공기업의 회계보수성 및 이익조정 행태에 ‘공공기관 정상화 대책’의 조절효과 분석

초록

As part of the Normalization policy of Public institution, the government imposed debt reduction policy. As a result, in order to achieve a given debt reduction goal, the public corporation avoided conservative accounting treatment and increased incentives to earning management. We examined the general behavior of accounting conservatism and earnings management based on debt ratio, and examined the changes in accounting conservatism and earnings management after the implementation of the policy. Finally, we analyze whether the Normalization Policy appear to be a moderating effect. The results of that, public corporations also increase their conservatism and earning management as their debt ratios increase. Even after the implementation of Policy, earning management significantly increased. In addition, in the relationship between debt ratio and conservatism, Policy has a negative(-) moderating effect. These results suggest that the Policy have changed the behavior of accounting conservatism and earning management. Specially, after the implementation of Policy, earning management of public corporations increased and public corporations with higher debt ratios avoided conservative accounting. This change in behavior after the implementation of the policy is aimed at achieving a given debt reduction target and should be considered in evaluating the performance of the debt reduction policy due to the policy by the government of Park Geun-hye.

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