특수관계자 채권·채무의 기업가치 관련성에 관한 연구

초록

We examine the value-relevance of related party receivables and payables using a sample of listed firms on the Korea Stock Exchange for the period 2004～2013. We further investigate whether receivables and payables between related parties have systematically different impact on the firm value than those between non-related parties do. The main results from the empirical analyses are as follows: First, related party receivables (payables) are positively (negatively) associated with the firm value, consistent with the argument that receivables and payables between related parties are associated with the inflows (outflows) of future economic benefits. However, related party receivables have lower value-relevance than other net assets of the same firm. Second, we find that related party receivables and non-related party receivables are significantly and positively associated with firm value. In addition, we find that receivables between related parties have more positive impact on firm value than those between non-related parties. This study contributes to the literature by providing empirical evidence on the value-relevance of related party receivables and payables.

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