부채비율과 파생상품의 정보유용성

Due to recent raw material prices and exchange rate fluctuations, management environments of domestic firms are becoming difficult to manage. Increases of interest rate fluctuations also increase uncertainty of management performances of domestic firms. Their use of derivatives to control this uncertainty is increasing fast. This means that firms manage uncertainty of business operations by using derivatives. The objective of this study is to investigate the relation between using derivatives and the usefulness of accounting information according to debt ratio. This study empirically analyzes whether using derivatives of high debt ratio firm reduce information asymmetry and the cost of capital. The empirical results revealed that a negative correlation between using derivatives and stock return volatility, analyst forecast dispersion and a positive correlation between derivatives usages and analyst forecast accuracy become stronger in the higher level of debt ratio. This means that derivatives usages of high debt ratio firms decrease information asymmetry. The results also revealed that a negative correlation between derivatives usages and the cost of capital become stronger in the higher level of debt ratio. The contribution of this study is that the relation between using derivatives and the usefulness of accounting information according to debt ratio in testing. Prior studies focused on using derivatives and firm risks, firm values or determinants of using derivatives. This study empirically analyzed that derivatives usage of high debt ratio firms reduced information asymmetry and the cost of capital. The results of the study will provide implications to regulatory agencies that control derivatives and to stakeholders that use derivatives information.