분식회계 적발기업의 재무적 특성과 이익조작

This paper is to examine the type of window dressing, financial characteristics and earnings manipulation of 46 companies(73 samples) related to earnings overstatements or understatements that are subject to accounting enforcement actions by the Financial Supervisory Service of the Republic of Korea.The 83 percent of the sample is earnings overstatement companies, and 82 percent is the net loss companies. The results show that there are a differences between stock market and KOSDAQ market companies in some accounting variables, i.e., the debt to total assets, error correction, the debt to sales, financing cost to sales, and assets quality index. I also find some variables that there are a differences between earnings overstatement and earnings understatement companies in cost of goods sold increase ratio, financing cost to sales, assets quality index, and cash flows to sales. And there are a differences between net income and net loss companies in most financial variables.Finally, compared with three discretionally accruals models, I find evidences that there is no a difference of discretionally accruals between stock market and KOSDAQ market companies, and earnings overstatement and earnings understatement companies, but there is a difference of discretionally accruals between net income and net loss companies. Especially, I find important evidence that the earnings overstatements in these companies are motivated by not the discretionary accruals but the not-discretionary accruals. This result is not consistent with most prior studies.