회계이익의 질과 외국인 지분율 간의 관계에 관한 실증연구

Abstract

본 논문은 외국인투자자의 투자의사결정과 기업의 회계이익의 질 간의 관계에 관하여 연구하였다. 국내기업의 외국인 지분율과 회계이익의 질에 관련된 대부분의 연구들이 자본시장 개방이전의 자료를 포함하고 있는데 비해, 본 연구는 2001년부터 2005년의 자료를 사용하여 자본시장 개방이후를 분석대상으로 하여 외국인투자자의 투자의사결정에 제도적인 제한적 요소를 제거한 후 외국인지분율에 미치는 영향을 분석하여 외국인투자자의 투자의사결정과 회계이익의 질과의 관계를 실증분석 하였다. 실증분석 결과에 따르면, 외국인투자자는 회계이익의 질이 우수하고, 기업규모가 크며, 기업의 재무적 성과를 측정하는 총자산이익률이 높고, 영업활동 현금흐름이 양호하고, 재무위험을 나타내는 부채비율이 낮으며, 대형회계법인의 회계감사 대상인 기업을 더 선호하는 것으로 나타났다.; In 1992, the Korean government allowed foreign investors to indirectly invest in firms listed on the Korea Stock Exchange. Since then, foreign investors have been dominating player in the Korean stock market. Prior research documents that foreign investors consider earnings quality useful in an analysis of firm value. If foreign investors indeed take into account earnings quality in their investment decisions, there will be a systematic association between foreign ownership and earnings quality. This study empirically addresses this issue. The purpose of this study is to test positively how the earnings quality influence the foreign ownership by focusing on the foreign investment firms among the listed firms on the Korea Stock Exchange during the period of 2001 - 2005. This study examines systematically the relation between the foreign investment firms' foreign ownership and the earning quality, and so examines how the earnings quality influences the decision making of foreign investors as expert investors. This study analyzes whether actually foreign investors analyze the earnings quality, and so invest in the firms which disclose the superior earnings quality. The study finds a significant positive association between foreign ownership and earnings quality. The study's results suggest that such increase is partially related to earnings quality. Finally, there is some evidence that the increase in foreign ownership tends to induce high quality earnings of their investors.