기업의 신용평가정보에 대한 영향요인

초록

This research project analyzed the affecting factors for present value of future excess earning(ALXA)， bankruptcy prediction scores(K1-Score), earnings management of manager(PMDA), auditor size(AUD), and foreign shareholding rate(FOR) on company credit information. For the analysis, this study segregated the company credit information into financial grades and credit grades respectively. Empirical investigation was intended for the listed manufacturing companies of year 2012, which was done by using data between year 2007 and 2011. The result of the empirical investigation showed that the present value of future excess earnings(ALXA), bankruptcy prediction scores(K1- Score), auditor size(AUD), and foreign shareholding rate(FOR) affected company’s both financial and credit grades with positive significance while performance- matched discretionary accruals(PMDA) as for earnings management of manager affected company’s both financial and credit grades with negative significance. This finding not only signifies that financial grades and credit grades, which are the company’s credit information, are worth information for effects of profitability, growth, financial health of company, but also represents much information to corporate value, bankruptcy risk, accounting transparency and earnings management of manager. Thus, it is necessary that company’s exterior stakeholders’ decision, based on the financial grade and credit grade, to invest must be carefully considered. The research on existing credit evaluation information had a breaking point of lacking in external validity in terms of applying the result owing to choosing the companies subjected to credit evaluation. This investigation shows much significance as it boosted the exterior validity for the existing study result by proving all the listed manufacturing companies as subjects in which credit evaluation information (finance grades and credit grades) exists.

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