신용평점과 이익조정이 기업가치에 미치는 영향

[Purpose]This paper empirically analyzes the effect of credit rating and earnings adjustment interaction on corporate value by expanding previous studies examining the effect of changes in credit rating on corporate value. [Methodology]For this study, KIS－Credit Rating was used as a substitute for credit ratings, and discretionary accruals were estimated as a model of Kothari et al.(2005) [Findings]First, regression analysis of the impact of changes in credit ratings on the firm value showed a significant amount(＋). And the effect of the interaction variable of the change in credit rating and discretionary accrual, the proxy for profit adjustment, to the firm value was regression analyzed. As the result of analysis showed a significant negative(－) between the interaction variables and the firm value. An additional, empirical analysis was conducted using the absolute value of discretionary accruals as a substitute for earnings adjustment. In the sample where the absolute value of discretionary accruals exceeded the median, a significant negative relationship was found in the study variables. However, in the empirical analysis for the sample where the absolute value of discretionary accruals was below the median, no significant correlation was found. [Policy Implications]This paper analyzed the effects of the interaction variables of credit ratings and discretionary accrual. The results of this study suggest the importance of various information to market participants.