디지털융복합연구 (Journal of Digital Convergence)

  • 제19권5호
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  • Pages.241-247
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  • 2021
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  • 2713-6434(pISSN)
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  • 2713-6442(eISSN)
한국디지털정책학회 (The Society of Digital Policy and Management)
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상장기업의 재무적 특성 변화 분석 -수정 Jones 모형을 중심으로-

The Changing Financial Properties of KSE Listed Companies -Focusing on the Modified Jones Model-

  • 투고 : 2021.03.30
  • 심사 : 2021.05.20
  • 발행 : 2021.05.28
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초록

본 연구는 1990년도부터 2019년까지 거래소에 상장된 기업들을 대상으로 발생액 추정모형의 설명력 변화를 분석하였다. 기존의 발생액 추정모형에 사용된 재무적 변수들이 특성이 시간이 지남에 따라 변화하거나, 전체 발생액 중에서 재량적 발생액의 비중이 변화하면 모형의 설명력에도 변화가 있을 것으로 기대하고 이를 가설화하여 분석하였다. 회귀 분석결과 수정 Jones 모형(1995)은 시간의 경과에 따라 그 설명력이 점차 낮아짐을 발견하였다. 이는 발생액 자체의 증가와 모형에 포함된 변수들의 분포가 변화함에 기인하는 것으로 추정된다. 본 연구의 시계열적 분석 결과는 이익조정 연구 등 학술적인 면이나 회계 정보를 이용하는 이용자에게 중요한 시사점을 제공할 것으로 기대된다.

This study analyzed the changes in explanatory power of the modified Jones model(1995) for estimating the amount of accruals for Korean Stock Market listed companies from 1990 to 2019. We hypothesized that if the properties of financial variables used in the existing model change over time or change in discretionary ratios, the model's explanatory power will change. As the result of regression models, I found that the explanatory power of the modified Jones model(1995) gradually declined over time. The results may be derived from the increase in accruals itself and the changes in the distribution of variables contained in the model. The results of this research's chronological approach are expected to give important implications to both academic researchers and accounting information users.

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과제정보

본 연구는 2018학년도 경기대학교 학술연구비(일반) 지원에 의하여 수행되었음

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