이익비대칭성과 외부이용자를 위한 CVP 분석

In this paper, we proposed two potential sources of asymmetries in CVP analysis for external users based on the cost asymmetries by Anderson et al.(2003). Then we examined three earning asymmetries using 7,105 firm－years data listed on the Korea Stock Exchange from 2011 to 2015, and showed that three considerations are needed. First, the relation between sales and earnings is not determined by contribution margin, and is not linear in response of earnings to sales decreases versus increases when external users estimate CVP relation using publicly available financial data. Second, we should consider in CVP analysis both non－linearities in earnings in case of sales decreases and the difference of resource adjustment costs according to the firm characteristics such as asset intensity, employee intensity, and firm size. Finally, we showed that we should consider in CVP analysis for external users not only asymmetries in earnings and adjustment costs according to firm characteristics but conditional conservatism in financial accounting. These results imply that external users’ earning estimates are likely to be distorted, leading to systematic bias in inferences drawn from CVP estimates if we do not consider both asymmetries in earnings, firm characteristics and conditional conservatism.