비상장 중소기업의 회계투명성 제고방안

The purpose of this study is to examine the degree of earnings management and the factors effecting on it in unlisted small and medium enterprises. I design the model based on prospect theory to perform the first objective and use the ratio of debt to capital, ownership structure, external audit, the consistency of financial statements for taxing and financing, the ability preparing financial statements as the factors effecting on earnings management. The discretionary accrual, earnings management index is measured by Jones model. The sample consists on about sixty thousand unlisted manufacturing companies meeting the requirements of SME' act. The results confirm that sample companies manage reported earning widely without level to transfer the reported performance form deficit to profit condition. The degree of earnings management is stronger than that of large companies. Also, The ratio of debt to capital is significantly negative and ownership structure is significantly positive with the earnings management. The external audit and the consistency of financial statements for taxing and financing play the efficient role in controlling earnings management. These results are consistent in different year and different industry.On the basis of empirical results, I propose the co-ownership of accounting information between tax authorities and financial institutions, taking advantage for audited company, the differentiation of accounting standard by firm size, strengthening supervision for a licensed tax accountant as improvements of accounting transparency of unlisted small and medium enterprises.