주식담보대출이 회계보수주의에 미치는 영향

This study aims to ensure that the agency problem, wherein share pledging, a private area of major shareholders affect the value of the company and the interests of minority shareholders by studying the effect of major shareholders' share pledging on accounting conservatism. Share pledging are mainly used as a means to increase individual liquidity by borrowing funds as collateral for stocks by major shareholders. In Korea, disclosure has been mandatory since 2009, and active research has not been conducted, but the amount of share pledging continues to grow, and if margin calls occur or counter-trading occurs due to a fall in stock prices, a sharp drop in stock prices causes a lot of confusion in the stock market. Accordingly, this research intend to expand research related to share pledging. A total of 9,288 companies, excluding the financial industry and missing values, among companies listed on the Korean stock market and KOSDAQ market from 2011 to 2019 when the International Accounting Standards (IFRS) were applied, and regression analysis was performed by adding dummy variables of share pledging in the Basu (1997) model. The results shows that it was confirmed that there was a significant negative (-) relationship between share pledging and accounting conservatism of major shareholders. Even if the share pledging ratio exceeds 50%, it shows a significant negative value except for listing on the KOSDAQ market. This study expanded the research on share pledging by confirming the negative relationship with accounting conservatism in companies where share pledging is implemented based on the data on share pledging disclosed since 2009, and that individual decision-making affects corporate value.