본질적⋅재량적 발생액의 질과 정보비대칭의 관계: 재무분석가의 역할을 중심으로

This study investigates the relationship between accounting information quality and information asymmetry and the role of financial analysts in the relationship. Specifically, this study tested whether financial analysts effectively suppress information asymmetry arising from the innate and discretionary accruals. Using non-financial Korean listed companies from 2012 to 2020, measuring the information asymmetry by bid-ask spreads, and measuring the accounting information quality as accruals quality, this paper provides the following findings: First, the poor accruals quality intensifies information asymmetry, and in particular, the innate accruals quality drives the relationship. Second, analysts play an important role in suppressing the deepening of information asymmetry due to poor innate accruals quality. This study has the following contributions. The poorer the quality of accruals, the more severe the information asymmetry, which can be a constraint to accounting information users. As analysts alleviate the deterioration of information asymmetry arising from poor accounting information quality, analysts play the role of information providers beyond information intermediaries in the capital market as well as the role of external governance mechanisms. Furthermore, prior studies suggest that the number of following financial analysts increases when the quality of innate accruals is poor. In this regard, this study suggests that analysts mitigate the information asymmetry deterioration due to the poor innate accruals quality. Therefore, this study shed light on the role of financial analysts in accounting information quality and information asymmetry from the capital market perspective.