회계정보의 질과 현금보유수준

After the financial crisis, Korean companies have more cash holdings than before the financial crisis. Many theories explaining firms' different level of cash holdings have been disclosed, and previous studies of the determinants of cash holdings have focused on the effects of asymmetric information and agency problem on firms' cash holdings. Under asymmetric information, empirical studies have shown that firms held higher cash balances. Recently, the accounting literature has shown the important role of the quality of accounting information in reducing asymmetries between firms and investors, but there is no previous direct evidence on this important issues. Therefore, the objectives of the present research is to examine the effect of accounting quality on firms cash holdings. I used accruals quality as a proxy for accounting quality and tested hypothesis in data sample of Korean firms for the period 1991-2008. The results show that firms with good accruals quality keep lower levels of cash holdings than firms with poor accruals quality. This result is consistent with previous research. This has shown that the quality of accounting information might reduce the negative effects of information asymmetries. Accruals quality improves investment efficiency and reduce the cost of debt financing. Results also provide that Chaebols show lower levels of cash holding than non-Chaebols do. The relationship between the accounting quality that is measured with discretionary accruals and cash holdings showed the relationship of minus (-) as not expected.