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Abstract

A Study on Earnings Management by Using Equity Method System

Young hwan, Kim Advisor : Prof. Moon-Tae Kim, Ph.D. Department of Accounting Graduate School, Chosun University

Unfortunately traditional accounting information system has revealed many problems in accounting income measurement, so accounting entity has failed to provide useful accounting information necessary for their economic decision related to business enterprise. The problems are discordance between accounting concept and the concepts of economic theory, inconsistency with the accounting concepts in its application, unappropriated matching of revenue and expense and overstates the real profitability of an accounting entity, etc. As a result, the above problems have caused the failure of rational income determination, understandability of financial accounting reports, check the maintenance of capital and mislead users' economic decision making. This resulted in rejecting the cost of capital in financial reporting, mainly the recognition of equity capital cost. The cost of equity capital have never been reflected in financial accounting processes. To avoid this problems, financial accounting information system should accept the cost of equity capital accounting. So we need the Economic Value Added(EVA) in Accounting and management. There is no doubt that this paper includes return on asset(ROA) and cash flow from operations(CFO) This paper examines the effects of patents(PAT), R&D(as expences), and development(DEVEL) costs(asset) on EVA, ROA and CFO in the KOSDAQ firms. The main hypothesis of this study is whether PAT, R&D and DEVEL have a relation positively on firm performances after including control variables such as firm sizes, debt ratios, advertisement expenditures and education & training costs. The main test methods used in this study are correlation analysis and multiple linear regression analysis. The test sample consists of 376 firm-year data, selected from the Korea Exchange(KRX) listed companies during 2007~2010. The major findings of the study are that the relationship between firm performances and PAT are positively significant, but R&D is not significant. This means firm performances regard high patents as the future economic benefits.