본 연구는 영업현금흐름에 적자가 발생한 경우 경영자가 회계이익을 흑자로 보고할 적자회피 이익조정의 유인이 존재하는지를 실증적으로 검증하고자 한다. 발생주의에 의한 회계이익과 현금주의에 의한 영업현금흐름은 인식기준의 차이로 인해 금액의 차이가 발생하는데 현금흐름표에 표시되는 영업현금흐름이 적자인 경우 경영자는 재량적인 이익조정을 통해 손익계산서에 표시되는 영업이익을 흑자로 보고할 조정 유인이 존재할 수 있다. 따라서 회사의 보고된 영업현금흐름이 적자이면서 동시에 보고된 영업이익이 흑자인 경우 이것이 이익관리의 영향으로 나타난 것인지를 실증적으로 분석하고자 한다. 이를 위하여 본 연구는 유가증권 시장에 계속 상장된 기업을 대상으로 영업현금흐름과 영업이익의 부호를 기준으로 네 집단으로 구분하여 각 집단 간 재량적 발생액을 통한 이익조정의 현상을 분석하였다. 연구 결과 영업현금흐름에 적자가 발생한 경우 영업이익을 적자로 보고한 기업보다 영업이익을 흑자로 보고한 기업이 당기순이익을 기준으로 도출한 재량적 발생액이 상대적으로 크게 나타나 적자회피를 위한 이익조정의 유인이 크게 나타났다. 본 연구의 결과는 영업현금흐름이 적자이면서 동시에 영업이익을 흑자로 보고한 경우 상대적으로 다른 경우에 비해 재량적 이익조정이 많이 나타난다는 것을 보여주므로 기업의 이해관계자들(투자자 및 감사인 등)은 재무정보 이용 시에 영업이익과 영업현금흐름의 부호 차이를 통해 재량적 발생액에 따른 회계정보의 질적 특성을 고려할 수 있다는 것을 시사한다.

This research examines the effects of code difference of two accounting numbers on earnings management. In particular, this study focuses on the effects with regard to different code between operating incomes and operating cash flows. Such differences involve qualitative accounting information. This research investigates whether the firms that reported a negative operating cash flows and a positive operating incomes manage earnings through the discretionary accruals. In this study, total samples of 2,727 firm－year observations listed in Korean Stock Exchange, over the period of 1999 to 2004, were selected. Firm－years are divided into four groups annually by the code between operating incomes and operating cash flows. Group I is that operating cash flows are negative but operating incomes are positive. The empirical test on such information of the different code between operating incomes and operating cash flows shows following findings. Group I(operating cash flows are negative but operating incomes are positive) has the largest discretionary accruals calculated using net income in standard among four groups. And group I shows significant larger positive discretionary accruals than other groups. The results show that the information of different reported code between operating incomes and operating cash flows could be used to identify the management of earnings. In summary, the results of this study suggest that investors consider the code difference and magnitude of the cash and accrual components of earnings and identify the qualitative properties of earnings.

This research examines the effects of code difference of two accounting numbers on earnings management. In particular, this study focuses on the effects with regard to different code between operating incomes and operating cash flows. Such differences involve qualitative accounting information. This research investigates whether the firms that reported a negative operating cash flows and a positive operating incomes manage earnings through the discretionary accruals. In this study, total samples of 2,727 firm－year observations listed in Korean Stock Exchange, over the period of 1999 to 2004, were selected. Firm－years are divided into four groups annually by the code between operating incomes and operating cash flows. Group I is that operating cash flows are negative but operating incomes are positive. The empirical test on such information of the different code between operating incomes and operating cash flows shows following findings. Group I(operating cash flows are negative but operating incomes are positive) has the largest discretionary accruals calculated using net income in standard among four groups. And group I shows significant larger positive discretionary accruals than other groups. The results show that the information of different reported code between operating incomes and operating cash flows could be used to identify the management of earnings. In summary, the results of this study suggest that investors consider the code difference and magnitude of the cash and accrual components of earnings and identify the qualitative properties of earnings.

earnings management, discretionary accruals, operating cash flows, operating incomes