실제 이익조정과 미래성과 및 자본시장의 이상현상

Manager's earnings management can be divided into Accrual-Based Earnings Management ('AM') and earnings management based on real management activities ('RM'). AM is the earnings management which increases reported earnings by coordinating imputing period through accounting change or estimations against the same economic event. On the other hand, RM is the earnings management which increases reporting earnings through decreasing expenses spent on actual management activities or increasing sales. The purpose of this study is to verify the relationship between RM, Future performance and forecasted earnings and to verify responses of the capital market. This study verified managers' RM by presuming integrated corresponding values of performance of 3 measured values (operating cash-related RM, production cost-related RM and sales and management related RM). The result showed that the more real earnings management increases, the less the future performance reduces. And it also showed that cash flow, the prediction value of accruals and earnings reduced. And in the capital market, earnings, cash flow and the prediction value of accruals according to the real earnings management were overestimated. This study is expected to provide useful information to capital market participants such as investors and financial analysts by clarifying earnings management through real management activities, Future performance, prediction value of earnings.