특수관계자 거래와 발생액 및 실제이익조정

초록

This paper examines Korean firms’ accrual-based and real earnings management using related party transactions. The findings in this paper are as follows. First, the results show that as the sales/revenue transactions of related parties increase, earnings are managed by using production costs and discretionary expenses and as the purchase/expense transactions of related parties increase, earnings are managed by using sales and production costs. In case of sales/revenue transactions, earnings management using production costs and discretionary expenses is limited to domestic subsidiary transaction. On the other hand, in case of purchase/expense transactions, earnings management using sales and production costs is observed both in domestic and foreign subsidiary transactions. Second, in business group, real earnings management which undermines long-term performance decreases as the sales/revenue transactions of related parties increase, while accrual earnings management which does not affect long-term performance increases as the purchase/expense transactions of related parties increase. Third, as the related party transaction increases, there is a complementary relationship between accruals earnings management and real earnings management and this relation is discriminatory in domestic transactions.

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