비정상적 재고자산 변동을 통한 이익관리의 고찰 (A Study on Earnings Management by Abnormal Inventory Changes)

서지정보

· 발행기관 : 한국경영학회
· 수록지 정보 : 경영학연구 / 39권 / 2호 / 233 ~ 253페이지
· 저자명 : 김문태, 김현아

초록

본 연구는 재고자산의 비정상적인 증가가 경영자의 이익관리 의도를 반영하고 있는지 살펴보았다. 본 연구는 경영자가 전략적인 이익관리를 위하여 재고자산 보유수준을 비정상적으로 증가 혹은 감소시킬 것으로 예상하였다.
1999년부터 2006년까지 횡단면 자료 3,327개를 대상으로 분석한 결과는 다음과 같다. 첫째, 재고자산 변동과 재량적발생액은 매우 유의한 양(+)의 상관관계를 보였다. 그러나 이러한 변동만으로 이익관리와 직접적인 설명관계를 가진다고판단할 수는 없을 것이다. 둘째, 재고자산이 ‘비정상적으로 증가’한 경우 재량적발생액과 통계적으로 유의한 양(+)의 설명관계로 나타나 재고자산의 비정상적 증가가 이익의 상향조정과 연관되는 것을 시사하였다. 셋째, 재고자산이 ‘비정상적으로 감소’한 경우 재량적발생액과 통계적으로 유의한 음(-)의 설명관계로 나타나 재고자산의 비정상적인 감소가 이익의하향조정에 영향을 미친다고 볼 수 있었다.
본 연구는 경영자가 재고자산 수준을 의도적으로 조정하여 이익관리에 활용한다는 실증적 결과를 제시하여, 회계당국, 외부감사인, 그리고 투자자에게 재고자산의 인식에 관한 중요성을 일깨울 수 있을 것이다.

영어초록

There are substantial evidences that managers engage in earnings management. Alternative measurement rules and the need for judgment in applying generally accepted accounting principles(GAAP) result in opportunities for managers to manipulate earnings. According to Healy and Wahlen(1999), ‘‘Earnings management occurs when managers use judgment in financial reporting and in structuring transactions to alter financial reports to either mislead some stakeholders about the underlying economic performance of the company or to influence contractual outcomes that depend on reported accounting practices.’’A number of studies discuss the probability that intentional intervention in the financial reporting can occur not only through accounting methods, but also through operational decisions.
Bushee(1998) and Healy and Wahlen(1999) point to acceleration of sales, alterations in shipment schedules, and delaying of research and development(R&D) and maintenance expenditures as earnings management methods available to managers. Specifically, Roychowdhury(2006) finds evidence suggesting price discounts to temporarily increase sales, overproduction to report lower cost of goods sold, and reduction of discretionary expenditures to improve reported margins.
Under these circumstances, this study is concerned about whether the change of inventory levels involve earnings management. Manufacturing firms can manipulate income by producing in excess of the quantity needed to meet current period demand, thereby allocating part of current period fixed manufacturing overhead costs from cost of goods sold to inventory. Manufacturing firms can modify inventory levels to adjust cost of goods sold through absorption costing mechanics for fixed production costs. This paper is to provide evidence that manufacturing firms manipulate inventory levels to manage earnings. It is possible that manufacturing firms may manipulate income by producing in excess of the quantity needed to meet current period demand.
To examine the relation between the changing of inventory levels and earnings management objectives, this paper sets the hypothesis, “Abnormal increasing of inventory levels are involved in the earnings management”. This paper estimates the discretionary accruals(DA) as earnings management variables with the modified Jones(1995) model. And the changing of inventory levels(CI) are defined as the differences between change of inventory and cost of goods sold from the previous period(t-1) to the current period(t) designed by Jiambalvo et al.(1997) or Rosner(2003). The test sample consists of 3,327 firm-year data, selected from the Korea Stock Exchange(KSE) listed companies during the year 1999-2007.
The major findings of the study are as follows:First, the correlation coefficient between CI and DA is positively significant at under 1%level (p < 0.001). This means the more the managers adjust the changing of inventory levels, the higher earnings management is done. Secondly, abnormal increasing or decreasing of inventory levels is positively related to discretionary accruals. It is natural that managers should forecast the future sales, inventory levels are accompanied. However, when managers goes wrong with the future sales, abnormal increasing or decreasing of inventory levels may be involved in earnings management.
The results suggest that the earnings are managed or over-managed through the increasing change of inventory levels, regardless of usual future sales, which is consistent with the hypothesis.

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