한국융합학회논문지 (Journal of the Korea Convergence Society)

  • 제10권12호
  • /
  • Pages.299-305
  • /
  • 2019
  • /
  • 2233-4890(pISSN)
  • /
  • 2713-6353(eISSN)
한국융합학회 (Korea Convergence Society)
권호 표지
DOI QR코드

DOI QR Code

글로벌 금융위기 이후 기업의 부채비율이 이익조정에 미치는 영향 - 한·일 비교연구 -

Impact of Debt ratio on Earnings Management after Global Financial Crisis - Comparative Study of Korea and Japan -

  • 노길관 (부산대학교 경영연구원)
  • Noh, Gil-Kwan (Management Research Institute, Pusan National University)
  • 투고 : 2019.11.05
  • 심사 : 2019.12.20
  • 발행 : 2019.12.28
PDF 다운로드
⟨ 이전 논문 다음 논문 ⟩

초록

본 연구의 목적은 글로벌 금융위기 이후 한국, 일본 제조기업의 부채비율이 발생액 및 실제 이익조정과 어떠한 관계인지 분석하는 것이다. 이를 위하여 2008년부터 2015년까지의 기간의 한국과 일본 제조기업을 대상으로 회귀분석을 수행하였다. 연구결과 한국기업은 부채비율이 높을(낮을)수록 재량적 발생액과 영업현금흐름을 이용한 상향(하향)의 이익조정을 수행한 것으로 나타났다. 이와 대조적으로 일본기업에서는 부채비율이 높을(낮을)수록 발생액이 아닌 실제 활동(영업현금흐름, 제조원가, 재량적 비용)을 통하여 상향(하향)의 이익조정을 수행하는 것으로 나타났다. 본 연구는 수출규제 등의 문제로 한일관계가 경색된 현시점에서 각 국의 기업표본을 사용하여 경영자가 어떠한 의사결정을 수행하여 이익조정을 수행하는지를 확인함으로써 한일 기업의 의사결정에 대한 학술적 근거를 마련하였다는 점에 있어서 그 의의가 있다.

This study analyzed the relationship between the debt ratios of Korean and Japanese manufacturing firms with accruals and actual earnings managements after the global financial crisis. This study was conducted on Korean and Japanese firms from 2008 to 2015. As a result, the Korean firms, the higher (lower) debt ratio is, more up(down)side earnings management using discretionary accruals and operating cash flow. In contrast, the Japanese firms found that the higher(lower) the debt ratio is, more up(down)side through its actual activities (operating cash flows, manufacturing costs, discretionary costs) rather than accruals. This study establishes the academic basis for the decision-making of Korean-Japanese firmss by using the sample of each country to check what kind of decision-makers are making earnings managements at the present time when the relationship between Korea and Japan has suffered due to export restrictions. It is meaningful in that it was.

키워드

참고문헌

  1. S. Y. An. (2016). Global Financial Crisis and Real Earnings Management Behavior. The Korean Journal of Business Administration, 29(2), 265-291. DOI : 10.18032/kaaba.2016.29.2.265
  2. K. Schipper. (1989). Commentary on Earnings Management. Accounting Horizons, 3(4), 91-102.
  3. P. Healy & J. Wahlen. (1999). A Review of the Earnings Management Literature and its Implications for Standard Setting. Accounting Horizon, 13(4), 365-384. DOI : 10.2308/acch.1999.13.4.365
  4. K. Gunny. (2005). What are the consequences of real earnings management? Working paper. University of California at Berkeley.
  5. V. Acharya & B. Lambrecht. (2015). A Theory of Income Smoothing When Insiders Know More Than Outsiders. The Review of Financial Studies, 28(9), 2534-2574. DOI : 10.1093/rfs/hhv026
  6. S. Meisel. (2016). Literature Review of Earnings Management - 1985-2014. Franklin Business & Law Journal, (1), 91-144.
  7. W. C. Lee & S. W. Leem. (2011). A Study on the Influence of Foreign Share Holdings and the Quality of the Financial Structure on the Corporate Value around the Global Financial Crisis. Korea International Accounting Review, 40, 259-284. DOI : 10.21073/kiar.2011..40.013
  8. S. H. Kim. (2019). The Effect of Leverage on Exits of Exporters and Non-Exporters : The Pre-Global Financial Crisis and The Crisis Comparison. Master's thesis. Sogang University, Seoul.
  9. J. C. Lee. (2018). Changes in Capital Structures of Korean Companies after the Global Financial Crisis. Doctoral dissertation, Sungkyunkwan University, Seoul.
  10. B. H. Kim. (2018). The Association Between Accounting Conservatism and Corporate Investment Expenditure in Korean Listed Firms During the Financial Crisis. International Area Studies Review, 22(3), 121-148. DOI : 10.21212/IASR.22.3.5
  11. B. S. Lee & S. B. An. (2015). A Study on Earnings Management of Firms before and after the Global Financial Crisis. Korean Journal of Business Administration, 28(5), 1367-1384. DOI : 10.18032/kaaba.2015.28.12.3403
  12. D. R. Shin. (2010). A Study on the Recent Change and Determinants of Performance about Korean and Japanese Major Firms in Electric and Electronic Industries. The Review of Business History, 25(4), 243-264. DOI : 10.22629/kabh.2010.25.4.010
  13. S. L. Hong & J. S. Son. (2017). A Study on Export Competitiveness between Korea and Japan in the ASEAN Market -Focusing on Comparison with before and Global Financial Crisis-. The Korean-Japanese Journal of Economics and Management Studies, 75, 75-97. DOI : 10.16959/jeachy..69.201705.13
  14. M. J. Chung & K. H. Yook. (2012). On Changes in Cost Management Practices in Response to Demand Changes Subsequent to Global Financial Crisis: A Comparative Study between Korea and Japan. Korean Journal of Management Accounting Research, 12(1), 109-128.
  15. J. Jones. (1991). Earnings Management during Import Relief Investigations. Journal of Accounting and Economics, 7(1-3), 85-107. DOI : 10.2307/2491047
  16. S. P. Kothari. (2005). Performance Matched Discretionary Accrual Measures. Journal of Accounting and Economics, 39(1), 163-197 DOI : 10.1016/j.jacceco.2004.11.002
  17. S. Roychowdhury. (2006). Earnings Management through Real Activities Manipulation. Journal of Accounting and Economics, 42, 335-370. DOI : 10.1016/j.jacceco.2006.01.002
  18. R. Carpenter & B. Petersen. (2002). Capital Market Imperfections, High-tech Investment, and New Equity Financing. The Economic Journal, 112(477), F54-F72 DOI : 10.1111/1468-0297.00683