기업의 재무보고 품질과 부채 만기가 투자 효율성에 미치는 영향

This study analyzes empirically the effects of financial reporting quality and debt maturity on investment efficiency of firms listed on Kosdaq Market of Korea Exchange. Financial reporting qualities are estimated using the Dechow et al. (1995) model, the Dechow et al.(1998) CFO model, the Kothari et al. (2005) ROA-performance-matched-discretionary-accrual model, and their aggregate measure. Corporate debt maturities are determined using the Johnson(2003) model, and investment efficiencies are determined using the Biddle et al.(2009) model. The main results of this study can be summarized as follows. The financial reporting quality has positive and significant effects on the investment efficiency, implying that firms with higher financial reporting quality show higher investment efficiency. At the same time, debt maturity has positive and significant effects on the investment efficiency, implying that firms with higher use of short term debt show higher investment efficiency. However, the financial reporting quality and debt maturity are mechanisms with some degree of substitution in improving investment efficiency, reducing both overinvestment and underinvestment problems. That is, firms mitigate investment inefficiency by preparing financial information with higher quality or by using shorter debt maturity. This study contributes to a growing body of literature providing empirical evidence of financial reporting quality and debt maturity roles in improving investment efficiency. In particular, this study analyzes the interaction effect between financial reporting quality and debt maturity on improving investment efficiency and suggests both financial reporting quality and debt maturity may play a substitutive role in reducing both overinvestment and underinvestment problems. This study may have a few limitations because it may be an only early study about the effects of financial reporting quality and debt maturity on corporate investment efficiency. Therefore, we think that it is necessary to expand sample firms and control variables, and use more elaborate analysis methods in the future studies.