기업의 재무제표 공시지연과 재량적 발생액

초록

[Purpose] The purpose of this study is to investigate effects on accounting transparency and reliability to help information users make a rational decision according to the time when corporations would announce their first financial statements. That is, it set out to examine relations between different announcement time points by corporations and their earning managements in the aspect of usefulness of accounting information. [Methodology] For analysis, the study estimated discretionary accruals with the revised Jones model(Dechow et al. 1995). As for differences in announcement time, delay of financial statements announcement was estimated based on the number of elapsed days from the date of business close to the date of the first financial statements announcement within the announcement period of 90 days from the settling day. Data between 2012 and 2017 were used in analysis, which covered non－financial listed corporations of settlement corporations in December and their financial data. [Findings] The results of the analysis are as follows: The more the first announcement of corporate financial statements was delayed, the higher the discretionary accruals of corporations were. That is, the higher discretionary accruals, the more delayed the initial disclosure of financial statements. It is possible to reaffirm that it is statistically significant. These findings were equal to those of previous studies. Therefore, delaying the financial statements while the company discloses under the periodical disclosure shows that the transparency and reliability of the accounting information are not improved. [Implications] There were many previous studies on unfaithful disclosure, but few studies covered the effects of postponed first financial statements announcement, which differentiates the present study from the previous studies. This is to prove whether companies are providing information to users in accordance with decision－making. As a result, companies providing financial information are able to confirm that they are posting financial statements in a delayed earning managements, although they are obliged to provide more transparent and reliable information. It is imperative to introduce policies that provide more reliable and timely accounting information.

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