비상장 외부감사대상법인의 회계적 환손익 특성과 경영성과

This study examines the characteristics of foreign currency-related gains and losses in financial reports (hereafter accounting exposure) and the relationship with the performances of external audit, non-listed firms from 2011 to 2020. The study shows that as foreign currency debt and export activities increase, accounting exposure also increases. In particular, it reveals that for the firms using foreign currency debt, accounting exposure incurs losses when the exchange rate rises, whereas accounting exposure yields profits when the exchange rate falls. Moreover, the findings of an empirical analysis show that the firms use derivatives to manage the impact of accounting exposure. Additionally, examining the characteristics of the non-listed firms’ accounting exposure identifies the need to manage it more actively. An analysis of the relationship between foreign currency debt and accounting exposure reveals that firms using foreign currency debt need to devote more attention to the management of accounting exposure. Furthermore, accounting exposure affects the firms’ performances significantly, despite the financial derivatives transactions being conducted to reduce the impact of accounting exposure. This highlights the need for the firms to direct meticulous attention to managing their accounting exposure using financial derivatives.