대규모기업집단의 회계정보의 가치관련성: 동일감사인 선임을 중심으로

This paper investigate whether the value relevance when the firm hire the auditor of the mother firm as the auditor of subsidiary firm has the systematic difference or not. Large business group consist of more than two company and there are internal transactions between the mother firm and subsidiary firm. Therefore those kinds of characteristics can affect the quality of accounting information. However although the accounting information are provided by the large business group, the quality of accounting information can be affected by the characteristics of the large business group. In this study, we examine the effect of the characteristics of external auditor on the value relevance of the large business group. Following the prior research the value relevance of accounting information have systematic differences according to the characteristics of external auditor. So this study examine the effect of auditor on the value relevance of the larege business group. For that, we use whether the company choose the same auditor between a mother firm and a subsidiary firm or not as a measurement of the characteristic of external auditor. Our research results as follows. First, we only use the subsidiary firm as the sample. We find the value relevance of book value and net income are higher when the company hire the auditor of mother firm as the auditor of subsidiary firm auditor rather than the company hire the non-same auditor between the mother firm and the subsidiary firm. And also the differences of the relevance of book value and the relevance of net income are smaller when the company hire the same auditor rather than the company hire the non-same auditor. These results can be interpreted that the same auditor appointment increase the audit quality and the accounting information quality. And our results are consistent with prior research results. That is, the same auditor appointment does influence on audit quality. Therefore, investors understand the accounting information which is audited by same auditor as the high quality and that kind of understanding is reflected in the value relevance. Second, we analysis the hypothesis using the whole large business group, that is, mother firm and subsidiary firm sample. As the result, the value relevance of net income increase in case of the same auditor appointment. But the value relevance of book value do not have systematic difference between the same auditor appointment and the non-same auditor appointment. Finally, we examine the hypothesis using only mother firm. We found that the value relevance of mother firm is influenced by the characteristics of subsidiary firm, not the number of subsidiary firm of same auditor appointment. That is, the effect of value relevance of mother firm depend on the subsidiary firm size and significant influence and etc. Using this results, we can interpret the difference of influence within large business group is crucial important role to accounting quality. Through the our research results, the same auditor appointment within the large business group increase the efficiency and effect of audit, and these effects increase the value relevance of accounting information. So our research results will provide useful information to the investor who want to invest the large business group.