제조원가명세서 원가회계정보가 타인자본비용에 미치는 영향 ：IFRS 전후 비교를 중심으로

[Purpose]The purpose of this study is to analyze how the accounting information provided in the schedule of manufacturing costs affects the cost of debt capital before and after IFRS adoption thereby revealing the information contents in the perspective of creditors. [Methodology]The research was carried out on companies that are listed in the KOSPI(Korea Composite Stock Price Index) market from 2005 to 2016. The final samples include 2,128 firm－year observations. [Findings]The results are as follows: First, after IFRS adoption, the cost of sales and the manufacturing cost decrease the cost of debt capital, whereas the selling and administrative expenses increase risk premiums. Only the company that discloses materials costs has the negative relation between the cost of sales and the cost of debt capital after IFRS. It suggests that materials costs may be the main factor to mitigate risk premiums. Second, only materials costs reduce the cost of debt capital in the manufacturing and construction industries. Without the effect of selling and administrative expenses on the cost of debt capital, materials costs diminish risk premiums in the other various industries. [Implications]It highlights that the information content of material costs implies the management expectation about future cash flows, since the higher material costs indicate the higher levels of productive activities to meet future demands. While other manufacturing costs are affected by managerial discretion in financial reporting, materials costs reflect the economic substance of productions. After adopting IFRS that applies the substance over form principle, the cost of sales computed by using material costs lowers the cost of debt capital.