재무분석가의 활동과 발생액 질의 관련성

This paper examines the relation between analysts' forecasting and quality of accruals. Analysts's forecasts, which reflect the result of various accounting selections, can be a reason that restrict the discretional behavior of manager. So in this paper, that analysts do not only play a role on information collection, analysis and then transferring to investors, but also serve as external monitors is tested. A sample of Fn-data Guide and KIS-FAS, for a period of six year from 2000 to 2005 is selected. Results are summered as follow. Frist, in the regression model, which quality of various accruals is used as dependent variable and analysts' forecast as independent variables, it is founded the more the analyst's forecasting, the higher the quality of accruals. Second, in the analysis that gain firm and loss firm are divided, results are as follow. In the situation of gain firm, analysts' forecast and quality of accrual is highly significantly related. However, in the situation of loss firm, the significant relation between analysts' forecast and quality of accrual is lower than the total firm, This can be explained by attaching weight when gain firms are analysed. In summary, analysts' forecast can improve the quality of accrual and the improvement of quality of accrual caused by the analysts' forecast influences firm value. So financial analysts who collect, analyze and transfer firm information, also function as external monitoring.