이익의 구성요소별 보수주의회계 효과의 측정에 관한 연구

This paper examines the effect of accounting conservatism in Korea. The objectives of this study are twofolds: Firstly, I investigate whether conservatism exists under Korean GAAP following the empirical models suggested by Basu(1997) and Feltham and Ohlson(1995). Secondly, I analyze the effect of conservatism on disaggregated accrual components in the light of market-based measures, by employing Basu's framework. Major findings of the study are summarized as follows: I confirm that the asymmetric timeliness and persistence of earnings similar to Basu(1997) exist under Korean GAAP. Earnings appear to reflect bad news more timely than good news, and negative earnings changes exhibit a greater tendency to reverse in the next period than positive earnings changes. Moreover, Feltham and Ohlson's(1995) valuation model provides positive coefficient on net operating assets which supports the notion that conservatism exists in Korean accounting practice. I find that cash flows from operations do not show the asymmetric timeliness and reversing tendency like earnings, which leads to an expectation that total accruals incorporate the conservative effect into earnings. I decompose total accruals into their constituent components and analyze the effect of conservatism on each components, that is, operating accruals, nonoperating accruals, conservative accruals and non-conservative accruals. The results show that operating accruals are more conservative than total accruals. Whereas nonoperating accruals, in particular long term accruals, are less conservative. I also find that conservative accruals, defined as operating accruals adjusted by extraordinary items, detect the effect of conservatism better than operating accruals.