현금보유 수준과 수익비용대응 수준 간의 관련성

[Purpose] The purpose of this study is to empirically analyze the relation between the cash holding ratio and the matching level. Matching is judged to be a key factor in determining the quality of accounting information and the company's information environment, so we aim to analyze the effect of cash holding ratio on the matching level. [Methodology] We conduct empirical analysis using a total of 1,939 company－year samples targeting domestic non－financial companies listed on the stock market. The analysis model is measured based on the model of Dichev and Tang (2008), and the cash holding ratio is reflected in the analysis by dividing it into normal and abnormal holding levels. [Findings] The results of the analysis show that the cash holding ratio has a significant positive (＋) relation with matching. This result is consistently confirmed in additional analysis using the Prais－Winsten estimation method. This suggests that a high cash holding ratio strengthens the accounting correspondence between revenues and expenses. In the group with low information asymmetry, there is no significant relation between the cash holding ratio and the matching level. However, in the group with high information asymmetry, there is a positive relation between the cash holding ratio and the matching level. [Implications] This study empirically suggests that cash holdings can function as a financial signal that can affect accounting information production and the overall information environment of a company beyond a simple means of securing liquidity. In particular, it provides implications that are differentiated from previous studies in that the cash holding ratio can act as a positive factor in measuring corporate value. Therefore, users of accounting information, such as investors, auditors, and policymakers, need to comprehensively interpret the cash holding ratio in terms of information effectiveness and appropriateness of accounting processing.