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Korean Accounting Journal

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수록정보
수록범위 : 1권1호(1993)~31권6호(2022) |수록논문 수 : 1,367
회계저널
31권6호(2022년 12월) 수록논문
최근 권호 논문
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KCI등재

저자 : 이문영 ( Moon Young Lee ) , 권세원 ( Sewon Kwon ) , 전규안 ( Kyu-an Jeon ) , 김범준 ( Bum Joon Kim )

발행기관 : 한국회계학회 간행물 : 회계저널 31권 6호 발행 연도 : 2022 페이지 : pp. 1-32 (32 pages)

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본 연구는 공인회계사 직업윤리 강화를 위한 양성체계 제도개선안을 논한다. 현행 공인회계사 양성체계에서 윤리교육은 공인회계사시험에서 직업윤리를 출제하고 실무연수에서 관련 법규를 학습하는 것이 대부분으로, 규칙 중심의 주입식 교육이라고 할 수 있다. 그러나 도덕개발에 관한 이론과 회계전문가 윤리에 관한 국제교육기준에서는 주어진 사안에서 윤리적 쟁점을 파악하고 문제를 구조화 하여 바람직한 의사결정을 도출할 수 있는 윤리적 추론(ethical reasoning)을 강조한다. 미국, 캐나다, 호주 등은 이미 윤리적 추론을 훈련할 수 있는 다양한 프로그램을 운영하고 있다. 한국도 공인회계사 직업윤리 강화를 위해서는 양성과정에 큰 변화가 필요하다. 우선 윤리적 추론을 훈련할 수 있는 양질의 교육과정을 개발해야 한다. 또한 윤리교육 확대를 위해 공인회계사시험 사전학점이수에서 윤리과목을 필수로 지정하고, 실무수습은 사례 중심의 참여형 개발활동을 도입해야 한다. 공인회계사 직업윤리평가시험은 변호사시험의 법조윤리 시험과 유사하게 위상을 높여 윤리의 중요성을 대내외에 알려야 한다. 마지막으로 공인회계사 공익활동(pro bono)을 도입하여 공익에 복무하는 가치를 체화하고 실천하는 것이 필요하다. 이러한 제도개선은 금융당국과 한국공인회계사회의 과감한 결단과 전폭적인 투자 그리고 회계법인과 학계의 협력이 필요하다.


We discuss how to improve the system of selecting and training certified public accountants (CPAs) to strengthen their professional ethics. The current system in South Korea has two main schemes to foster professional ethics. One is to set questions on professional ethics in the CPA exams. The other is to require CPA candidates to take classes on professional ethics for eight hours a year and pass the exam before registering for a license. Most lectures concentrate on understanding the ethics code, ethics-related regulations, etc. However, the current system has long been criticized because it is biased toward rules and insufficient for developing the morality necessary for CPAs. According to theories on moral development, ethical behavior involves four components: moral sensitivity, moral judgment, moral motivation, and moral character. Thus, ethics education needs to be designed to cultivate (1) moral sensitivity, which is the ability to identify ethical issues sensitively in a given situation; (2) moral judgment, which is the ability to analyze the risks of each alternative and reason correctly about what should be done; (3) moral motivation to prioritize ethical principles over other criteria; and (4) moral character that has the courage to take the right actions despite pressures against righteousness and temptations to take the easy way out. Ethical reasoning is also emphasized in the International Education Standard 4 (Professional Values, Ethics, and Attitudes), which the International Federation of Accountants (IFAC) set as the ethics education principle for accountants. In the standard, the learning outcome is to achieve professional skepticism and professional judgment, ethical principles, and commitment to the public interest. The education program shall be designed for learning and development activities, emphasizing participatory ones such as role-playing, discussion, ethical dilemma case analyses, etc. The assessment of professional ethics shall occur via various approaches, including case-based tests, essays, and group activity observation, as well as written exams. Following the theories and the International Education Standard, we investigate and introduce several ethics education programs that are focused on case analysis and participating activities. One benchmark from the US is the lecture 'Ethics in Accounting' by Bill Miller at the University of Wisconsin - Eau Claire. In this class, students thoroughly study ethics theories related to philosophy, psychology, activism, accounting fraud, internal control, auditing, regulations, and laws. It is noteworthy that all theories are introduced along with various case studies in the accounting and auditing fields. In addition, more than 30 cases with ethical dilemmas are discussed within the same framework: finding ethical issues, structuring situations, and evaluating alternatives to reach an ethical decision. Due to plentiful cases and repeated reasoning, students can develop moral sensitivity and ethical reasoning. Also, we review the capstone program of the Canadian Association of Certified Public Accountants, an online game-style simulation program for studying accounting ethics at the RMIT University in Australia, the drama-based ethics education of KPMG, and a simulation game for the education of PwC. We conclude that the selection and training system for CPAs in South Korea should be changed systematically to improve professional ethics. First, developing a curriculum that can train ethical reasoning is critical and urgent. Second, to extend ethics education, we suggest that the subject of accounting ethics should be designated as mandatory to meet the credit requirement for the CPA exam. Third, the training course before CPA license registration should include a program on ethical reasoning with participatory activities, similar to the one in Canada. Fourth, we propose to administer the ethics test for CPA license registration similarly to the ethics test of the national bar exam, elevating the ethics test to a higher position and promoting its importance. Finally, we suggest that CPAs provide pro bono services to affirm their commitment to the public interest. To implement our suggestions above, the financial authorities and the Korean Institute of Certified Public Accountants must make a resolute decision for a new approach and invest resources in the system's development. Accounting firms and academia also need to cooperate actively to develop a new system.

KCI등재

저자 : Taejin Jung , Sehee Kim , Woo-jong Lee , Hee-yeon Sunwoo

발행기관 : 한국회계학회 간행물 : 회계저널 31권 6호 발행 연도 : 2022 페이지 : pp. 33-49 (17 pages)

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The historical average book-to-market ratio (BTM) of Korean listed companies is above one, and often used as evidence for the Korea discount. This paper asks whether the BTM reflects either risk inherent in Korean businesses as claimed in the popular press, or a bias in market expectations. Analyzing data of Korean listed firms from 1995 to 2019, we first confirm that stocks with BTM above one consistently outperform the rest, consistent with the empirical findings documented in prior studies. When we compose three summary indicators that are allegedly associated with the Korea discount (i.e., fundamental factor, geopolitical factor, and governance factor), we find that only governance factor is positively related to BTM as alluded to in the business press. In our subsequent analyses borrowed from Ohlson and Bilinski's (2015) specification, we find that BTM above one is associated with a higher probability of positive extreme returns, but a lower probability of negative extreme returns. The finding indicates that BTM above one is more likely to reflect characteristics associated with stock mispricing. We further explore why such systematic bias persists over time and report some evidence that governance factor plays a crucial role. This paper highlights the importance of recasting the underlying cause of a phenomenon.

KCI등재

저자 : 김유진 ( Yujin Kim )

발행기관 : 한국회계학회 간행물 : 회계저널 31권 6호 발행 연도 : 2022 페이지 : pp. 51-73 (23 pages)

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본 연구는 환경위험(environmental risk)과 기업성과(firm performance) 간의 관계에서 경영전략(business strategy)의 조절효과를 검토한다. 환경위험이 정책적 제재에 따른 수익 감소, 기업 이미지 훼손 등을 통해 기업성과를 하락시킨다는 선행연구를 바탕으로 원가 최소화로 단기 성과 창출을 중시하는 방어형(defender) 기업보다 혁신을 통해 장기 성과 제고를 중시하는 선도형(prospector) 기업에서 환경위험의 영향이 조절되는지 분석한다. 환경부가 발표하는 기업의 실제 환경오염 지표인 온실가스 배출량과 에너지 사용량을 바탕으로 측정한 환경위험을 활용하여 실증분석한 결과, 환경위험이 기업성과에 미치는 부정적인 영향이 방어형 대비 선도형 기업에서 완화되는 것으로 나타난다. 이는 환경위험이 기업성과에 미치는 부정적인 영향이 최고경영진의 성향이 구체화된 경영전략에 따라 차별된다는 것을 의미한다. 본 연구는 기업의 재무성과를 환경위험, 더 나아가 경영전략 등의 다양한 경영학 주제와 연결시킴으로써 기업성과의 결정요인에 대한 연구의 범위를 확장한다. 특히 환경위험과 기업성과 간의 관계에서 경영전략의 조절효과를 실증함으로써 기업의 이해관계자가 환경위험을 평가함에 있어 기업이 지향하는 경영전략을 고려해야 한다는 시사점을 제시한다.


Korea, a small open economy country with a large amount of carbon emissions, is one of the countries with the greatest concern about environmental problems amid the global trend of placing importance on the environment after the COVID-19 pandemic. Accordingly, for several years, the Korean government has declared 'Carbon Neutral 2050' in order to transit to a low-energy, low-carbon economic structure that meets global standards, and has implemented policies such as promoting investment in eco-friendly facilities. One of the specific policies is the 'Greenhouse Gas and Energy Target Management System', which regulates the greenhouse gas emissions of firms. The key point of this system is to designate firms to manage goals in national greenhouse gas emissions by saving energy and improving energy efficiency to achieve the target. Firms selected for management can emit greenhouse gas within the level permitted by the government, and if they fail to comply, they will be subject to administrative sanctions. Therefore, firms with high greenhouse gas emissions or energy consumption are at high environmental risks, including sanctions-related costs, reduced profits, and reputational damages. Previous studies have also reported that environmental risk caused by inefficient management have a negative impact on firm performance. Further, I focus on the moderating effect of business strategy. This study examines whether the negative effect of environmental risk on firm performance is mitigated in prospector that pursue innovation from a long-term perspective, rather than defender that are interested in generating profits by minimizing production costs from a short-term perspective. This study finds that the negative effect of environmental risk on firm performance is weaker in firms with prospector strategy than defender strategy. This finding means that the negative effect of environmental risk on firm performance is differentiated according to the business strategy that represents the policy for achieving the corporate goal. This study sheds the role of business strategy that firms can select while environmental risks affecting firm performance. Based on this, I suggest the implication that firms' stakeholders should consider a strategy that incorporates the characteristics of CEO (Chief Executive Officer) when evaluating firms' environmental risks.

KCI등재

저자 : 이재형 ( Jaehyoung Lee ) , 전경민 ( Kyeongmin Jeon )

발행기관 : 한국회계학회 간행물 : 회계저널 31권 6호 발행 연도 : 2022 페이지 : pp. 75-105 (31 pages)

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본 연구는 2010년부터 2018년까지 국내 상장기업들의 자료를 이용하여 기업의 전략적 일탈과 주가붕괴위험 간의 관계를 실증 분석하였다. 주요결과는 다음과 같다. 첫째, 전략적 일탈의 정도가 큰 기업일수록 주가붕괴위험이 유의하게 높은 것으로 나타났다. 이는 전략적 일탈 기업일수록 위험회피 성향이 낮기 때문에 공격적인 회계처리를 시도할 가능성이 높아 감사위험이 높고, 회계정보에 대한 비교가능성이 낮아 대리인 문제를 유발한다는 등 전략적 일탈이 자본시장에서 위험과 불확실성으로 평가된다는 선행연구들의 결과와 일치한다. 둘째, 재무분석가의 이익예측정보가 많을수록 전략적 일탈이 주가붕괴위험을 증가시키는 영향은 완화되는 것으로 나타났다. 이러한 결과는 재무분석가에 의한 정보제공이 기업과 외부 투자자 간 정보비대칭을 감소시켜주는 역할을 하며, 재무분석가의 이익예측정보가 자본시장에 긍정적인 영향을 미치고 있음을 추론할 수 있다.
본 연구는 기업의 경영전략이 주가붕괴위험에 미치는 영향을 살펴본 연구로서 기업전략의 특성 중 하나인 전략적 일탈이 자본시장에 미치는 영향을 분석한 최초의 연구라는 측면에서 의의가 있으며, 기업의 경영전략이 자본시장에 추가적 정보로서 가치가 있음을 확인하였다. 또한, 일반 투자자들과 달리 전문 지식과 분석능력을 바탕으로 기업에 대한 정보를 수집하고 이익예측정보를 제공하는 재무분석가가 자본시장에서 기업의 전략적 특성에 기인한 위험요인을 감소시키는데 긍정적인 역할을 수행하고 있음을 확인하였다.


Business strategy is a consistent decision-making in which a company creates a competitive advantage within the industry to achieve its goals with limited resources. When firms make decisions about strategies, they tend to follow the strategies of other firms to reduce uncertainties, which is known as strategic conformity. On the other hand, there are companies that choose strategies that deviate from the trend within the industry, and these firms are called strategic deviance firms. These firms have relatively low comparability of earnings information compared to other companies in the industry, causing serious agency problems with information asymmetry between management and investors. Generally, strategic deviance firms are likely to report exceptional gains and losses that deviate from the industry average, and the degree of strategic deviation is reported to be a factor that increases the uncertainty and risk.
A large body of prior study has examines the determinant of stock price crash risk. A prominent fact of stock price crash risk is manager's tendency of withholding bad news. Managers tend to disclose the good news on the capital market in a timely manner, while withholding bad news disclosure, this asymmetric disclosure behavior is a main cause of stock price crash in terms of agency theory. It is widely reported that stock price crash risk is positively related with opacity, increased opacity results in managers withholding firm's bad news. In addition, stock price crash risk has a positive relationship with excess of perks, career concerns, and tax avoidance.
According to prior studies, it also was reported that the greater the degree of strategic deviation, the greater the exceptional profit or loss that is different from the average of the industry. As such, the high downside risk of strategic deviance firms can increase the stock price crash risk, but there is also the possibility of reporting exceptionally high profits. However, although strategic deviance firms are likely to report higher profits, they also have higher uncertainties and risks than strategic conformity firms. Therefore, managers of strategic deviance firms are likely to hide bad news that exists within the firm to support the reasonable reason of their strategic choices. In other words, since it may be difficult for strategic deviance firms to obtain consent from stakeholders, information asymmetry of strategic deviance firms may increase due to the possibility of concealing the firm's bad news. Therefore, strategic deviance firms are expected to have a greater stock price crash risk.
The aim of this study is to examine the relationship between strategic deviance and stock price crash risk. Specifically, we examine whether firms with a high degree of strategic deviance have higher stock price crash risk. The sample of this study is 7,925 Korea listed firm-year observations from 2010 to 2018. Empirical findings are summarized as follows. First, we find that firms with strategic deviance have significantly higher stock price crash risk. This finding is consistent with the results of prior studies. A significant strategic deviation would increase a stock price crash risk as well as an performance uncertainty and agency problem. Second, the relationship between strategic deviance and stock price crash is attenuated when firms have a lot of analyst's earnings forecast. This result shows that information provision by analysts plays a role in reducing information asymmetry between firms and investors, and that analysts' earnings forecast has a positive effect on the capital market. To check the robustness of the results, we conduct several sensitivity test such as propensity score matching and the analysis using change variable and dummy variable to control the potential endogneity and the sample bias problems. We find statistically similar results to the main results for these tests. Finally, we examine the relationship between the level of strategic deviation within the high-tech industry and the stock price crash risk, considering the higher information asymmetry between managers and shareholders in high-tech industries, since it is more difficult for investors to understand the information in high-tech industries. As a result, we find that there is a stronger positive (+) relationship between them within the high-tech industry.
These findings support by the agency problems in the positive association between strategic deviance and stock price crash risk. This study contributes to the literature by enhancing the understanding of the interaction between information risk and business strategy perceived by capital market.

KCI등재

저자 : 강평경 ( Pyung Kyung Kang ) , 이영한 ( Young-han Lee ) , 김성환 ( Sung-hwan Kim ) , 최웅열 ( Ung Yeol Choi )

발행기관 : 한국회계학회 간행물 : 회계저널 31권 6호 발행 연도 : 2022 페이지 : pp. 107-140 (34 pages)

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본 연구의 목적은 한국채택국제회계기준의 도입 이후 이익의 질, 정보비대칭 등 자본시장의 정보환경 관련 지표들이 전반적으로 향상되었는지를 확인하는 데 있다. IFRS의 도입효과에 대해 국내외적으로 많은 연구가 진행되었으나 연구결과는 혼재되어있다. 본 연구는 K-IFRS 도입 전후 각각 10년의 기간인 2001년부터 2020년까지의 자료를 활용하여 분석하였다. 분석에는 재량적 발생액과 이익지 속성, 그리고 주가수익률의 변동성, 매수-매도 호가 스프레드, 주식거래회전율 등의 지표를 사용하여 IFRS 도입의 변화 추이를 검토하였다. 구체적으로 전체 표본에 대하여 각 변수의 연도별 평균이 IFRS를 도입한 이후 통계적으로 유의하게 개선되었는지 분석하였다. 그리고 전체 표본을 상장시장별, 기업 규모별, 그리고 연결재무제표 작성 여부로 나누어 추가적인 분석을 실시하였다.
분석결과 이익의 질은 K-IFRS 도입 이후 도입 이전 시기에 비해 전반적으로 재량적 발생액과 이익지속성 측면에서 개선이 이루어진 것으로 나타났다. 구체적으로 살펴보면 재량적 발생액은 K-IFRS를 도입한 이듬해인 2012년에 급감하고 2014년부터 근소하게 증가하는 양상을 보였다. 그리고 이익지속성은 K-IFRS를 도입한 직후인 2011년부터 2012년까지 급증하였다. 다만, 표본을 기업규모별로 나눈 이후 이익지속성 측면에서 K-IFRS의 도입으로 인한 개선은 확인할 수 없었다. 한편, 주가수익률의 변동성, 매수-매도 호가 스프레드, 주식거래 회전율 측면에서도 IFRS 도입 이후 품질이 향상되어 정보비대칭이 완화되었음을 확인할 수 있었다. 우선 주가수익률의 변동성은 IFRS를 도입하기 직전인 2008년과 2009년에 급증했으나 2010년에 급감한 이후 전반적으로 낮은 수준을 유지하였다. 매수-매도 호가 스프레드는 전체 분석기간 중 2008년에 가장 크게 나타났고, K-IFRS를 도입한 이후에는 감소하였다. 주식거래 회전율은 K-IFRS 도입 이후 전반적으로 감소하다가, 신외감법이 도입된 이후인 2019년부터 증가하는 양상을 보였다. IFRS의 도입이 이익의 질과 자본시장의 정보환경에 긍정적인 영향을 미친다는 이와 같은 결과는 표본을 상장시장별, 기업 규모별, 그리고 연결재무제표 작성 여부에 따라 구분한 경우에도 대체적으로 유사한 것으로 나타났다. 본 연구는 K-IFRS 도입의 장기적인 효과를 자본시장의 정보환경 변화 측면에서 살펴봄으로써 K-IFRS에 대한 실무적, 정책적 시사점을 제공하는 데 기여할 수 있을 것으로 기대된다.


The purpose of this study is to investigate whether the capital market indicators related to the information environment such as earnings quality, information asymmetry have improved since the IFRS adoption in South Korea. Although a large number of empirical studies have examined the effects of the IFRS adoption, the results on the effects are mixed. Using the data for the period from 2001 to 2020 which covers each 10 year period before and after the IFRS adoption, this study conducts trend analyses. To investigate changes in trend, the study utilizes various variables as proxies for earnings quality (discretionary accruals and earnings persistence) and information asymmetry (stock return volatility, bid-ask spread and stock turnover ratio). Specifically, this study examines whether there is a significant improvement in earnings quality and information asymmetry after the IFRS adoption in terms of annual mean value of each variable for the full sample period. Then, the main analysis is replicated after having partitioned the sample according to the type of market, firm size, and the type of financial statement. The results from trend analyses show that an overall earnings quality has improved after the adoption of IFRS in South Korea. The findings shows that the mean levels of discretionary accruals drastically decreased in 2012, the year after the adoption of IFRS, and increased slightly since 2014. Earnings persistence increased rapidly from 2011 to 2012, right after the IFRS was adopted. However, the results can not confirm any improvement in earnings persistence when the samples are divided by firm size. On the other hand, the results indicate that the level of information asymmetry has alleviated since the adoption of IFRS. The data trend shows that the stock return volatility surged in 2008 and 2009, the period before Korea adopted IFRS, but fell sharply in 2010 to the level which has mostly remained afterwards. The bid-ask spread was the largest in 2008 throughout the entire sample period and decreased after the IFRS adoption. The turnover ratio decreased after the IFRS adoption but increased from 2019 when the revised external audit law was adopted. These results implying the positive effect of the adoption of IFRS on earnings quality and information environment are mainly consistent even when conducting analyses with samples divided by the type of market, firm size, and the type of consolidated or individual financial statement. By investigating long-term effects of the IFRS adoption in the perspectives of the information environment changes, this study attempts to provide meaningful implications for practice and to policy makers.

KCI등재

저자 : Sohee Park , Jae Yong Shin

발행기관 : 한국회계학회 간행물 : 회계저널 31권 6호 발행 연도 : 2022 페이지 : pp. 141-169 (29 pages)

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Prior literature documents that earnings management can be contagious among economically related firms either through information externalities or through direct communication. This paper examines whether earnings management is contagious within supply chain relationships where one party has a dominant bargaining power over the other party, especially from major customers to dependent suppliers. Using restatement announcement as a main proxy for earnings management, we find that a firm's earnings management is positively and significantly associated with its major customers' earnings management. Our main findings are robust to the use of alternative model specifications which control for customer-specific characteristics and relationship-specific characteristics. Also, the inferences remain consistent when we adopt alternative proxies for major customers' average earnings management including the use of other weighting methods or the use of accrual-based financial reporting quality measures. The positive association between a firm's and its major customers earnings management is pronounced for firms that suffer from bad performance, supporting the possibility that major customers' performance pressure is imposed on their dependent suppliers through the slanted bargaining power in the supply chain relationships and leads to the contagion of earnings management incentives. Also, we find that the reported association is mitigated for firms that are audited by external auditors who are industry specialists, emphasizing the importance of auditor competence in understanding the supply chain dynamics and detecting earnings management incentives. In the additional tests which examine the association between a firm's and its major customers' restatement in the same accounting items, we find that firms tend to have reporting failure on the same accounting items as their major customers do, consistent with the findings from prior literature documenting that firms tend to mimic the earnings management strategies taken by their close business partners. Overall, the empirical results suggest that major customers' earnings management incentives and strategies have a contagious effect on their dependent suppliers. Considering that major customers could have a significant effect on dependent suppliers' performance, business practicies, and earnings quality, this study encourages the reconsideration about the current disclosure requirement about major customers in Korean firms. While Korean Accounting Standards require firms to disclose the existence of major customers whose sales account for more than 10% of the firms' total sales since the introduction of IFRS in 2011, recent studies document that the lack of information about the customers' name and their specific sales amount reduces the usefulness of the information to the users. The findings of our study suggest that more detailed disclosure about major customers can provide informative information to various stakeholders of the firms.

KCI등재

저자 : Youjung Kang , Sungho Choi , Hyunchul Lee

발행기관 : 한국회계학회 간행물 : 회계저널 31권 6호 발행 연도 : 2022 페이지 : pp. 171-196 (26 pages)

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Applying the price sales ratio (PSR) valuation, our case study examines the validity of the relative valuation of the stock of a Korean case company Cafe 24, which reported losses and unrealized profits, but listed its stock on the KOSDAQ market via the Tesla listing channel. We find that the PSR method evaluates the stock prices of the case company, which vary significantly depending on the selection of comparable companies. When selecting foreign companies with different risk-free interest rates and capital market structure from the target company, or domestic comparable companies with a heterogeneous business or sales structure, the price per share of the case study (using the PSR relative valuation) is different from its initial public offering price. Although this study is not yet widely used as a valuation method for unlisted stocks that are expected to have future growth potential, such as platform companies or innovative companies in Korea, we examine the PSR, which is actively used in foreign countries. This study provides financial managers, financial analysts, and researchers with invaluable information on the importance of selecting appropriate comparable companies at the PSR relative valuation for Tesla listing of innovative companies.

KCI등재

저자 : 신일항 ( Ilhang Shin ) , 윤인경 ( Inkyung Yoon )

발행기관 : 한국회계학회 간행물 : 회계저널 31권 6호 발행 연도 : 2022 페이지 : pp. 197-218 (22 pages)

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감사위원회는 이사회의 위원회로서, 독립적인 입장에서 경영진을 모니터링하는 기능을 수행하여 기업 경영환경의 투명성과 회계정보의 신뢰성을 향상시키는 역할을 수행한다. 따라서 규제기관은 기업의 지배구조 개선을 위해 감사위원회 제도를 도입한 이래 관련 규정을 지속적으로 보완 및 발전시켜 왔다. 이러한 노력의 일환으로 2020년 개정된 상법에 감사위원회 위원 분리 선출 제도 도입을 비롯한 제도적 보완이 이루어 졌다. 감사위원회 위원 분리 선출 제도란 감사위원회 위원을 선임하는 경우 위원 중 최소 1명은 선임단계에서부터 다른 이사들과 분리하여 '감사위원회 위원이 되는 이사'로 선임하도록 하는 것이다. 이에 따라 감사위원회 위원이 되는 이사 중 1명 이상은 이사 선임단계에서부터 최대주주 등의 의결권이 제한된 주주총회 결의를 통해 선임되어, 이전보다 감사위원회 위원의 독립성을 확보할 수 있게 되었다. 본 연구에서는 이와 같은 개정 상법의 변경된 규정이 상장기업의 감사위원회 구성에 미치는 영향을 한국앤컴퍼니와 사조산업의 경영권 분쟁 사례를 통하여 살펴봄으로써 감사위원회 위원의 독립성 확보를 통해 소수주주들이 대주주를 견제하고 소수주주권을 강화하기 위한 요건을 고찰하고자 한다. 본 연구는 소수주주들에게는 주주의 권리를 행사하고 회사 경영에 참여할 수 있다는 가능성을 제시하고 회사는 이러한 소수주주들의 권리를 존중하고 모든 주주의 가치를 극대화하는 방향으로 투명한 경영의사 결정을 하여야 함을 보여준다. 규제기관은 본 연구를 통해 소수주주권을 보호하고 자본시장의 투명성을 확대하기 위한 지침으로 삼을 수 있을 것이다.


The audit committee is a committee of the board of directors that independently monitors management. Therefore, the audit committee plays an important role in enhancing the transparency of the business environment and reliability of accounting information. Since the introduction of the audit committee system to improve corporate governance, regulators have continuously supplemented and developed related regulations. As part of these efforts, a separate election system for audit committee members were introduced to the amended Commercial Act in 2020 and other institutional supplements were made. Before the amendment, the Commercial Act required that directors be appointed through a resolution at the general meeting of shareholders before appointing the audit committee members, and the audit committee members were elected from among the appointed directors. However, the voting rights of the largest shareholder were not restricted at the stage of appointing a director, and the voting rights of the largest shareholder were restricted only when audit committee member was selected from among the appointed directors. Thus, there was a problem in that candidates for audit committee members were composed only of directors desired by the major shareholder. This reduced the independence of the audit committee and acted as a hindrance to the effective monitoring function. Accordingly, in the amended Commercial Act, when appointing audit committee members, one of the audit committee members is separated from the other directors and appointed as 'directors who become members of the audit committee'. At this stage, voting rights of the largest shareholder were restricted. As a result, the audit committee members were able to monitor and check the management from a more independent position. In addition, the amended Commercial Act improved the corporate governance structure and established transparent management by reorganizing the rules for restricting voting rights when selecting members of the audit committee member and relieving the requirements for shareholder proposals. In this study, we examine the impact of the amended Commercial Act on the composition of audit committees in listed companies for protection of minority shareholder rights and check force of major shareholders through two case studies. In the case of Hankook & Company, it cannot be regarded as complete protection of minority shareholder rights in the sense that the amended Commercial Act was used in management dispute of the owner family. However, it is significant in that the minority shareholder played the role of a casting boat in the management dispute between the largest shareholder and the second largest shareholder, checking the largest shareholder and effectively exercising the shareholder's rights. This case suggests the possibility that minority shareholders can have a voice in management decision as a shareholder of the company, and shows that the company must make management decisions in the direction of maximizing the value of all shareholders. In the case of Sajo Industries, although the audit committee member recommended by minority shareholders was not appointed, it showed shareholder activism of the minority shareholders' association. This was a precedent for the protection and exercise of minority shareholder rights by showing that the shareholder proposal system under the Commercial Act and the separate election system for audit committee members are a system that actually exercises the rights of minority shareholders and contributes to checking the management. Although the amended Commercial Act is considered to have moved in the direction to check the major shareholders and protect the minority shareholders, the regulations of the amended Commercial Act can still be avoided due to the tricks of companies, so it cannot achieve complete check of the major shareholders and the protection of minority shareholders' rights. Reflecting the implications of this case, legal grounds should be prepared to regulate acts such as splitting shares and lending shares among affiliates of the company to neutralize the exercise of minority shareholder rights. Furthermore, it is necessary to improve regulations, such as preventing changes to the articles of incorporation that could interfere with shareholder proposals of minority shareholders from being submitted to the general meeting of shareholders. This study suggests the possibility that minority shareholders can exercise their rights and participate in management, and that the company should consider the rights of minority shareholders and make transparent management decisions in a way to maximizes the value of all shareholders. Regulators can use this study as a guide to protect minority shareholders' rights and expand transparency in the capital market.

KCI등재

저자 : 신희정 ( Heejeong Shin ) , 최수영 ( Su-young Choi )

발행기관 : 한국회계학회 간행물 : 회계저널 31권 6호 발행 연도 : 2022 페이지 : pp. 219-253 (35 pages)

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본 연구는 재무분석가의 목표주가 예측치에 내재되어 있는 기업가치평가오류를 식별하는 수단으로서 회계정보의 요약치인 AFS의 유용성을 검증한다. AFS는 미래이익을 예측하는 핵심적인 회계항목들의 정보성을 종합하여 단일변수화한 것으로서 미래수익률을 예측하는 능력에 있어서 재무분석가 예측치보다 우수한 것으로 보고되고 있다. 그러나 실무적 투자의사결정에 있어서 시장은 회계정보에 근거하기 보다는 재무분석가의 예측치정보를 활용하는 경향이 높게 나타나며 여러 가지 형태로 기업가치평가오류를 나타내고 있다. 이에 본 연구는 실무적 상황으로서 재무분석가 목표주가와 현재주가의 괴리율(이하, 목표주가괴리율)에 근거하여 투자전략을 실행하는 경우 AFS 회계정보가 미래수익률 예측에 있어서 목표주가와 차별적인 정보성을 지니는지 살펴보고자 한다. 아울러 AFS의 정보성을 추가적으로 고려하는 경우 투자성과가 향상될 수 있는지 실증분석한다. 이는 특히 목표주가가 과대추정되어 나타나는 높은 목표주가괴리율이 기업가치를 왜곡하는 잡음(noise)을 내포하는 경우 AFS 정보성을 이용하여 이를 가려낼 수 있는지 분석하고자 하는 것이다. 본 연구는 2005년부터 2019년까지 유가증권시장에 상장된 기업-연도 3,053개를 대상으로 포트폴리오 분석 및 회귀분석하였다. 분석결과, 목표주가괴리율과 AFS는 각각 미래수익률에 대해서 서로 차별적인 정보성을 가지는 것으로 나타났다. 포트폴리오 분석 결과, 목표주가괴리율이 동일한 그룹 내에서 AFS의 수준이 높을수록(낮을수록) 상대적으로 더 높은(낮은) 매입보유초과수익률이 나타났으며, AFS의 정보성이 상반되는 포트폴리오를 헷지(hedge)한 결과 양(+)의 초과수익률을 얻는 것으로 나타났다. 또한 기업가치평가에 있어서 AFS와 목표주가괴리율이 함의하는 미래수익률에 대한 방향성(증가/감소)이 일치하는 포트폴리오들을 이용하여 헷지(hedge)한 결과에서도 양(+)의 초과수익률을 보이는 것으로 나타났다. 이러한 결과는 회귀분석 결과에서도 일관되게 나타났으며, 장기적 관점에서 3년 또는 5년 후의 매입보유초과수익률을 분석하거나 추정치의 왜곡을 가져올 수 있는 내생성(endogeneity) 문제나 데이터의 횡단면 및 시계열적 상관관계를 통제한 경우에도 유지되었다. 이는 AFS가 사전적으로 목표주가에 내재된 기업가치평가오류를 식별하는 데 도움이 될 수 있으며 실무적 투자전략에 활용한다면 미래수익률 예측에 보충적 정보를 제공함으로써 보다 높은 투자성과를 얻을 수 있다는 것을 시사한다. 본 연구는 궁극적으로 재무제표 상 회계정보의 기능을 통해 자본시장의 정보효율성을 높이고 시장의 합리적인 자원배분 활동이 가능할 수 있다는 시사점을 제공한다. 아울러 지금까지 학술적 관점에서만 다루어져 왔던 AFS의 실무적 유용성을 제시함으로써 자본시장에서 회계정보의 가치를 제고하는 데 기여할 것으로 기대된다.


This study investigates whether AFS (Aggregate Fundamental Score), a summary measure of accounting information on financial statements, is useful in identifying valuation errors implicit in stock price targets of financial analysts. AFS is measured as a single score by aggregating the information of key accounting items (i.e., returns on net operating assets, growth of net operating assets, changes in asset turnover or profit margins, etc.) which have predictive power on future earnings. Prior literature documents that AFS is superior in the ability to predict future returns over that of financial analysts. Nonetheless, in practice, investors tend to make an investment decision by using analysts' forecasts information, not based on financial statement information, and to experience corporate valuation errors in various forms. This motivates the study to verify the usefulness of AFS even in a certain practical investment strategy. This study aims to examine whether AFS has a different information from future price expectation based on target stock prices. Specifically, when an investment strategy is implemented using information based on the gap between the target stock price and the current stock price as a practical situation, the forecast errors are examined in comparison to the strategy based on AFS. In addition, the analysis is conducted to see if investment performance can be improved when AFS's informativeness is additionally considered to stock price targets-based investment strategy. That is, postulating that the high target stock price gap rate where stock price targets are overestimated but markets perceive a current stock to be under-valued contains noise that distorts corporate value, the study examines whether such valuation error can be captured by AFS information. However, whether the AFS and the target stock price gap rate has differential information about the future stock price and returns is an empirical question. Thus, this study established a null hypothesis that the performance of the investment strategy based on the target stock price gap rate is not different from that of the investment strategy that additionally considers AFS information.
To test the hypothesis, this study conducts regression analysis as well as portfolio test using 3,053 firm-year observations listed on the securities market (i.e., KSE) from 2005 to 2019. The results show that the target stock price gap rate and AFS have differential information a certain degree about the future return. The portfolio analysis reveals that the higher (lower) the level of AFS within the same group is, the higher (lower) the excess returns are. And, the result of hedging the portfolio with conflicting information of AFS shows the positive (+) excess returns. Furthermore, the results of investment using portfolios that match the direction (increase/decrease) of future returns implied by both AFS and target stock price gap show a positive (+) excess returns as well. These results are consistent with the regression analysis results and are maintained even in the case of analyzing excess returns after 3 or 5 years in long term perspective. And, those findings hold even after the endogeneity problem or cross-sectional and time-series correlations of data that could lead to distortion of estimates are controlled. This means that AFS has a different information from future price expectation based on target stock prices and the investment performance can be improved when AFS's informativeness is additionally considered. In other words, AFS can help identify ex-ante valuation errors inherent in the target stock price, and that if used in practical investment strategies, it can achieve higher investment performance by providing supplementary information in predicting future returns. This study has several contributions by showing that the usefulness of the AFS variable, which has been dealt with from an academic perspective so far, can be helpful even in the practical field. It would provide an opportunity to enhance the function of accounting information in financial statements in investment strategies, while expanding previous studies reporting the usefulness of financial statements. Meanwhile, this study analyzes using an investment strategy based on the target stock price from a practical point of view, but there is a limitation of the study in that all factors considered in the field were not reflected in the analysis. However, it is meaningful in that the study presents rather clear analysis results by designing complex situations more parsimoniously.

KCI등재

저자 : 심재연 ( Jae Yeon Sim ) , 이승재 ( Seung Jae Lee )

발행기관 : 한국회계학회 간행물 : 회계저널 31권 6호 발행 연도 : 2022 페이지 : pp. 255-274 (20 pages)

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본 연구는 국내 기업들의 가상화폐 보유 현황 파악을 통해 향후 가상화폐 회계처리 및 공시에 대한 가이드라인을 제공하고자 한다. 가상화폐를 보유하고 있는 기업은 2017년 이래로 점점 증가하고 있는 추세이며 관련 내용을 공시해야 한다는 회계처리 가이드라인이 존재함에도 불구하고 기업들의 공시체계가 일원화되어 있지 않은 것을 확인할 수 있다. 기업이 보유한 가상화폐에 대하여 기타의 무형자산 금액에 포함하여 표시하는 등 다소 모호한 주석공시를 하는 것을 확인할 수 있다. 따라서 본 연구는 재무제표 정보 이용자들을 위해 가상화폐 보유 기업 현황 및 관련 사례기업 분석을 통해서 가상화폐 보유 관련 공시 가이드라인을 제공하고자 하였다. 본 연구는 다음과 같이 정책적 개선점을 제공한다. 먼저 투자 목적으로 가상화폐를 보유하고 있는 국내 상장기업들의 주석공시 현황을 살펴본 결과, 공시체계가 일원화되어 있지 않은 것을 확인할 수 있다. 따라서 재무제표 정보 이용자들을 위해 가상화폐 공시 방식에 대해서 뚜렷한 가이드라인이 필요하다는 시사점을 제시한다. 투자 금액 수준이 유의미한 정도라면 주석공시 시 기타의 무형자산으로 포함시키기 보다는 별도로 구분하여 표시하고 코인 성격에 따라 분류하여 공시하는 방식이 필요해 보인다. 뿐만 아니라, 가상화폐 발행 기업의 경우 가상화폐 백서 내 고객에 대한 수행 의무 등 재무제표 이용자들에게 필요한 정보는 주석 등에 명확하게 공시하고 가상화폐의 투자위험요소에 대한 구체적인 언급을 요구하는 등의 지침이 필요해 보인다.


This study aims to provide policy guidelines for accounting and disclosure of virtual currencies through investigating the status of domestic firms' virtual currency holdings. The number of firms which hold cryptocurrencies have been increased since 2017. However, although there is disclosure guideline that requires firms to disclose the information about virtual currencies in the note of financial statement, there is no unified accounting standard. To be specific, many firms include the amount of virtual currency holdings under “other intangible assets”. Therefore, this study intends to provide disclosure guidelines for the acquisition and disposal of cryptocurrencies through the analysis of the status of cryptocurrency holding and case studies for the users of financial statement. Since 2017, the number of firm-year observations of virtual currency disclosure is increasing. Most of firms are listed on the KOSDAQ market and belong to the software development and supply industries. Moreover, most of firms disclose virtual currency held by their consolidated entity. Initially, most of companies disclose their virtual currency holdings included in the 'other intangible assets' without mentioning the exact amount. However, many companies recently have announced the exact amount of cryptocurrency holdings. In addition, the average amount of cryptocurrency held by companies is increasing. On the other hand, there are not many companies that classify virtual currencies by the type and disclose them. Wemade and FSN(Future Stream Networks) are selected because we expect to provide implications regarding disclosure guideline based on the cases of Wemade and FSN. Firstly, Wemade is a company that not only holds virtual currency for investment purposes but also sells virtual currency issued by itself. In other words, it is a good example not only for investors but also for company that has cryptocurrencies as issuers. Moreover, FSN is a company that discloses about the virtual currencies held by its consolidated entity for investment purposes in detail. According to Wemade's 2020 consolidated financial statements, cryptocurrencies are included in other intangible assets and with the statement at the bottom “other intangible assets include cryptocurrencies such as Bitcoin.” On the other hand, there was a limitation that it may be difficult to know the exact amount of virtual currency held by Wemade for investment purposes because it is included and displayed in “other intangible assets”. However, in 2021, Wemade has additionally provided specific information including book value or the number of cryptocurrency holdings according to the type. As a result, unlike in the past, it is possible to know the exact amount and type of virtual currency Wemade holds for investment purposes. Similarly, FSN displays Bitcoin(BTC), Tether Coin(USDT) separately and other coins are grouped into others. In this way, detailed information about the quantity and amount of virtual currency held by a company will help financial statements users to understand company's financial status. In 2022, Wemade corrected the sales volume from 560.7 billion won to 337.3 billion won, which is caused by the adjustment of sales revenue of cryptocurrency to liabilities. Such changes in sales of over 200 billion won can confuse the financial statements users, it seems that clear accounting guidelines related to virtual currency is needed. This study has policy implications regarding cryptocurrency accounting and disclosure as follows. Firstly, there is a need for clear guidelines on how to disclose cryptocurrencies in the notes of financial statements for financial statement users. To be specific, it is necessary to separately disclose the exact amount of cryptocurrency rather than include it under other intangible assets. Moreover, if the amount of virtual currency is significant relative to the amount of total asset, we can also consider disclosing the value of cryptocurrencies in the statement of financial position or related information in “other matters required for the protection of investors”. In addition, for firms that issue and hold cryptocurrencies for the purpose of sale in their usual business activities, it seems that clear guidelines based on the content of the cryptocurrency white paper are needed. The information in the cryptocurrency white paper, such as the obligation to perform for firm's clients or the risk of cryptocurrency such as the possibility of external attacks on vulnerable algorithms should be clearly disclosed in the financial statement.

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