중소기업 여부와 재량적 발생액이 타인자본비용에 미치는 영향 : 상장기업을 중심으로

초록

This study confirms the meaning of earnings quality of SMEs through the relationship with cost of capital in a situation where interest in SMEs' accounting information is increasing, such as the recent introduction of an accounting audit system and the Korea Exchange's Accounting Support Center. In related preceding studies, the manager's point of view that the cost of debt can decrease when the quality of earnings is low and the creditor's point of view that the reduced information risk can reduce the cost of debt when the quality of earnings is high are in conflict. The purpose of this study is to analyze the relationship between the quality of earnings and the cost of debt. Through this, it was intended to indirectly confirm the importance of profit quality in SMEs. For this purpose, starting from 2011 as the analysis period, companies listed in the KOSPI and KOSDAQ markets were analyzed until 2020. As a proxy for earnings quality, we intend to use the performance- matched discretionary accrual amount (Kothari et al., 2005), which is widely used in previous studies, and the cost of debt is the total financial cost of the company divided by interest-bearing liabilities. The results of the analysis showed that listed SMEs' earnings quality was lower than that of large enterprises, and that the earnings quality of listed SMEs had a positive relationship with the cost of debt. This means that the cost of debt increases as discretionary accruals increase and the quality of accounting information decreases. Since the quality of accounting information in SMEs is a factor that determines the cost of capital, it can be interpreted that the act of distorting the economic substance of the business through the act of adjusting profits is not helpful to business management activities. In other words, the production of transparent accounting information and corporate investment for financial management can be a means of lowering corporate capital costs. Second, it means that the current policy support of some institutions regarding the accounting transparency of SMEs can be a way to foster SMEs.

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