비상장 중소기업의 신용등급과 이익의 질

The purpose of this study is to find out differential information effects of earnings persistence as proxy in earnings quality on finance score and non－finance score compnents of the credit evaluation grade. The samples were collected from non－listed small and medium－sized firm’s during 2010 －2014 in Total Solution 2000 of Korea Listed Companies Association. The hypothesis of this study are as follows；The first hypothesis of this study is whether earnings persistences as earnings quality’s proxy would positively act on the credit evaluation grade. And the second hypothesis is whether earnings persistences as earnings quality’s proxy would positively act on components of the credit evaluation grade. For the empirical testing of this hypothesis, we decomposed the credit evaluation grade into finance score and non－finance score in the research models. The research models of this study include the credit evaluation grade, finance score and non－finance score as dependent variable, and earnings persistence as independent variable. Other control variables included in models are return on assets, firm size, debt ratio, and auditors opinion dummy, loss firms dummy. The results of this study can be summarized as follows. First, in the tests using earnings persistence as independent variable, we find significantly positive relation on the credit evaluation grade. Second, in the tests decomposing the credit evaluation grade into finance score and non－finance score, earnings persistence showed significantly positive relation on the finance score compnents of the credit evaluation grade. And earnings persistence tested significantly positive relation on the non－finance score compnents of the credit evaluation grade. This paper can contribute to comprehend definitely the credit evaluation grade effects by investigating the information effects of financial score or non－financial score compnents of the credit evaluation grade.