공기업과 준정부기관의 재무특성에 따른 경영성과와 이익조정에 관한 연구

This study intends to examine the influence of debt ratio or government subsidies which are financial characteristic on the relation of managerial performance or earning management in public institution. High debt ratio which is financial factor and managerial difficulties affect a meaningful negative influence on the management performance in public institution. And they make the profit rearrangement upward due to low management performance. Also, government subsidies will have positive effect on the profit arrangement because people have high concerns about their taxes. To accomplish this study purposes, I verified with the help of Yu’s regression models (2009), and on the financial factors on the basis of the modified Jones model(1991) which measured discretionary accruals. This study analyzed the high－ranking officials, financial information, and government subsidies of 119 public institution and quasi－government organization that state designated from 2005 to 2010. Empirical findings are summarized as following. First, debt ratio has a negative influence on performance, but it doesn't affect earnings management. Second, public enterprises which are given high social interest, however, have close relations between debt ratio and earnings management than quasi－government organizations. Lastly, as governmental subsidies ratio has a meaningful relation with earnings management in public institution, the public institutions with the high level of governmental subsidies ratio, in which people have high interest, are likely to make their performances upward.