한국기업의 회계투명성과 재무분석가의 예측특성과의 관계

This study examines the association of the accounting transparency on the analysts forecast characteristics. This paper analyzed the determinants associated with accounting transparency to determine the transparency of Korean companies, and examines the relationship between measured transparency index and analyst characteristics. This study suggests that analysts may be an important indicator of information risk in the capital market as a representative information user in the capital market. This study empirically analyzed the relationship between the accounting transparency index and the number of financial analysts, earnings forecast error and forecast dispersion. The results of the empirical analysis are as follows. First, it turns out that the number of analysts analyzing the transparent firms increases. This is interpreted as transparent firms are relatively less informed and thus the number of following analysts increases. Second, analysts' earnings forecast error and forecast dispersion level for transparent firms are low. This result implies that the earnings forecasts of financial analysts analyzing firms with high level of transparency of accounting are relatively accurate and predictive dispersion is also low because financial analysts' heterogeneity of information analysis is low. The contribution of this study is as follows. This study examines the effects of the accounting transparency index on the capital market by using characteristics of the financial analyst, thus establishing the basis for the usefulness and validity of the transparency index, as well as promoting social consensus on the use of the transparency index. In order to overcome the limitations of the previous studies, this study uses the accounting transparency index which includes all of the determinants that affect accounting transparency, so that the total effort on accounting transparency of domestic listed companies has an influence on the capital market. In other words, it can be said that the fact that the people who exist in the capital market depend on the accounting information provided by the firm level is verified through the influence on the financial analyst who is the representative information user of the capital market.