리스선택은 어떻게 이루어지는가? 새로운 시각

Information users make an investment decision by analyzing various components of firm's assets and liabilities or income. However, managers who maximize their utilities using their discretion on accounting choice are likely to mislead decision-making of information users in the financial statements(Watts and Zimmerman 1986). Accounting choice in efficient market with homogenous information and rational expectations does not affect the decision. In reality, on the other hand, there may be a transfer of wealth by accounting choice because of information asymmetry between managers and information users(Holthausen 1990). In contrast, accounting choice does not necessarily bring inefficiency. It can not only perform the function of transmitting substantial information but also alleviate manager's intention to manipulate accounting numbers in the financial statements(DeAngelo et al. 1994). Thus, agency problem may worsen further under the regulation of mandatory accounting choices. Lease is classified into operating lease and capital lease under IFRS, depending on whether a lessor(leasing company) or a lessee takes the risks and benefits. However, International Accounting Standard Board(IASB) is to present a paper that discusses constraints on the use of operating lease. This will impose serious constraints of lease accounting choice, deviating from principle-based accounting of IFRS. Why did IASB make ​​this decision? Lessee use lease assets by paying the price for leasing companies through their lease contract. In fact, there is no difference between operating and capital lease as well as lease and installment purchase in substance(Dieter 1979). Nevertheless, managers may prefer a lease accounting under a certain situation, so researchers have endeavored to find determinants in choosing lease accounting through empirical studies.