회계이익 부호 전환이 신용등급 불일치에 미치는 영향

[Purpose]In this study, we examine whether the reversal of reported earnings signs affects credit ratings. Specifically, by examining the effect on the credit rating discrepancy when earning sign is reversal, we examine whether the ‘conversion’ information has an information effect from the perspective of credit evaluation. [Methodology]The credit rating discrepancy was given different credit ratings by credit rating agencies to the same company, and the credit ratings of the three major credit rating companies of Korea, Korea Credit Rating, and NICE were used. For the sign conversion of accounting profit, the company that reported the same sign for three consecutive years as the current deficit conversion and surplus conversion compared to the previous year used the company that converted the current sign. [Findings]According to an analysis of the KOSPI market and the KOSDAQ market from 2012 to 2021, deficit-converting companies were significantly more likely to have a credit rating mismatch, but did not significantly affect the degree of discrepancy. In the case of surplus conversion, the possibility of credit rating discrepancy also increased, and the degree of discrepancy was also found to increase significantly. However, it was found that both the case of a continuous deficit company turning into a surplus and the case of a continuous surplus company turning into a deficit did not significantly affect the possibility of a credit rating discrepancy and the degree of discrepancy. [Implications]This study is meaningful by verifying the information effect of the “conversion” of earnings signs, and expanded previous studies related to earnings signs by examining whether the low value relevance of loss companies affects conversion.