이자보상비율과 실제 영업활동을 통한 이익조정 = Interest Coverage Ratio and Real Earnings Management

다국어 초록 (Multilingual Abstract)

This paper investigates whether the Interest Coverage Ratio which is a basic standard in identifying potentially insolvent enterprises on the stock market has an relationship with firms' Real Earnings Management using the non-finance firms listed on the Korea Stock Exchange over the 2004-2010 period.
The results are summarized below. we test whether the Interest Coverage Ratio has an effect on the Real Earnings Management. The result of hypothesis1 shows that the Interest Coverage Ratio which is more than 1 in this year though less than 1 in last year(firms suspected of earning management) is positively associated with the Real Earnings Management significantly.
This study has some contributions as follows. First, this study made an empirical examination about the effect of Interest Coverage Ratio on Real Earnings Management, which has been overlooked in prior studies. Second, this study presented the authorities and regulatory financial institutions with the need of paying attention to the firms that try to increase their Interest Coverage Ratio by using Real Earnings Management.

참고문헌 (Reference)

1 양동재, "적자기업에서 부채비율이 이익조정에 미치는 영향" 한국산업경영학회 24 (24): 81-106, 2009

2 김지홍, "적자 회피 및 이익 평준화를 위한 실제 이익조정 활동" 한국회계학회 17 (17): 31-63, 2008

3 심호석, "임계이익 달성비율과 이익조정 : 분기 대 연차" 한국회계정보학회 29 (29): 229-248, 2011

4 이강일, "이자보상비율과 재량발생" 12 : 39-53, 2005

5 김지홍, "외환위기 이후의 부채비율감소와이익조정행위에 관한 연구" 한국회계학회 15 (15): 119-144, 2006

6 김성혜, "외국인투자자의 특성과 실제이익조정- 외국인대주주의 역할을 중심으로" 한국회계학회 37 (37): 129-165, 2012

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

8 김진배, "실제 영업활동을 통한 이익조정과 시장반응" 한국경영학회 38 (38): 1185-1211, 2009

9 전홍민, "실물적 이익조정이 자기자본비용에 미치는 영향－한국기업을 중심으로－" 한국세무학회 13 (13): 99-130, 2012

10 박정호, "비정상 감사보수가 실제 이익조정에 미치는 영향" 한국세무학회 13 (13): 83-112, 2012

11 최성규, "부채비율과 경영자의 이익조절" 한국회계학회 30 (30): 113-146, 2005

12 박한순, "부동산처분이익을 이용한 이익조절" 한국회계학회 26 (26): 87-104, 2001

13 박종일, "발생액 및 실제 이익조정이 기업신용등급에 미치는 효과－상장과 비상장기업을 중심으로－" 한국세무학회 13 (13): 65-98, 2012

14 김유찬, "기업지배구조가 실물활동에 기반을 둔 이익조정에 미치는 효과" 한국경영학회 40 (40): 1-28, 2011

15 최효순, "기업의 이익조정 유인에 대한 부채계약가설 재검증" 한국회계학회 33 (33): 69-96, 2008

16 김준경, "글로벌 금융위기와 한국 기업부문의 구조조정 방향" (458) : 1-75, 2011

17 Beatty, A., "The Effects of Debt Contracting Voluntary Accounting Method Changes" 78 (78): 119-142, 2003

18 Dhaliwal, D., "The Effect of the Firm’s Capital Structure on the Choice of Accounting Methods" 55 : 78-84, 1980

19 Graham, J. R., "The Economic Implications of Corporate Financial Reporting" 40 : 3-73, 2005

20 Cohen, D. A., "Real and Accrual Based Earnings Management in the Pre － and Post－Sarbanes－Oxley Periods" 83 (83): 757-787, 2008

21 Watts R., "Positive Accounting Theory" Prentice Hall 1986

22 Zang, A. Y., "Evidence on the tradeoff between real manipulation and accrual manipulation" Duke University 2007

23 Healy, P., "Effectiveness of Accounting－Based Dividend Covenants" 12 : 97-124, 1990

24 Degeorge, F., "Earnings management to Exceed thresholds" 72 (72): 1-33, 1999

25 Roychowdhury, S., "Earnings management through real activities manipulation" 42 (42): 335-370, 2006

26 Burgstahler, D., "Earnings Management to avoid earnings decreases and losses" 24 : 99-126, 1997

27 DeFond, M. L., "Debt Covenant Violation and Manipulation of Accruals" 17 (17): 145-176, 1994

28 Ghosh and Moon, "Corporate Detb Financing and Earnings Quality" 37 : 538-559, 2010

29 Cohen, D. A., "Accrual－Based and Real Earnings Management Activitiesaround Seasoned Equity Offerings" 50 : 2-19, 2010

30 Press, E. G., "Accounting－Based Constraints in Public and Private Debt Agreements" 12 : 65-95, 1990

31 Healy, P., "A Review of the Earnings Management Literature and its Implications for Standard Setting" 12 : 365-383, 1999

32 손성규, "(자본시장에서의) 회계정보 유용성" 신영사 2010