소유구조 및 회계제도 변화와 이익조정의 관련성 - 중국 상장기업을 대상으로 -

This study investigates the effects of ownership structure change, IFRS adoption on the accounting information quality in listed Chinese firms. For the purpose of this study, we examine the difference of earnings management according to the ownership structure measured by the ratio of state (or state and legal persons) owned stock. Then we examine whether the earnings management is significantly different between the pre and post IFRS adoption period. We analyse 12,025 non-financial firm-years data listed in main board A of Shanghai and Shenzhen Stock Exchange in china from 2003 to 2012. In consideration of the special nature of China accounting system, we measure the discretionary accruals by partially amending the modified Jones(1991) model. Also, for considering the size as well as direction of earnings management, we make a supplemental analysis that the absolute value of discretionary accruals as the level of earnings management is applied. The results are summarized as follows; First, there are significant differences in earnings management according to the ownership structure in China. The higher the state owned(or state and legal persons owned) shares ratio is, the more earnings management is represented. Second, there are significant differences in earnings management between before and after IFRS adoption in china. In the post IFRS peroid, Chinese firms do more earnings management. Finally, the results in a supplemental analysis which earnings management is measured by absolute discretionary accruals are alike. Our findings are similar to those of prior studies on ownership structure effects under the capitalist market system. This means that recent reform of ownership structure in China helps to improve the quality of accounting information in earnings management aspect. Also, the increase in earnings management after IFRS adoption means that complementary measures are still required to improve the quality of accounting information in China.