K-IFRS 제1116호 적용으로 인한 리스 자본화가타인자본비용에 미치는 영향

초록

[Purpose] This study empirically examines whether the cost of debt of listed firms that newly recognized right-of-use assets and lease liabilities under K-IFRS No. 1116 (Leases), for leases that had not previously been capitalized, differs significantly before and after the adoption of the standard. [Methodology] Using KOSPI and KOSDAQ listed firms from 2017 to 2022, this study selects as the sample firms that had not recognized lease-related assets and liabilities in their financial statements before 2019 but first recognized right-of-use assets and lease liabilities after the adoption of K-IFRS No. 1116. The cost of debt is measured by the borrowing interest rate and the interest rate spread, and the adoption of K-IFRS No. 1116 is used as the main explanatory variable. [Findings] The empirical results show that when the cost of debt is measured by the borrowing interest rate, the adoption of K-IFRS No. 1116 does not have a significant effect in the full sample or in the KOSPI subsample, but shows a weak positive association in the KOSDAQ subsample. In contrast, when the cost of debt is measured by the interest rate spread, the adoption of K-IFRS No. 1116 exhibits a significantly positive association in the full sample, the KOSPI subsample, and the KOSDAQ subsample. This indicates that the additional risk premium required over the benchmark interest rate increased overall after the adoption of K-IFRS No. 1116. [Implications] This study shows that the adoption of K-IFRS No. 1116 is not merely a change in accounting treatment, but may have substantive effects on risk assessment and pricing decisions in the debt market. In particular, the finding that lease capitalization is more closely associated with an increase in the risk premium over the benchmark interest rate than with the borrowing interest rate itself suggests that creditors reflect the visibility of lease liabilities on the financial statements as a risk factor.

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