국내여행기업의 재무적 특성과 이익조정 간의 관계 - 외부감사대상 여행기업을 중심으로 -

This study is an empirical investigation on the relations between financial characteristics and earnings management by focusing on domestic travel agencies receiving external audit. This study examines what the level of the domestic travel agencies' earnings management is and what kind of financial characteristics influences earnings management the most. First, activity ratio, growth ratio, and liquidity ratio were negatively related to total accruals, which means that the higher those ratios are, the lower total accruals are. That is, the firms with higher activity ratios, growth ratios and/or liquidity ratios are likely to have lower earnings management. Second, total accruals are significantly higher for firms with higher total borrowings. This result indicates that the firms with high borrowings to total assets are more likely to have more earnings management. Finally, when CFO has minus sign, it has high accruals, which means it is likely to have high earnings management. Especially when CFO has minus sign and NI has plus sign, the accruals were the highest. With those results, it is assumed that when a firm has minus CFO, managers have more tendency to manage their earnings. Consistent with the prior expectation, the results of this research show that accruals rely on various financial characteristics, which means that the users of financial reports can anticipate the level of earnings management of a certain firm by checking some financial ratios such as activity ratios, growth ratios and/or liquidity ratios and other financial factors like total borrowing to total assets of the firm as well as the relations between Net Income and Cash Flow from Operations. These results will be a great help to those who are interested in the financial reports of domestic travel agencies receiving external audit.