내부회계관리제도, 이익의 질 및 기업지배구조가 자본비용에 미치는 영향에 관한 연구

Abstract

When information users can access accounting information transparent and reliable, we can say what corporate transparency is achieved. As corporate transparency is increased in capital markets, information asymmetry among investors will be decrease. The purpose of this study is to analyze what internal accounting management system, earnings quality, and corporate governance affect capital cost. For the soundness of the capital market, companies have to improve transparency in management and accounting and we think that this effort is essential. In addition, investors think highly of the value of companies, which have high transparency of accounting. So, companies can achieve the efficient allocation of resources as much as they expand their values. This study analyzed the data of companies from 2006 to 2018, which the best standard applied on the internal accounting management system for improving accounting transparency. Also, it estimated the capital cost of manufacturing companies. According to the result of this study`s analysis, first, investors (shareholders) judged what the companies have high uncertainty and risk in the capital market when they have weak and unstable system for their internal accounting management Therefore investors(shareholders) asked a high return to companies. And the cost of equity capital, the cost of debt, and the weighted average cost of capital increased as the risk of companies increased Second, the management's opportunistic accounting choice increased the information risk of external investors because the choice expands the information asymmetry between managers and investors. Because of the market instability caused by information asymmetry, rational investors and creditors asked additional risk premiums in exchange for increased risk. So, the risk of enterprise increased when discretionary accruals mounted up. And then the cost of equity capital, cost of debt, and weighted average cost of capital were increased. Third, most foreign investors compared with institutional or other investors in Korea have inherent independence from managers. So, this study focused what the active monitoring and supervision of foreign investors might have a positive effect on the cost of capital as an investor Therefore, foreign investor's equity ratio made reduce the cost of equity capital and the weighted average cost of capital due to their supervisory fu In summary, this study founded what internal accounting management systems, earnings quality, and corporate governance have an effect on reliable financial reporting and accounting transparency, as well as investors in capital markets. This study has the following implications. First, this study reviewed the entire period of application of the best standards for 13 years from 2006 to 2018 in relation to the report of weaknesses in the review opinion on the internal accounting management system. Therefore, I think that the result of analyzing the entire application of the best standards improve accounting transparency and then the result will be helpful for corporate members and stakeholders to make decision. Second, this study contributed to the generalization of interpretation by analyzing all three types of capital costs, which are cost of equity capital, cost of debt capital and weighted average cost of capital. Third, the result of this study founded what foreign investors' active monitoring and supervision toward corporate management had a positive effect on reducing cost of capital. So, it can let us re-examine the existing prejudice about the role of foreign investors.