EVA와 MVA의 차이 및 이익조정의 관계에 관한 연구

홍수희 ( Su Hee Hong ) 한국세무회계학회 2009 세무회계연구 Vol.24 No.-

환경관련 기업의 재무비율과 경영성과에 대한 연구

홍수희(Hong Su hee) 글로벌경영학회 2017 글로벌경영학회지 Vol.14 No.5

본 연구는 환경관련기업의 재무비율과 경영성과와의 관계를 살펴보기위하여, KRX Eco Leaders 100 지수에 속하는 기업을 환경관련기업으로 선정하였고, 이러한 기업과 규모가 유사한 기업들을 비교하기 위하여 KOSPI 200 지수중 KRX Eco Leaders 100에 포함되지 않은 기업들을 일반기업군으로 구분하여 비교분석해보고자 하였다. 연구 결과, 환경관련기업과 일반기업과의 재무비율에 차이가 있을 것이라는 가설은 다섯 가지 재무비율 중 유동성비율과 활동성비율 그리고 부채비율영역에서만 두 기업군간에 유의적인 차이가 있는 것으로 나타났다. 또, 주식수익률과 주당순이익으로 살펴본 경영성과의 경우는 주식수익률과 주당순이익의 경우 모두 일반기업이 환경관련기업에 비해 유의적으로 더 높은 것으로 나타났다. 마지막으로 환경관련기업의 주식수익률에는 수익성비율만이 1%수준에서 유의적인 양(+)의 영향을 미쳤으며, 주당순이익의 경우는 수익성비율과 부채비율이 1%수준에서 유의적인 영향을 미치는 것으로 나타났다. 본 연구는 환경관련기업에 대한 재무비율과 경영성과간의 관련성을 일반기업과 비교하여 살펴보았다는데 의미가 있다. 앞으로도, 이와 같은 연구들이 지속적으로 수행된다면, 환경관련기업에 대한 외부의 평가와 그에 대한 기업의 장·단기 전략수립 등에 도움을 줄 수 있을 것이다. This study selected companies that come under KRX Eco Leaders 100 Index as the environment-related companies. To compare these companies with those with a similar size, this study divided companies not included in KRX Eco Leaders 100 of KOSPI 200 Index into a group of general companies and would conduct a comparative analysis of their financial ratio and business performance. As a result of the study, in a verification of a hypothesis that there would be a difference in the financial ratio between the environment-related companies and general companies, it turned out that there were differences among liquidity ratio, activity ratio and debt ratio out of five financial ratios. In addition, for investors’ reaction to the general companies, stock market returns were higher than the environment-related companies, and earnings per share(EPS) were also significantly higher in the general companies. Lastly, on the stock market returns of the environment-related companies, only profitability ratio had significant positive (+) impacts at a level of 1%, while on their earnings per share(EPS), profitability ratio and debt ratio had significant impacts at a level of 1%. This study has a significance that it investigated the correlation of the financial ratio of the environment-related companies with various business performances. In the future, conducting such studies consistently will be helpful for an outside evaluation of the environment-related companies and the establishment of long- and short-term strategies for those companies.

소유구조에 따른 이사회 의결권행사와 경영과실배분이 조세회피에 미치는 영향

홍수희(Hong, Su Hee),송동섭(Song, Dong Seob) 한국국제회계학회 2014 국제회계연구 Vol.0 No.56

본 연구는 2008년부터 2012년까지 우리나라 유가증권 상장기업들을 대상으로 이사회 및 경영과실 배분 그리고 기업의 소유구조가 경영자의 조세회피에 어떠한 영향을 주었는지 살펴보고자 하였다. 분석결과, 이사회수준과 경영과실배분수준이 조세회피에 미치는 영향을 살펴본 <가설 1>에서 이사회수준은 조세회피에 양(+)의 유의적인 영향을 미쳤으며, 경영과실배분수준은 조세회피에 음(-)의 유의적인 영향을 미쳤다. 또한 최대주주 및 특수관계자의 비율이 높은 기업일수록 조세회피에 음(-)의 유의적인 영향을 미치는 것으로 나타났다. 이는 경영과실배분수준과 최대주주 및 특수 관계자의 비율이 높을수록 기업의 조세회피성향이 감소하는 것으로 해석된다. <가설 2>에서는 이사회수준이 높은 기업의 조세회피성향이 오히려 증가하는 것으로 나타난 <가설 1>의 결과에 대한 원인이 지금까지 이사회가 주주의 목소리를 내는 적극적인 역할을 수행하는 것이 아니라 소극적인 역할만 수행해 온 것으로 인한 것인지 살펴보고자 하였다. 이를 위해, 이사회 의결권을 일반 소액주주보다 적극적으로 행사하고, 더욱이 공적기관으로서 역할을 수행하고 있는 국민연금의 지분소유기업들을 대상으로 국민연금이 사회책임투자원칙을 정한 2009년 12월을 전․후로 조세회피에 미치는 영향에 차이가 있는지 살펴보았다. 그 결과, 적극적으로 의결권을 행사했던 기간인 2010년 이후에 조세회피행위가 줄어든 것으로 나타났다. 이러한 연구는 이사회의 의결권강화가 경영자의 조세회피유인이 될 수 있는지를 실증분석을 통해 살펴봄으로써 이사회의결권, 기업지배구조, 조세회피 등의 향후 연구에 도움을 줄 수 있을 것이며 향후 의결권제도에 대한 시사점을 제공할 수 있을 것이다. This study attempted to examine the effects of the board of directors, the distribution of business profits and the corporate ownership structures with Korean enterprises listed in the stock market on tax avoidance by the management from 2008 through 2012. As a result of the analysis, in Hypothesis 1 that examined the level of the board of directors and the level of the distribution of business profits on tax avoidance, the exercise of the voting rights of the board of directors had a significant positive (+) impact on tax avoidance, while the level of the distribution of business profits had a significant negative (-) impact on that. In addition, a higher proportion of largest shareholders and affiliated persons in an enterprise turned out to have a more significant negative (-) impact on tax avoidance. This is interpreted that the higher the level of the distribution of business profits and the proportion of largest shareholders and affiliated persons, the less the enterprise"s tendency of tax avoidance becomes. Hypothesis 2 attempted to see whether the passive roles not active roles of speaking with shareholders" voice played by the board of directors till now caused the result of Hypothesis 1 that a higher level of the exercise of the voting rights of the board of directors would not reduce tax avoidance. For this purpose, this study looked into the difference in tax avoidance before and after December 2009 when the National Pension decided the principles of social responsibility investment with enterprises that have shares of the National Pension, which have exercised the voting rights of the board of directors more actively than small-scale shareholders have, and also which have served as public institutions. As a result, since 2010 when voting rights were actively exercised, it turned out that the tax avoidance behaviors have decreased. This study would be helpful for the future study on the voting rights of the board of directors, corporate governance and tax avoidance by investigating whether the reinforcement of the board of directors could be a cause of the tax avoidance of the management through an empirical analysis and could provide with implications for voting right systems of the future.

기업지배구조가 이익조정에 미치는 영향에 관한 실증연구

홍수희(Su Hee Hong),김명서(Myong Seo Kim) 한국경영학회 2010 한국경영학회 통합학술발표논문집 Vol.2010 No.08

우리나라 환경관련 지수의 성과 비교 : KRX SRI Eco 와 KRX Green을 중심으로

홍수희(Hong, Su-hee) 글로벌경영학회 2016 글로벌경영학회 학술대회 발표논문집 Vol.2016 No.1

우리나라 자본시장에서 환경관련지수인 KRX SRI Eco지수와 KRX Green 지수의 재무성과를 시장의 평균성과라고 할 수 있는 KOSPI 200 지수와 비교해보자 하였다. 연구결과는 첫째, 세 가지 지수의 성과측정지표간에는 유의적인 차이가 없었고, 따라서, 환경관련지수의 성과가 시장의 평균적인 성과에 비하여 높다는 본 연구의 가설은 기각되었다. 둘째, 환경관련지수중 KRX SRI Eco 지수는 2011년부터 2014년인 연구전체기간동안은 시장의 평균성과인 KOSPI 200 지수보다 높은 것으로 나타났으며 연도별로 살펴보았을 때는, 시장의 평균성과와 유사한 것으로 나타났다. 셋째, 환경관련지수중 KRX Green 지수의 재무성과는 시장의 평균적인 재무성과보다 현저히 낮은 것으로 나타나, 가설을 기각할 수 밖에 없었다. 이는, 우리나라에서 기업의 환경관련책임에 대한 관심이 점점 더 증가하게 되는 상황이긴 하지만 아직까지 이러한 기업들이 아직까지는 투자자들 로부터 더 좋은 평가를 받고 있지는 못하고 있음을 반증한다고 할 수 있다. 하지만, CSR의 중요 성을 상기해볼 때, 장기적인 관점에서 이러한 기업들은 분명 기업의 비재무적 성과 및 기업의 가치를 높이게 될 것이고, 지금 초창기임을 고려할 때, 앞으로의 성과는 지켜보아야 할 것이다. This study intends to compare the financial performance of the KRX SRI Eco and KRX Green, the environment-related indices in Korea, with that of the KOSPI 200, the market index. The results of the study may be summed up as follows: First, there were no significant differences among the financial performances of the three indices. This finding has induced the author to dismiss the hypothesis proposing that the environment-related indices have financial performance higher than the market average. Second, among the environment-related indices, the KRX SRI Eco had performance higher than the market-average KOSPI 200 for the study term 2011 to 2014. Meanwhile, in each year, they showed performances similar to the market average. Third, among the environment-related indices, the KRX Green showed financial performances remarkably lower than the market average. This finding was detrimental so that the author had to give up the hypothesis. This result may reflect the reality in Korea that despite the growing interest in the corporate responsibility in environmental affairs, those environment-conscious companies are not actually drawing positive evaluation from the investors. Nevertheless, in light of the significance of corporate social responsibility (CSR), those companies embracing CSR are expected to upgrade their non-financial performance and company value in a long term. As much as CSR has been introduced to Korea only recently, its relationship with the corporate performance may have a turning point in the future.

기업지배구조와 소유구조 및 조세회피의 관련성

홍수희(Su-Hee Hong),곽영암(Young-Arm Kwak) 한국무역연구원 2014 무역연구 Vol.10 No.4

This study attempted to examine the relationship among corporate governance, ownership structure and tax avoidance with Korean enterprises listed in the stock market on tax avoidance by the management from 2008 through 2012. Results showed that corporate governance had a significant positive (+) impact on tax avoidance. In addition, a higher proportion of largest shareholders and affiliated persons in an enterprise turned out to have a more significant negative (-) impact on tax avoidance. This is interpreted to mean the higher the proportion of largest shareholders and affiliated persons, the enterprise s tendency toward tax avoidance is less. When the detailed level of corporate governance on tax avoidance-based on ownership structure was examined, it was seen that the level of board of directors had solely a significant positive (+) impact on tax avoidance and a higher proportion of largest shareholders and affiliated persons in an enterprise had a more significant negative (-) impact on tax avoidance. Future researchers conducting studies on corporate governance, tax avoidance and ownership structure through empirical analysis may find useful insights from this study which has implications for corporate governance systems.

연구논문(硏究論文) : CG-Index와 이익조정의 관련성에 관한 연구 -CSV와 EVA간의 차이를 중심으로-

홍수희 ( Su Hee Hong ),김명서 ( Myong Seo Kim ) 한국세무회계학회 2011 세무회계연구 Vol.0 No.28

본 연구는 이익조정과 기업지배구조메커니즘이 시장가치와 장부가치간의 차이에 영향을 미치는지를 살펴보고자 하였다. 이러한 연구를 위해 첫 번째로 기존의 선행연구에서 이익조정의 대용변수로 많이 사용해왔던 재량적 발생액과 기업의 가치관련성에 대한 대용변수로 CSV와 EVA간의 차이와의 관계를 살펴보았다. 두 번째로, 기업지배구조메커니즘으로 (사)한국기업지배구조센터에서 제공하는 기업지배구조지수(CG-Index ; Corporate Governance Index)와 이러한 변수들간의 관련성에 대하여 실증분석하였다. 실증분석 결과, 기업의 이익조정에 대한 대용변수인 재량적 발생액은 기업의 가치관련성을 나타내는 대용변수인 시장가치와 장부가치간의 차이와 유의적인 양의 관련성이 있는 것으로 나타났다. 또한 이러한 변수들을 각각 종속변수로 사용하고 CG-Index를 독립변수로 하여 기업지배구조가 이익조정과 각 개별기업의 가치관련성에도 영향을 미치는지 실증분석하였다. 분석결과에 따르면, 첫째, 이익조정행위는 기업의 장부가치와 시장가치간의 차이를 크게하는 것으로 나타났으며, 둘째, 기업지배구조의 세부항목중 이사회와 경영과실배분에 대한 평가점수가 1%내에서 유의적으로 이익조정에 영향을 미치는 것으로 나타났고, 셋째, 공시와 경영과실배분에 대한 평가점수가 1%내에서 유의적으로 기업의 가치관련성 정도에 영향을 미치는 것으로 나타났다. The main interest in this study is to test whether earnings management and corporate governance mechanisms may help bridge the gap between accounting values, approximated by economic value added(EVA) and market values, approximated by created shareholder value(CSV). It is studied empirically using GG-Index conducted by the Korea Corporate Governance Service(CGS) and discretionary accruals as a proxy of earnings management. CG -Index consist of five items(Protection of shareholder interests, Board of directors, Disclosure, Auditing body, Disclosure of corporate, Distribution of the proceeds of operation). The analysis results are as follows. First, a positive correlation is identified between the difference(CSV-EVA) and discretionary accruals, proxy of earnings management. Secondly, among five items, Board of directors item and Distribution of the proceeds of operation item show significant relationship with earnings management. Thirdly, it is found that Disclosure item and Distribution of the proceeds of operation show significant relationship with the gap between market values(CSV) and accounting values(EVA).

경영환경 변화에 따른 호텔 식음료부서의 경영전략과 경영성과에 관한 연구

오흥진(Oh, Heung-Jin),홍수희(Hong, Su-Hee) 한국호텔외식관광경영학회 2015 한국호텔외식경영학회 학술발표논문집 Vol.- No.-

This study aims to find out the business strategy-business performance correlation employees perceive by the business environment changed in terms of internal marketing. When analyzing the effect of change factors of business environment on the business strategy of hotel F&B department, this study found out that employees’ perception of changes in the internal business environment of hotel F&B department had no effect on any of the business strategies. However, it was found that their perception of changes in the external business environment had effect on the aggressive, differentiation and defensive strategies of F&B department. Besides, all the business strategies were found to have significant effect on both the financial performance and the non-financial performance. Particularly, the differentiation strategy and the defensive strategy had significantly negative (-) effect on the financial performance and the non-financial performance respectively, but all the other strategies were found to have significantly positive (+) effect on both the financial performance and the non-financial performance. This finding shows that selective business strategies affect changes in the business environment, and all the business performances through selective business strategies can bring about substantially significant outcomes. Since F&B business of hotels have both direct and indirect effect on the change of business environment, it should react to customers’ needs by maximizing the efficiency of business strategies. One of the effect factors of business performance is improving the competences of employees and managers who directly contact customers at the touch-point. This study has a differentiated significance as having measured the business strategy and business performance employees perceived by the business environment changed. Based on the results above, this study can suggest implications for executive officers to establish decision-making directions and countermeasures by the business environment changed.

사이버시스템을 이용한 회계감사 -사립대학(교)을 중심으로-

송동섭 ( Dong Seob Song ),홍수희 ( Su Hee Hong ) 한국세무회계학회 2005 세무회계연구 Vol.16 No.-

기업지배구조와 장부가치 그리고 시장가치간의 관계에 관한 실증 연구

김명서(Kim Myong-Seo),홍수희(Hong, Su-hee) 한국국제회계학회 2012 국제회계연구 Vol.0 No.41

This study examines whether Corporate Governance mechanisms can affect book value approximated by Economic Value Added(EVA), market value approximated by Market Value Added(MVA) and their value relevance. For this study, we divide Corporate Governance into the internal and external mechanisms. The external mechanisms of corporate governance are composed of distribution of the proceeds of operation and disclosure and the internal mechanisms are composed of board of directors, audit body and protection of shareholder interests. The major findings of the study are as follows. First, the index related with internal mechanism is positively associated with EVA. In particular, the board of directors and audit body have positive impacts on EVA. Second, the index related with external mechanism is related to EVA and Disclosure among external mechanisms is positively affected to EVA. In addition, we found it existed the differences of value relevance among corporations depending on the level of external mechanism. According to the results of this study, companies could control the discretionary decision making and improve accounting transparency and reliability as well as accounting adjustments. Also, by enhancing external mechanisms as disclosure level and distribution of the proceeds of operations, firms will be able to positive assessments in the market.