Journal of Digital Convergence (디지털융복합연구)

The Society of Digital Policy and Management (한국디지털정책학회)
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Investment Tendency of Foreign Investor and Accounting Conservatism

외국인투자성향과 회계보수주의

  • Ji, Sang-Hyun (Division of Business & Commerce, Baekseok University) ;
  • Ryu, Ye-Rin (Management Research Institute, Pusan National University)
  • Received : 2019.01.17
  • Accepted : 2019.03.20
  • Published : 2019.03.28
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Abstract

This paper analyzes the impact of investment tendency of foreign investor on accounting conservatism. We use the sample of 1,527 firm-year Korea listed companies belonging to non-financial corporate sector during 2014-2016. The results of empirical analyses show that investment horizons of foreign investors has a positive relevance with accounting conservatism. This result indicates that the firm have a long-term foreign investors has a good quality of accounting earning than the firm have a short-term foreign investors. This study that verified the relevance between investment tendency of foreign investor and accounting conservatism is expected to provide useful information by suggesting the need for more incentive for the long-term foreign investors. And we expect a follow-up study focused on the discriminative effect of investment tendency of foreign investor on accounting policy.

본 연구는 외국인투자자의 투자성향에 따른 기업의 회계보수주의 수준을 실증적으로 검증하였다. 연구표본은 2014년부터 2016년까지 한국거래소 계속기업 중 금융업을 제외한 12월 결산법인 1,527 기업-연도이다. 분석 결과, 외국인투자자의 투자기간이 장기일수록(투자회전율이 낮을수록) 투자기업의 회계보수주의 수준이 높은 것으로 나타났다. 이러한 결과는 상법상 회계장부열람등사 청구권을 행사할 수 있는 외국인지분율이 3%이상인 기업만을 대상으로 한 추가분석에도 지지되었다. 이상의 연구결과에 따르면, 외국인투자자가 장기적으로 투자하는 기업이 그렇지 않은 기업에 비해 높은 회계보수주의 수준을 나타내, 상대적으로 높은 수준의 회계이익의 질을 갖추고 있는 것으로 판단된다. 본 연구는 외국인투자자의 투자성향에 따른 투자기업의 회계보수주의 수준을 검증함으로써 외국인 장기 투자를 위한 인센티브의 필요성을 제시하며, 외국인투자자의 투자성향이 회계정책에 미치는 차별적인 영향에 대한 후속연구가 필요할 것으로 기대된다.

Keywords

Table 1. Descriptive Statistics

DJTJBT_2019_v17n3_153_t0001.png 이미지

Table 2. Pearson Correlation

DJTJBT_2019_v17n3_153_t0002.png 이미지

Table 3. Results of regression

DJTJBT_2019_v17n3_153_t0003.png 이미지

Table 4. Additional Results

DJTJBT_2019_v17n3_153_t0004.png 이미지

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