기업 신용등급이 회계 보수주의에 미치는 영향

Abstract

[Purpose] The purpose of this study is to verify the relationship between corporate credit ratings and accounting conservatism. Previous studies focused on empirical analysis on whether accounting conservatism improves credit ratings or whether accounting conservatism is useful in the bond market.
 [Methodology] For this purpose, Basu (1997) and Ball and Shivakumar (2005) models, which are conditional conservatism models, were used for the KOSPI and KOSDAQ markets from 2011 to 2020. Bond credit ratings were used together with corporate credit ratings.
 [Findings] As a result of the analysis, we find that the lower the corporate credit rating, the stronger the accounting conservatism. It can be interpreted as using accounting conservatism as a means of improving the quality of accounting information by increasing the timeliness of bad news because companies with low corporate credit ratings have low stability. In addition, the negative relationship between corporate credit ratings and accounting conservatism was observed very robustly even when measured by bond credit ratings, sampled using foreign investors' equity, or analyzed by listed market.
 [Implications] The results of this study confirm that demand for conditional conservatism, which is highly demanded in the stock market, also exists in the bond market, as there is a mechanism to reduce agency costs and information asymmetry along with unconditional conservatism that understates net assets.