제약기업의 대리비용과 이익조정이 신용평가에 미치는 영향

Abstract

The study examines the influence of agency costs and earnings management on credit evaluation. The industry of making drugs and equipments has been growing quickly compared with the other sectors. During the past 10 to 20 years, there has been a growing intrusion of pharmaceutical companies and medical device makers into the day-to-day practice of medicine. In spite of the progress of industrial development, medical industry is revealed about the moral taint. Industry gifts—pads, pens, logo bags, and the like—have grown commonplace. In many doctors’ offices, hospitals, and medical centers, the free lunch, courtesy of industry sponsors, has turned into an accepted way of life. And these gifts can also include dinners at expensive restaurants or free travel to meetings at fancy resorts (to participate in a medical education event sponsored by industry). It is more seriously and fully aware of the importance of the matter to commit moral hazard in this industry. For example, excessive entertainment and illegal commission in medical industry make a great outlay to an unjust disbursement for their business. Considering from an agency theory, it lead to clearly inefficiency or perk consumption. The practice may result in raising a slush fund an unfair bargain. Wasting the asset uselessly instead of investing to the best advantage such as research and development(R&D) does not raise the efficiency of production. Moreover, firms devise a proper measure to make up the deficit, to compensate for the loss. The company stands face to face with bankruptcy, and then the managers may command earnings management for a solution to that problem with a temporary expedient. This study verified the hypotheses as follows; 1) the higher asset utilization(EF), the better credit evaluation 2) the higher perk consumption(ENT), the worse credit evaluation 3) the higher earnings management (DA), the worse credit evaluation. The above capital letters are the main independent variables. To test the hypotheses, the models include credit evaluation(SCORE) for the proxies of financial healthiness as the main dependant variables. EF is turnover ratios as the performance of efficiency, the extent of asset utilization. Perk consumption is measured by the sum of entertainment expenditures of managers and employee benefits(ENT). Earnings management is the discretionary accruals(DA) estimated by modified Jones model(Dechow et al., 1995). Also the test models contains other control variables such as firm size(SIZE), debt ratio(DEBT), block-holders(BLOK), the ownership of foreign investors(FOR), history of engaging career(LONG) and big auditors(BIG). This study shows the empirical results through statistical descriptive statistics, coefficient of correlation, mean difference analysis and the multiple regression tables. The test sample consists of 3,289 firm-year data, selected from the KRX listed companies of the fiscal year during 2005-2013. The results of this study are summarized Firstly, when managers may shirk their responsibilities and not exert much effort toward the goals, credit evaluation is not good. That is, managers shirking in pharmaceutical and medical industry may come out an insolvent enterprise potentially. Secondly, too much expenditure of entertainment and employee benefits may cause the firms not to take a good credit degree. This means that market users prevent medical companies from directly paying for meals in connection with educational programs—once a fairly common practice. It requires that those involved in the decision to buy formulary drugs or clinical equipment disclose any related financial interests. Lastly, there is no significant explanatory power between the credit score and earnings management in medical firms.