비상장기업에서 실제 이익조정이 타인자본비용과 미래 경영성과에 미치는 영향|RISS 상세보기

다국어 초록 (Multilingual Abstract)

The purpose of this paper is to investigate the effect of real earnings managements (hereafter, REM) on cost of debt and future performance measured as earnings and cash flows from operations in non-listed companies. In addition, this paper examines a relative effect of REM and AEM (accruals-based earnings managements) on cost of debt and future performance, collectively. Earnings management can be classified into two categories: accruals-based earnings management and real activity manipulation. AEM involves within-GAAP accounting choices that try to obscure or mask true economic performance. Schipper (1989) defines AEM as purposeful intervention in the external financial reporting process, with a view to obtaining private gain for stockholders or managers. REM is defined as management actions that deviate from normal business practices, undertaken with the primary objective of meeting certain earnings thresholds (Roychowdhury 2006, 336). REM occurs when managers undertake actions that change the timing or structuring of an operation, investment, and/or financing transaction in an effort to influence the output of the accounting system. Specifically, these abnormal real activities distort not only the fundamentals of the business but also the quality of reported earnings, and thus increase information asymmetries between managers and outside investors with respect to a firm`s true earnings performance. This increases information risk, and creates an adverse selection problem, on the part of outside investors. Rational debt-holders therefore demand a premium for bearing this REM-related information risk, which in turn leads us to observe a positive relation between the intensity of REM and the cost of debt. Given the scarcity of evidence on the above issue, we are motivated to test whether REM is an additional factor which increases information risk, and thus the association between the intensity of REM and the cost of equity is positive, even after controlling for the cost of debt effect of AEM and other firm-specific risk factors including size, debt ratio, and growth ratio. Meanwhile, prior research provides limited evidence that REM has a negative impact on subsequent operating performance (Gunny 2005; Xu 2007; Leggett et al. 2009; Gunny 2010). Ewert and Wagenhofer (2005) argue that REM is costly and directly reduces firm value. Cohen et al. (2008) state REM is likely to be more costly to shareholders than AEM. The Graham et al. (2005) indicates managers think all companies should use REM to manage earnings as long as the real sacrifices are not too large. We examine whether the value implications are different depending on the type of earnings management employed REM and AEM. Further, we examine the extent to which REM and AEM affects subsequent operating performance. We expect that all else being equal, REM and AEM negatively affect future operating performance. In particular, a negative impact is greater for REM activities than for AEM activities. To do this, we measure REM using Roychowdhury (2006)`s method, three type of real earnings management are considered : unusually large sales discounts to boost earnings temporarily; overproduction in order to lower the cost of goods sold; and abnormal cuts in discretionary expenses (including advertising expenses and selling, general and administrative expenses) to boost earnings, and AEM using ROA performance-adjusted discretionary accruals following Kothari et al. (2005)`s method. For a dependent variable, cost of debt is estimated as a average value from three variables of borrowing yield spread. The borrowing yield spread is calculated as deducting a 3-year treasury bond from loan interest rate. Observations of this paper are 40,216 firm-years in non-listed companies which are not listed in Korea security market from 2004 to 2009. Findings of this paper are following. First, this paper finds a positive relationship between a abnormal cash flows from operations,

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참고문헌 (Reference)

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2 김지홍, "실제 이익조정이 장기 경영성과에 미치는 영향" 한국회계학회 34 (34): 31-70, 2009

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9 Gunny,K, "The relation between earnings management using real activities manipulation and future performance: Evidence from meeting earnings benchmark" 27 (27): 855-888, 2010

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