감사인의 비감사서비스제공이 자본비용에 미치는 영향

This study examined market response to the non-audit service that was currently provided with the audit service to audited companies and the incremental effects of the accounting information quality on it. The study sample is composed of the listed on the Korea Stock Exchange(KSE) in 2002 to 2008. For the empirical research, the researcher used the conservatism and the cost of capital as the proxies for the accounting information quality and the market response, respectively and performed the same analyses using 3 non-audit service measures: whether to provide with non-audit services or not (NAFD), non-audit services fee (lnNAF), non-audit services fee rate (ANAFR). This study examined the incremental effects of the accounting information quality by using the interaction variable between the conservatism and the non-audit service. This study is distinguished from previous studies in that this paper examined how market investors interpret the association between the non-audit service and the accounting information quality by using the cost of capital. The empirical results of the regression models of the cost of debt capital and equity capital have proved to be different from each other. The results show that the cost of debt capital are statistically positively related to the 2 non-audit service measures except for NAFD (not significant). However, the coefficients of the interaction variable are not significantly related to the cost of debt capital. On the other hand, in the regressions of the cost of equity capital, the results show that the cost of equity capital is not significantly related to all the 3 non-audit service measures and the interaction variable.