정보비대칭에 따라 내부회계관리제도 담당 인력이 보유현금 가치관련성에 미치는 영향

The purpose of this study is to verify the effect of the level of information asymmetry of a company on the relationship between the adequacy of personnel in charge of the internal accounting control system and the value of the cash held. Personnel in charge of the internal accounting control system are responsible for securing the reliability of financial statements, protecting assets including cash, and preventing corruption. If the personnel in charge of the internal accounting control system are properly formed, reliable accounting information is prepared, the protection of assets including cash and fraud is prevented, so investors value the cash held by such companies highly. However, the value of cash held by a company depends on the level of information asymmetry. In particular, cash among the assets held by a company is more likely to change depending on the level of information asymmetry because it is easier for managers to use it at their discretion compared to other assets. Therefore, this study attempts to investigate the effect of the adequacy of human resources in charge of the operation of the internal accounting control system on the value of cash held according to the level of information asymmetry. In addition, the adequacy of the personnel in charge of the internal accounting control system is measured not only in terms of quantity but also in terms of qualitative aspects of the personnel in charge of the competence of their careers or the possession of a certified public accountant. As a result of the empirical analysis, the effect of the quantitative adequacy of the personnel in charge of the internal accounting control system on the value of cash held differs according to the level of information asymmetry. For companies with high information asymmetry, investors value the value of their cash holdings low if the number of personnel in charge of the internal accounting control system is not adequate. However, investors did not significantly evaluate the adequacy of personnel in charge of the internal accounting control system for companies with low information asymmetry. In other words, in the capital market, it means that when investors evaluate the value of a company's cash, if the level of information asymmetry is high, the quantitative adequacy of personnel in charge of the internal accounting control system, which plays a role in securing the reliability of accounting information, monitoring the use of cash and making related decisions, is also considered. In addition, when evaluating the value of cash held by a company, investors did not consider the professionalism such as the sufficient experience of the personnel in charge of the internal accounting control system or the possession of a certified public accountant, regardless of the level of information asymmetry. This study has the following contributions. The reason why financial authorities mandated the disclosure of information related to personnel in charge of the internal accounting management system was to provide data so that external stakeholders could judge the effectiveness of the internal accounting control system. This study examines its effectiveness from the perspective of investors, and can be used as a basis for future financial authorities to improve related systems and prepare new systems. Lastly, it can provide an opportunity for companies to make efforts to secure human resources and organizations that can more effectively operate the internal accounting control system in order to enhance corporate value.