이익관리지표 수준에 따른 신용평가등급변동이 타인자본조달비용에 미치는 영향에 관한 연구

This study is to analyze the relation between the cost of debt after tax and the changing of credit rating by the level of earning management which is the discretional accruals or the income smoothing. Here, the earning management index means the discretional accruals and income smoothing. The major findings of this study were summarized as follows:First, analysis is what the phase of credit rating change by income smoothing level effect to the credit of debt after tax. In the firm of high level income smoothing, if credit rating is up or constant, income smoothing level has negative sign with the cost of debt after tax. But if credit rating is down, income smoothing level has positive sign with the cost of debt after tax. Meanwhile, in the firm of low level income smoothing, if credit rating is up or constant, income smoothing level has negative sign with the cost of debt after tax. But if credit rating is down, income smoothing level has positive sign with the cost of debt after tax. Second analysis is what the absolute value of income smoothing effect to the cost of debt after tax. This result showed that the effect to the cost of debt after tax is different by the absolute of income smoothing. It means that the views of prior studies are different with the result of this study. The third analysis is what the phase of credit rating change by managers’ discretional accruals(DA) effect to the credit of debt after tax. In the firm of high DA, if credit rating is up or constant, income smoothing level has negative sign with the cost of debt after tax. But if credit rating is down, DA has positive sign with the cost of debt after tax. Meanwhile, in the firm of low DA, if credit rating is up or constant, DA has negative sign with the cost of debt after tax. But if credit rating is down, DA has positive sign with the cost of debt after tax. Last analysis is what the absolute value of managers’ discretional accruals effect to the cost of debt after tax.