부채선택과 기업가치－이사회 특성을 중심으로－

This study examines the effects of the expertise of outside director and operation of audit committee which are measured as board's characteristics on corporate debt maturities and verified accounting information's value relevance. Debt maturity structure is very important to corporate capital costs, and management risk(financial risk) and the cost of reproduction of the corporate. One wrong debt maturity structure can not only reduce the value of corporate, but also can affect the corporate's existence. As a result, this study examines the impact of board characteristics that by reducing the corporate risk and information asymmetry on CEO's debt choice. In addition, this study analyzed whether the investors' reactions to the accounting information for these companies is different. Analysis results are as follows: First, the higher the expertise of outside director, long－term debts appears to be preferred. This can be interpreted that by appropriate monitoring corporate management activities that can reduce management risks and can affect CEO's debt choice. Second, the operation of audit committee between long－term debt couldn't provide the statistical significance. Third, the corporate that the outside director expertise is higher compared to those corporate which is not, the accounting information's value relevance of these companies appears to be higher. This means that investors' assessment of these companies is positive(favorable).