매도가능금융자산을 이용한 이익관리의 증거

Currently, the interest of other comprehensive income, which is a major part of K-IFRS‘s a consolidated statement of comprehensive income, is rising in the accounting filed after adopting comprehensive income concept from FASB in 1997. Especially, this study using available-for-sale financial assets to examine manager's an opportunistic earnings management is very meaningful research because it can be used in a well-timed, accounting standard settlers. This study empirically examines whether firms use the differences amounts of available-for-sale financial assets from the previous year to manage their reporting earnings. We used samples consisting manufacturing 437 firms(1,610 samples) listed on the Korean Stock Exchange between 2004 and 2011. We concluded that managers tend to manage upward their earnings because discretionary accruals generally exhibits positive and significant result. We estimated that managers dispose available-for-sale financial assets selectively for an opportunistic earnings management because the coefficients of the amount and the different amount of increase or decrease of available-for-sale financial assets are negative and significant, and significantly associated with discretionary accruals. This study discovered an evidence of earnings management that managers dispose selectively available-for-sale financial assets to manage their reporting earnings. Further, we discovered an evidence that managers manage upward or downward their earnings by disposing selectively available-for-sale financial assets depending on the rate of change of net income or between loss and black business, while there was no an evidence of earnings management depending on the rate of change of Korean Composite Stock Price Index. Our results suggest standard setters may want to consider emphasizing that the available-for-sale financial assets can be used for managing earnings management.