전부원가계산과 경영자의 재고관리 유인에 대한 시장평가 = The Market Assessment to Full Costing and Managerial Discretion on Inventory

국문 초록 (Abstract)

본 연구는 전부원가계산시스템 하에서 과대 생산을 통해 재고에 행사된 경영자 재량에 기회주의적 이익조절 유인이 지배적이라는 명제를 실증하는데 필요한 가설과 이와 일관된 실증 증거를 제시한다. 경영자가 이익조절 수단으로 정상 영업활동을 벗어나 과대 생산을 통해 재고에 행사하는 재량은 실질적인 경영 부담을 야기하여 기업가치 감소를 초래하며 외부주주의 이해와 상충된다.
본 연구에서 재고에 행사된 경영자 재량은 정상 영업활동을 통제한 비정상재고(abnormal inventory)로 대리되고 재고와 매출의 선형관계를 가정하여 제시한 비정상재고 모형(abnormal inventory model)을 통해 측정된다. 가설 검증은 최성규(1994)의 이익-주가반응 모형의 틀에 기초하여 비정상재고 투자의 기회비용과 더불어 규모, 산업 및 연도 효과를 통제한 비정상재고의 시장반응계수를 통해 검증한다.
본 연구결과를 요약하면, 비정상재고와 시장반응계수 간에 일관된 유의한 부(-)의 관계를 보이면서 시장이 비정상재고에 대해 부정적으로 인지하는 것으로 나타났다. 이는 재고에 행사된 경영자 재량에 기회주의적 이익조절 유인이 지배적임을 보여주는 실증 결과이다. 이상의 연구결과는 지난 20세기 중반 이래 전부원가시스템 하에서 경영자의 과도한 생산량 증가로 회계이익이 높이 계상되어 경영성과가 왜곡될 가능성에 대한 회계학자들의 오랜 염려를 실증적으로 지지한다.

다국어 초록 (Multilingual Abstract)

This paper investigates and tests a hypothesis concerning the proposition that manager’s opportunistic incentive is dominant in managerial discretion on inventory under full costing. Overproduction is a costly means of earnings management that incurs real operating activity burden and the decrease of firm value, which conflicts with the stockholders’ benefits.
In this study, Abnormal inventory is a proxy for Managerial discretion on inventory, which is measured by an abnormal inventory model based on the linear relation of inventory and sales. Whether abnormal inventory increased from managerial discretion is opportunistic can be inferred by market assessment. The analysis for market assessment is based on the framework of the earning-price response model by Choi(1994) and controls variables of opportunity cost of abnormal inventory investment as well as the effect of size, industry and years.
In the results, the market response coefficient on abnormal inventory is significantly negative, which is consistent with the hypothesis. The results imply that with the managerial discretion on inventory through overproduction, opportunistic incentive is dominant. This study provides empirical evidence about the controversial accounting issue of the defect of full costing from the middle of twentieth century until now.

목차 (Table of Contents)

• 국문초록
• Abstract
• Ⅰ. 서론
• Ⅱ. 이론적 배경 및 선행연구
• Ⅲ. 연구설계
• Ⅳ. 실증분석 결과
• Ⅴ. 요약 및 결론
• 참고문헌

참고문헌 (Reference)

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