연결재무제표 중심의 회계정보 공시가 특수관계자 거래에 미친 영향

Abstract

[Purpose] Since the adoption of IFRS, accounting information has been disclosed consolidated financial statements as primary statements, and the importance of consolidated profits has increased. However, since internal transactions are eliminated from consolidated profits, the practice of companies using related party transactions as a means of adjusting consolidated profits is expected to have decreased. Accordingly, this study examines whether related party transactions have been decreased after consolidated financial statements are primary financial statements.
 [Methodology] This study sampled 8,461 company-years of listed companies that disclosed consolidated financial statements for five years before and after 2011. A regression analysis was performed using the proportion of related party transactions (RELATED) as the dependent variable and the dummy variable (MAIN) indicating whether the consolidated financial statements are primary financial statements as the explanatory variable.
 [Findings] This study was found that related party transactions were decreased significantly after the disclosure of consolidated financial statements as primary statements. These results remained the same when the sample period was adjusted to minimize the impact of the Fair Trade Act, etc. on related party transactions, or only companies that disclosed all consolidated financial statements throughout the sample period were targeted. In other words, the disclosure of consolidated financial statements as primary statements played a role in reducing related party transactions.
 [Implications] The results of this study have the implication of verifying that consolidated financial statements not only have the effect of eliminating financial statement misstatements caused by internal transactions, but also actually play a role in reducing related party transactions.