재무비율 실제치와 예측치의 차이를 통한 이익조정 연구

This study investigates whether managers exercise their accounting discretion of earnings management to estimate the current financial ratios in a favorably way. In this study, the financial ratios are limited as the interest coverage ratio, the ratio of net income to net sales, and the asset turnover ratio. This study estimates the differences between the actual values ​​calculated from the financial statements for the year from 2016 to 2018 and the forecasts reflecting the time series analysis of these financial ratios over the past 30 years, and testifies the effects on discretionary accruals, the proxy of earnings management. The results of the analysis are as follows. The results of univariate analysis show that all the financial ratios extracted from the current financial statements are significant positively correlated with discretionary accruals. In addition, the discretionary accruals average are statistically significantly higher when the actual financial ratios are larger than forecast values. Finally, in the multiple regression analysis result, discretionary accruals have a significant positive response when the actual financial ratios exceeds the predicted value. In addition, the empirical analysis of the construction industry as an order-taking industry makes sure the upward earnings management to increase the interest coverage ratio and the ratio of net income to net sales. This results suggest that the current earnings have been upwardly revised to produce a better estimate of the previously anticipated financial ratios.