감사품질이 무형자산 관련 회계정보와 기업가치의 관계에 미치는 영향：비정상 감사보수와 비정상 감사시간을 중심으로

Prior studies have shown that intangible expenditures were firm value, but the intangible expenditures are exploited as a means to accounting choice or earnings management. The accounting information on intangibles has become an important source of generating firm value. This paper investigates the effect of audit quality on the relation between accounting information on intangibles and firm value. The proxy variable of audit quality is measured by abnormal audit fees and abnormal audit hours by utilizing the prior research. The intangible expenditures are measured by research expenses, ordinary development expenses, education & training expenses and advertising expenses, while firm value is measured by Tobin’s Q. Samples consist of 2,869 firm-years that are listed in the Korean Stock Change for 2005－2010. The main results of this empirical study are as follows. First, the abnormal audit fees which are measured as audit quality variable more significantly enhanced the relation between intangible expenditures and firm value. Also, the interaction term of abnormal audit fees and intangible expenditures significantly and positively affected firm value. Second, abnormal audit hours did not significantly affect the relation between intangible expenditures and firm value. This result shows that abnormal audit fees are relatively more reasonable variables than abnormal audit hours as proxy variables of audit quality. To summarize, the improvement of audit quality by the increase of abnormal audit fees enhances the relation between intangible expenditures and firm value. This paper has made a significant contribution to providing empirical evidence on information usefulness of audit quality in firm valuation.