회계정보의 질과 부채에 의한 자본조달의 관계

We study the role of borrower accounting information quality in debt financing. The first purpose of this study is to examine the effect of firm's accounting information quality on the cost of debt financing. Our study provides evidence into how accounting information quality, which can be thought of as a measure of information risk, affects the financing cost of bank loans and corporate bonds, respectively. The second purpose is to examine how accounting information quality affects the borrower's choice of bank loans versus corporate bonds market. We expect firms with poor accounting information quality potentially face higher adverse selection costs in the bonds market. This study provides evidence into borrowers with poor accounting information quality to prefer bank loans over corporate bonds to resolve their information problems. For the study, we measure accounting information quality using the quality of accruals as in Dechow and Dichev(2002) and the abnormal accruals estimated following Dechow et al.(1995). The sample consists of 1,210 bank loans sample and 395 corporate bonds sample among non-banking firms listed in KOSPI over 2004-2013. We find that firms with poorer accounting information quality have higher interest expense to bank loans. This results are consistent with the relationship between accounting information quality and bonds coupon rate. We also find that accounting information quality affects the choice of the debt market, with poor accounting information quality borrowers preferring bank loans. This is consistent with banks possessing superior information access and processing abilities that reduce adverse selection costs for borrowers.