디지털융복합연구 (Journal of Digital Convergence)

  • 제15권1호
  • /
  • Pages.209-216
  • /
  • 2017
  • /
  • 2713-6434(pISSN)
  • /
  • 2713-6442(eISSN)
한국디지털정책학회 (The Society of Digital Policy and Management)
권호 표지
DOI QR코드

DOI QR Code

거래 상대기업의 지배주주일가 지분율을 고려한 대규모기업집단의 내부거래가 이익조정에 미치는 영향

The Effect of Transaction to the Related-party on the Earnings Management by Considering Controlling Shareholders Ownership

  • 백정한 (동국대학교 경영계열(경주캠퍼스)) ;
  • 최종서 (부산대학교 경영학과)
  • 투고 : 2016.12.01
  • 심사 : 2017.01.20
  • 발행 : 2017.01.28
PDF 다운로드
⟨ 이전 논문 다음 논문 ⟩

초록

우리나라 경제 발전의 핵심동력이라 할 수 있는 재벌구조의 공과는 오랫동안 사회 다양한 분야의 논쟁 대상이었다. 회계학분야에서는 소수의 지배주주에게 집중된 의사결정 구조로 인해 소액주주의 부가 지배주주에 의해 편취되는 이른바 터널링(tunneling) 현상에 주목하여 왔다. 본 연구는 기존 연구들이 터널링의 수단으로 이용될 것으로 의심되는 내부거래에 주목한 것과 같이 대규모기업집단의 내부거래에 주목하여 지배주주의 기회주의적 의사결정이 존재하는지 검증하고자 하였다. 그러나 본 연구는 기존의 연구가 내부거래 전체를 하나의 변수로 다루고 있어 그 함의를 분명하게 파악하지 못하는 편의(bias)가 있었을 것으로 판단하고, 내부거래 대상기업의 특징을 반영하여 내부거래를 세분화함으로써 기존의 연구를 확장하였다. 본 연구는 IMF와 금융위기를 거쳐 오늘날까지 이어지고 있는 재벌 혹은 대기업총수의 도덕적 해이에 대한 단서를 제공하는 한편, 이에 대한 보다 적극적인 대응이 필요함을 시사한다.

The merits and demerits of the chaebol in Korea has been subjected to considerable debate in recent years. In accounting research, many papers have been concentrating on tunneling that be designated as expropriation of minority shareholders by controlling shareholders. Although majority previous paper suggested related-party transaction has a negative effect to firm value, some research on related-party transaction argued it has a positive effect, also. We assume that they can't consider compositive meaning of related-party transaction and result of prior studies are mixed. In this setting, we investigate the relation between earnings management and related-party transaction which be known as strategy for tunneling by considering controlling shareholder's ownership.

키워드

참고문헌

  1. S. Johnson, R. La Porta, F. Lopez-De-Silanes and A. Shleifer, "Tunneling." The American Economic Review, Vol.2, No.90, pp. 22-27, 2000.
  2. J. H. Choi, "Information Value of Affiliates Transaction." Korean Accounting Journal, Vol.1 No.19, pp. 77-105, 2010.
  3. K. M. Lim, and S. B. Cho, "Study on related-party transaction in Korean Affiliated firm" Research paper, KDI 2007-05.
  4. S. Chang, and J. Hong, "Economic Performance of Group-affiliated Companies in Korea: Intergroup Resource Sharing and Internal Business Transaction." Academy of Management Journal, Vol. 3, No. 43, pp. 429-448. 2000,
  5. M. Bertrand, P. Metha, and S. Mullainathan, "Ferreting out Tunneling: An Application to Indian Business Groups." The Quarterly Journal of Economics, Vol.1, No. 117, pp. 121-148. 2002.
  6. J. I. Park, H.W, Paik, and H. M. Chun, "The Effect of Related Party Transaction on Audit Fee: Evidence from Auditor's Differentiated Response on Profit or Loss Firms with Related Party Transaction." The Korean Accounting Review, No.3, Vol. 40, pp. 203-255. 2015.
  7. J. H. Choi, "Affiliates Sales and Earnings Management through Real Activities Manipulation." Journal of Finance and Accounting Information, Vol.1, No.11, pp. 53-81. 2011.
  8. The ratio of related-party transaction of firm owned by junior is twice the ratio of fims owned by parents, The CEO Score Daily. www.ceoscoredaily.com , 2016. 10.26.
  9. J. S. Baek, J. K. Kang, and K. S. Park, "Corporate Governance and Firm Value: Evidence from the Korean Fianancial Crisis." Journal of Financial Economics, No. 71, pp. 265-313. 2004.
  10. T. Mitton, "A Cross-Firm Analysis of the Impact of Corporate Governance on the East Asian Financial Crisis." Journal of Financial Economics, No.64. pp. 215-241. 2002.
  11. K. M. Kahle, and K. Shastri, Executive Loans, Working paper, University of Pittsburgh. 2003.
  12. Y. Cheung, P. Rau and A. Stouraitis, "Tunneling, Propping and Expropriation: Evidence form Connected Party Transactions in Hong Kong." Journal of Financial Economics, Vol.2, No.82, pp. 343-386. 2006.
  13. S. Claessens, S. Djankov, and L. Lang, "The Separation of Ownership and Control in East Asian Corporations." Journal of Financial Economics Vol 1-2, No. 58, pp. 81-112. 2000.
  14. J. H. Kim, and Y. S. Woo, "The Effect of Transaction to the Related-party on the Earnings Management and the Earnings Response Coefficient." Korean Accounting Review, Vol.3, No.33, pp. 25-59. 2008.
  15. M. C. Kim, Y. S. Cheon, and J. Y. Lee, "Insider Trading and Earnings Management." Korean Accounting Review, Vol.4, No.35, pp. 1-37. 2010.
  16. S. K. Sohn, J. M. Koh, and K. W. Chung, "Do Insiders Have Long-term Perspective in Choosing Earnings Management Method?" Korean Journal of Financial Studies, Vol. 4, No. 40. pp. 579-607. 2011.
  17. S. P. Kothari, A. J. Leone, and C. E. Wasley, "Performance Matched Discretionary Accrual Measures." Journal of Accounting and Economics, No. 39. pp. 163-197. 2005.
  18. L. S. Kim, "Convergence of Information Technology and Corporate Strategy", Journal of the Korea Convergence Society, Vol. 6, No, 6, pp. 17-26. 2015. https://doi.org/10.15207/JKCS.2015.6.6.017
  19. M. J. Lee, and K. I, Khoe, "Development Method od Digital Content Finance-Focused on by Technical Value Evaluation", Journal of the Korea Convergence Society, Vol.6, No. 6, pp. 111-117, 2015. https://doi.org/10.15207/JKCS.2015.6.6.111