주식기준보상유형이 재무보고의 질에 미치는 영향

[Purpose]The purpose of this study is to empirically analyze the relationship between stock－based compensation and financial reporting quality of Chinese listed companies. Specifically we classify stock－based compensation types for managers into stock options and restricted stock units (RSU) and to examine whether the earnings manipulation varies depending on the compensation type. [Methodology]In order to analyze the effect of stock－based compensation on earnings management of Chinese listed companies from 2012 to 2021, this study conducts OLS analysis using stock－based compensation divided into stock options and restricted stock unit, and measures earnings management both accrual－based earnings management and real activity－based earnings management. [Findings]The granting of stock options did not have a significant effect on accrual－based earnings management, but RSU showed a significant negative relationship with accrual－based earnings management. According to an analysis of the relationship between the type of stock－based compensation and real activity－based earnings management, stock options were not significantly related to real activity－based earnings management, but it was effective in limiting real activity－based earnings management when RSU were granted or both stock option and RSU granted at the same time. [Implications]Summarizing the results, it can be seen that RSU serve as an effective incentive mechanism to improve the quality of transparent financial reporting, suggesting that granting RSU relatively recently introduced in Korea can help mitigate agency problems between shareholders and managers and increase corporate value.