가동률 수준은 경영자의 과잉생산 실제이익조정에 영향을 미치는가? (The Effect of Capacity Utilization on Real Earnings Management: Focus on Over-production)

서지정보

· 발행기관 : 한국회계학회
· 수록지 정보 : 회계저널 / 30권 / 1호 / 75 ~ 100페이지
· 저자명 : 이은선, 이지연, 최연식

초록

기업이 보유한 생산자원을 얼마나 적극적으로 활용하는지를 나타내는 지표인 가동률은 경영자의 전략이나 미래 경영성과에 대한 예측정보 등으로서 중요한 경제적 의미를 갖는다. 본 연구는 가동률과 과잉생산 실제이익조정 사이의 관계를 조사하였다. 2001년부터 2016년까지 상장기업을 대상으로 분석한 결과, 가동률이 낮은 기업들에서는 가동률과 과잉생산 실제이익조정 사이에 유의한 양(+)의 관계가 있었으나, 가동률이 높은 기업들에서는 유의한 음(-)의 관계가 나타났다. 또한, 가동률과 과잉생산 실제이익조정 사이에는 역U자 비선형관계가 발견되었다. 이러한 결과는 가동률과 과잉생산 실제이익조정 사이의 관계가 가동률 수준에 따라 차별적이라는 것을 의미한다.
본 연구는 가동률이 실제이익조정에 영향을 미치는 상황적 특성변수임을 확인함으로써 관련 연구를 확장하였다. 또한, 투자자, 외부감사인, 재무분석가, 규제기관 등 이해관계자가 기업의 실제이익조정 가능성을 사전에 평가하는데 가동률 정보를 활용할 수 있다는 실무적 시사점을 제공한다.

영어초록

The capacity utilization is an indicator of how actively a firm uses its production facilities, presenting managers’ view of current business condition as well as future performance. This study examines if the capacity utilization may affect real earnings management from a perspective of overproduction. Using firms listed on the KOSPI from 2001 to 2016, we find the positive relation between capacity utilization and real earnings management. As a result of analysis using nonlinear model, we find that there is an inverse U-shaped relationship between capacity utilization and real earnings management. This means that as the level of capacity utilization increases up to a certain level, real earnings management using overproduction also increases, but when the capacity utilization exceeds a certain level, the extent of real earnings management by overproduction decreases. In addition, the positive linear relationships with real earnings management were found in the sub-sample of firms with low level of capacity utilization, whereas there is a negative linear relationship with real earnings management in the sub-sample of firms with high level of capacity utilization. This finding implies that there is an minimum level of capacity utilization in order for firms to make earnings management using overproduction. Furthermore, the finding represent that firms with a very high utilization rate is likely to have high level of sales and be able to consume inventories, and therefore, they are not willing to manage earnings with overproduction that negatively affect their performance in the long run. These results suggest that earnings management through over-production may be affected by the level of capacity utilization.
This study contributes related literature by adding evidence that the capacity utilization is one of factors which affect the level and/or pattern of real earning management through overproduction. In addition, this study provides practical implication that stakeholders outside firms such as investors, analysts, auditors and regulators can benefit from utilizing the information of the capacity utilization in understanding and evaluating the possibility of real earning management through overproduction and the potential risk from it.

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