발생액의 측정오차와 반전속도의 차이가 이익지속성에 미치는 영향 = The Impacts of Measurement Error and Variance in Reversal Quickness of Accruals on Earnings Persistence

다국어 초록 (Multilingual Abstract)

We compare the persistence of non-current component of accruals, measured by the increase in non-current portion of net operating assets, with current component of accruals, measured by the increase in current portion of net operating assets. Because the measurement error in current component of accruals is more quickly reversed than that of non-current component of accruals, we predict that persistence of current component of accruals is higher than that of non-current component of accruals.
According to the result, in accordance with our expectation, we could be assured that there exists significant difference in persistence of two components of accruals. This result is correspond with inference that accruals' relatively low persistence is due to measurement error in accruals. Also we investigated whether the investors reasonably appreciate the implication of accruals' lower persistence in stock price. According to results, the investors failed to reasonably appreciate the implication of accruals' lower persistence in stock price. This results implicate that to recognize accruals of relatively low reliability as component of financial statements will be costly.

국문 초록 (Abstract)

본 연구에서는 발생액을 대차대조표의 순자산 변동액으로 측정할 때, 유동항목의 변동액(유동발생액)과 비유동항목의 변동액(비유동발생액)간에 지속성의 차이가 있는지 비교한다. 유동발생액에 포함된 측정오차는 비유동발생액의 그것보다 반전속도가 빠르기 때문에 유동발생액은 비유동발생액 보다 지속성이 높을 것이다. 이러한 예상대로 유동발생액과 비유동발생액 간에는 지속성의 차이가 있는 것으로 확인되었다. 이러한 결과는 발생액의 낮은 지속성이 발생액에 내재한 측정오차 때문일 것이라는 추론에 부합한다. 추가적으로 투자자는 저하된 이익지속성을 주가에 완전하게 반영하지 못하고 주가를 왜곡 평가한다는 점을 확인할 수 있었다. 이러한 결과는 신뢰성이 낮은 발생액 정보를 재무제표에 인식하게 되면 심각한 정보비용이 발생하게 될 것이란 점을 시사한다.

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