현금흐름과 기업특성이 기업설명회에 미치는 영향 (The Effects of Cash Flows and Firm Characteristics on Investor Relations)

서지정보

· 발행기관 : 한국회계학회
· 수록지 정보 : 회계저널 / 18권 / 2호 / 161 ~ 184페이지
· 저자명 : 안미강, 윤순석, 고대영

초록

기업들은 자금조달, 기업의 이미지 제고, 투명성 향상 등을 이유로 기업설명회(IR, Investor Relations)에 대해 큰 관심을 가지고 있고, 투자자들 역시 투자의사결정에 기업의 IR활동을 활용하는 것으로 나타나고 있다. 따라서 본 연구는 기업의 IR개최 목적 중 이미지 제고와 자금조달을 중심으로 기업의 현금흐름과 IR의 관련성을 살펴보고자 하였다. 즉, 기업은 이미지 향상과 자금조달을 위해 IR을 이용하여 투자자들의 의사결정에 영향을 미치고자 할 것이다. 또한 기업특성이 공시 활동과 관련이 있다는 선행연구 결과를 토대로 IR활동과 기업특성의 관계를 살펴보기 위해 기업특성을 설명변수로 포함하여 분석을 실시하였다.
연구결과 영업현금흐름은 상관분석과 차이분석에서 IR 개최여부에 따라 유의한 양(+)의 영향을 끼치는 것으로 나타났다. 회귀분석에서는 투자현금흐름이 IR 개최여부에 유의한 음(-)의 영향을 주었다. 또한 재무현금흐름이 IR에 미치는 영향을 살펴보았는데 그 결과 IR개최여부만이 통계적으로 유의한 양(+)의 부호를 나타냈다. 그 외 설명변수는 대주주지분율이 적을수록, 외국인지분율과 기업규모가 클수록 IR활동이 더 활발하였다. 또한 대형회계법인으로부터 감사를 받은 기업일수록 기업설명회를 더 자주 개최하는 것으로 나타났다. 이러한 연구결과는 기업이 IR을 통해 투자계획을 적극적으로 알려 재무현금흐름을 원활히 하고자 하는 유인을 갖는 것으로 해석될 수 있다.
본 연구는 우리나라 IR활동과 기업특성간의 관계를 살펴본 연구가 많지 않다는 점에서 그 의의를 갖는다. 특히 IR에서 발표된 정보만을 가지고 분석이 이루어지거나 주로 설문조사 중심의 연구가 진행되었으나 본 연구에서 이를 실증적으로 입증할 수 있는 계기가 되었다.

영어초록

Managers often resort to IR(Investor Relations) in order to secure external financing, to enhance the value and image of the firms and to improve accounting transparency. On the other hands, investors utilize IR information in making investment decisions. Korean firms experienced discounts on their share prices in the international capital markets in the aftermath of the Asian financial crisis in late 1990s. So they tried to improve accounting transparency by disclosing more reliable financial information. IR is a vehicle to communicate inside information to outsiders. Investors can make rational investment decisions by using IR information and managers can reduce the cost of capital, because IR reduces information asymmetry problems between managers and investors.
Prior studies document that IR has many purposes: improvement of firm's image, maintenance of stock price, facilitation of financing, a new source of capital raise, etc. So we study the relationship between firm characteristics and IR activities that are focused on the improvement of firm's image and the facilitation of financing. Hence, we study how the IR activities are affected by cash flows from operating and investing activities. We also study the relationship between IR and cash flows from financing activities. This study uses as control variables the equity ownership by foreign investors, the equity ownership by controlling stockholders, firm size, leverage ratio, audit firm size, age, year dummy and industry dummy.
The main role of IR is to help investors meet with managers and to attract investment from them. Through IR, firms also deliver their financial information to investors. It looks that firms try to affect investors' decisions by holding IR which will help firms raise funds more easily. Therefore, we analyze how cash flows and firm characteristics affect the frequency of IR.
We investigate 2,230(380; IR sample and 1,850; non-IR sample) firm-year observations of non-banking publicly traded firms with December 31 fiscal year end over the period of 2003-2006. We used the frequency of IR(IRN) and whether or not to hold IR(IRD) as dependent variables. And cash flows from financing activities (CFF) is used as a dependent variable, too.
The results of the study show that firms with good news and investment plans tend to hold IRs. In other words, cash flows from operating(CFO) and cash flows from investing activities(CFI) of IR firms are different from non-IR firms significantly. CFO relationship with IRN(IRD) has a positive while CFI has a negative relationship with IRN(IRD). Second, we found that firms with IRs tend to have higher CFF. When we regress CFF on IR, CFF is affected by IRD positively and significantly. But CFF is not affected by IRN significantly. So we infer that whether or not the firms hold IRs has significant relationship with CFF, whereas the frequency of IR doesn't. There is also a significantly positive(negative) relationship between FOR, SIZE(OWN) and IRD.
There have been numerous studies on the relationship between information disclosed on IR and firm characteristics. A majority of them are surveys about IR activities. Few studies have examined the relationship between IR and cash flows from each activities. This paper contributes to the financial disclosure literature by studying the purpose of having IRs. Also this study provides evidence that IR decreases the information asymmetry problems by communicating between managers and outsiders.
Additional work is needed to investigate other variables that might influence the relationship between IR and cash flows.

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