본 연구는 이익조정결과 나타난 재량적 발생액과 이익유연화의 정도를 구분하고 기업의 특성을 통제하여 이익정보의 가치관련성을 실증적으로 분석하였다. 이익의 조정은 재량적 발생액으로 측정하고 이익유연화 정도는 영업이익의 표준편차와 영업현금흐름의 표준편차와의 비율로 측정하였다. 주요 연구결과는 다음과 같다. 첫째, 본 연구의 표본기업들은 이익유연화 정도가 낮을수록 주가이익배수가 통계적으로 높게 나타나 이익조정의 강도 역시 가치관련성에 영향을 주는 이익의 질의 한 요인인 것으로 해석할 수 있다. 또한 이익유연화 정도가 낮은 기업일수록 이익의 질이 높게 평가되어 주가이익배수와 주가장부가치배수가 높게 나타났다. 둘째, 조정된 재량적 발생액이 낮을수록 주가이익배수가 전통적 유의수준에서 통계적으로 높게 나타났다. 셋째, 이익유연화가 낮은 표본 기업 중에서는 조정된 재량적 발생액의 정도가 높을수록 주가이익배수가 높게 보고되었다. 또한 이익유연화가 낮고 조정된 재량적 발생액이 낮은 기업의 주가이익배수가 낮아지고 주가장부가치배수는 커진 것으로 나타났다. 넷째, 네 개 집단의 주가수준 이익자본화모형의 실증분석결과는 모든 집단이 이익유연화가 높고 조정된 재량적 발생액이 높은 집단4보다는 통계적으로 유의하게 큰 회귀계수를 보였으며(즉, 높은 주가이익배수를 보였으나), 나머지 집단 사이는 집단간 차이가 없지만 집단2, 집단1, 집단3, 집단 4의 순서를 보이고 있다.

This study empirically analyzed the relevance of earning's quality attributable to earnings' management on price-earning's ratio with a focus on discretionary accruals and earnings' smoothing. Earnings' intentional management was measured by the amount of discretionary accruals while the degree of income smoothing was measured by the ratio between standard deviation of operating earnings and that of operating cash flows. Sample firms were classified into four groups based on the levels of discretionary accruals and income smoothing. The results are summarized as follows: First, the lower the degree of companies' income smoothing was, the higher their P/E was; Second, the lower the discretionary accruals of companies were, the higher their P/E was; Third, companies with higher discretionary accruals have shown higher P/E in the low income smoothing group. That is, low income smoothing groups have more value relevance on the book value than earnings. Low income smoothing and low discretionary accruals groups have shown low P/E and high P/B; Fourth, the high income smoothing and high discretionary accruals groups have shown lower P/E than any other group.

This study empirically analyzed the relevance of earning's quality attributable to earnings' management on price-earning's ratio with a focus on discretionary accruals and earnings' smoothing. Earnings' intentional management was measured by the amount of discretionary accruals while the degree of income smoothing was measured by the ratio between standard deviation of operating earnings and that of operating cash flows. Sample firms were classified into four groups based on the levels of discretionary accruals and income smoothing. The results are summarized as follows: First, the lower the degree of companies' income smoothing was, the higher their P/E was; Second, the lower the discretionary accruals of companies were, the higher their P/E was; Third, companies with higher discretionary accruals have shown higher P/E in the low income smoothing group. That is, low income smoothing groups have more value relevance on the book value than earnings. Low income smoothing and low discretionary accruals groups have shown low P/E and high P/B; Fourth, the high income smoothing and high discretionary accruals groups have shown lower P/E than any other group.

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Earnings' Quality, Price Earnings' Ratio, Book Value, Income Smoothing, Earning's Management, Discretionary Accruals