공기업의 높은 부채비율과 회계처리방법이 투자의 효율성에 미치는 영향

This study tries to investigate the effects of high debt/asset ratio and the choice of accounting method(earnings management and conservative accounting) on the quality of financial reporting and investment efficiency(or the efficient distribution of resources) in public companies. Therefore, firstly, this study examines closely the relation(or motivation) between high debt/asset ratio and the choice of accounting method(that is, earnings management and conservative accounting) in public companies. Secondly, this study tests the effects of these relations on the quality of financial reporting. Our major empirical results of the study are summarized as follows. Firstly, public companies with a high debt/asset ratio perform the upward earnings management by means of a discretionary accruals and a relative low conservative accounting. Secondly, hence these high debt/asset ratios decline the quality of financial reporting, consequently, give rise to the inefficiency of investment. And finally, this study doesn't prove the effects of the relation between previous results and K-IFRS introduction on the investment efficiency. This study contributes to the related fields as follows. Firstly, this study gives rise to the momentum that shows the relations between the quality level of financial reporting and the efficiency of allocation of resources. Secondly, through the studies that examine the relation between the quality level of financial reporting and the CEOs’discretionary accounting choice, this study enhances the role of financial reporting. Lastly, this study suggests the new solutions of the settlements of a high debt/asset ratio and inefficient investments in public companies.