public announcement and 1.13% AR at M&A public announcement day. Second, DEBT of M&A companies before M&A has a positive relation with CAR and this result can be considered that investor of stocks market will have an affirmative anticipation that improvement of financial structure by M&A lead to increase effect of borrowing capacity. Third, ROE of M&A companies before M&A has a negative relation with CAR in 1% significant level. Forth, CFO of M&A companies before M&A has a negative relation with CAR in 10% significant level and this result can be considered that the purpose of company M&A is create new value and increasing of new cash flow according to synergy effect theory. Fifth, MTB of M&A companies before M&A has a positive relation with CAR in 1% significant level. Finally, The result and graph changes have shown different result in post global financial crisis from 2009 to 2010, otherwise additional analysis for market response regarding M&A announcement of pre and post global financial crisis has shown similar result and graph changes for CAR during pre global financial crisis from 2000 to 2008.

연구논문 : 내부통제의 품질이 경영자 예측정보 및 재무분석가 예측정보에 미치는 영향에 관한 연구

양준선 ( Joon Sun Yang ),여영준 ( Young Jun Yeo ) 한국회계학회 2013 회계저널 Vol.22 No.5

본 연구는 내부통제의 품질이 경영자 예측정보 및 재무분석가 예측정보에 미치는 영향에 대하여 살펴보았다. 이를 위해 먼저 경영자 예측정보의 공시 의사결정에 내부회계관리제도의 품질이 영향을 미치고 있는지를 살펴보았고, 또한 기업내부의 통제시스템의 품질에 의해 기업외부의 재무분석가 예측정보의 정확성이 영향을 받고 있는지를 살펴보았다. 실증분석을 위해 2005년부터 2010년까지 한국증권거래소에 상장된 기업을 대상으로 분석하였으며, 실증분석 결과는 다음과 같다. 첫째, 내부회계관리제도의 중대한 취약점(material weakness)이 존재하는 기업일수록 경영자 예측정보를 공시하지 않는 것으로 나타났다. 이는 곧 내부회계관리제도의 품질과 경영자 예측정보의 공시 여부 간에 정(+)의 관련성이 존재하며, 경영자 예측정보의 자발적인 공시 의사결정이 내부통제제도의 효과성에 의해 영향을 받음을 의미한다. 둘째, 내부회계관리제도의 중대한 취약점(material weakness)이 존재하는 기업일수록, 이들 기업에 대한 재무분석가의 이익예측이 정확하지 않은 것으로 나타났다. 이는 곧 내부회계관리제도의 품질과 재무분석가 예측정보의 정확성 간에 정(+)의 관련성이 존재하며, 내부통제가 효과적으로 운영되지 않는 기업일수록 외부의 합리적인 투자자를 대표하는 재무분석가들에게 더 큰 예측오차를 발생시킴을 의미한다. This study examines the effect of internal control quality on management forecasts and analysts` forecasts. For empirical testing, investigation on the effect of internal control over financial reporting (ICFR)`s quality on management forecasts is conducted, while further examination investigates the effect of internal control system`s quality on the accuracy of analysts` forecasts. The sample of this study is selected from listed firms on KRX from year 2005 to year 2010. The empirical results are as follows. First, the firms with the material weakness in ICFR are less likely to make a voluntary public announcement of management forecasts. In other words, there is a positive relationship between quality of ICFR and the public announcement on management forecasts. This result implies that a decision in making voluntary announcement is influenced by the effectiveness of the internal control system. Second, analysts` forecasts are likely to be inaccurate for the firms with the material weakness in ICFR.