해외채권 발행기업의 이익조정에 관한 실증연구

The purpose of this research is to study the entities' earnings management which raise funds by issuing global bonds. And this research has an important meaning because it provides the opportunities that the in-depth studies of earnings management by the global bond issuing entities can be conducted. We can assume that the accounting firms examine the global bond issuing entities with stricter criteria so that they may avoid the lawsuits filed by global bond investors. As foreign investors may put emphasis on the operational cash flow of their investment objects as their significant investment indicator, not on their net income, the global bond issuing entities may have motives to make up their operational cash flow more. And it can be assumed that the amount of discretionary accruals in the fiscal year just before they issue global bonds would be smaller than that in global bond issuing year. At another point, the accounting firms of global bond issuing entities usually has partnerships with Big 4. So, the quality of their audit reports can be believed better than that of accounting firms without partnerships with Big 4. In their preceding research, Nah & Choi(2003) have come to the same conclusion that the amount of discretionary accruals audited by Big 5 partnership accounting firms was less than that by non-Big 5 partnership ones and that the auditing quality of the former ones was better than that of the latter ones. Because the global bond issuing entities may be mostly examined by Big 4, their amount of discretionary accruals can be expected smaller than that from entities who do not go to global bond market. Through the hypothesis testing with Kothari model(2005) as well as modified Jones model(Dechew et al. 1995), this research verified the hypothesis that the amount of discretionary accruals in the previous year of issuing global bonds was smaller than that in the bond issuing year at 5% level of significance. Even though this research has not verified the significant differences of discretionary accruals between the global bond issuing entities and non-global bond issuing entities, it presents the distinct differences among the two groups in SIZE(size of entities), FOR(foreign ownership rate), LARGE(major stockholder rate), ACC(absolute value of total accruals). And we found that SIZE and FOR of global bond issuing entities were larger than those of non-global bond issuing entities at the level of 1%. On the contrary, LARGE and ACC of global bond issuing entities were smaller than those of non-global bond issuing entities at the level of 1% and 5%, respectively. In addition, this can be regarded as a starting point because this suggests the opportunity to study the significant relationships between specific accounting information such as credit reviews by domestic and international credit rating agencies and the amount of discretionary accruals. With a longer period and more samples, we can improve the validity of this study.