특수관계자 거래와 실제 활동을 통한 이익조정

This study analyzed the influence caused on real earnings management through differentcombinations amongst related party transactions such as the sum of revenue and sales whichultimately brings inflow of cash and the sum of expenses and purchase which eventually resultsin outflow of cash. The survey did so by using the sample that consisted of 2,307 (firm/year) observations ofcompanies listed(KOSPI) non-financial institutes Korean firms from 2006 to 2010. The mainresults of this study can be summarized as follows:The sum of revenue and sales regarding the related parties displays positive significance in theabnormal cash flow from operations This displays that corporations which have greater sums ofrevenue and sales amongst related party transactions result in the decrease of cash flow fromoperations. The manager can lower the sales price or grant excessive credit in order to inflate thesales. This situation can be considered to temporarily expand the sales size of the related party. However, in long-term perspectives, it brings decrease in sales and applies negatively in the cashflow from operation and result in decrease in the cash flow from operation per each sales unit. Amongst related party transactions, the sum of expenses and purchase displays insignificant valuewith abnormal cash flow from operation. The sum of revenue and sales as well as sum of expenses and purchases regarding the relatedparty displays positive significance in the amount of abnormal production cost. This stands forhow corporations with much sum of revenue and sales and sum of expenses and purchase amongstrelated party transactions result in the increase of earning management by the manager throughreal activities. The sum of revenue and sales as well as the sum of expenses and purchases regarding therelated party each displays positive significance in the amount of abnormal discretionary expenses. This can be analyzed as how a greater number of related party transactions leads to the managerincreasing the earning management behaviors through real activities such as the spending ofdistribution cost and maintenance cost. The study results provide positive evidence on whether the sum of related party transactioncauses influence on the earning management through real activities. Furthermore, by analyzing how the sum of revenue and sales and the sum of expenses andpurchase amongst related party transactions cause influence on earning management through realactivities, this will increase the comprehension on related party transactions and provide assistancefor the regulatory authority.