Korean Academic Society of Business Administration
[ Article ]
korean management review - Vol. 53, No. 6, pp.1587-1606
ISSN: 1226-1874 (Print)
Print publication date 31 Dec 2024
Received 29 Jul 2024 Revised 30 Sep 2024 Accepted 21 Oct 2024
DOI: https://doi.org/10.17287/kmr.2024.53.6.1587

K-IFRS 제1115호 도입과 기업의 내재자본비용

김용미 ; 이상혁
(주저자) 고려대학교 경영대학
(교신저자) 한성대학교 사회과학부 조교수
The Effect of IFRS 15 on the Cost of Equity Capital
Yong Mi Kim ; Sang Hyuk Lee
(First Author) Korea University Business School ykim137@korea.ac.kr
(Corresponding Author) Assistant Professor, School of Social Science, Hansung University tkdqur@hansung.ac.kr


Copyright 2024 THE KOREAN ACADEMIC SOCIETY OF BUSINESS ADMINISTRATION
This is an open access article distributed under the terms of the Creative Commons Attribution License 4.0, which permits unrestricted, distribution, and reproduction in any medium, provided the original work is properly cited.

초록

본 연구는 2018년부터 상장기업을 대상으로 도입된 한국채택국제회계기준(K-IFRS) 제1115호 ‘고객과의 계약에서 생기는 수익’이 적용 기업의 내재자본비용에 어떠한 영향을 미치는지 분석한다. 도입 전후 기간인 2016년부터 2019년까지 상장기업을 대상으로 분석한 결과, K-IFRS 제1115호 도입 이후 기업의 내재자본비용이 유의하게 증가하는 것으로 나타났다. 다음으로, 내재자본비용의 증가는 재무분석가의 수가 더 많은 표본에서 그 증가 정도가 더 크다는 현상을 관찰하였다. 본 연구는 K-IFRS 제1115호의 도입이 의무 적용 기업의 재무보고에 대한 불확실성을 증가시킬 수 있고, 이에 따라 기업의 사전적인 자기자본비용이 상승하였다는 실증적인 근거를 제시한다.

Abstract

This study investigates how the adoption of International Financial Reporting Standards (IFRS) 15 in 2018 impacts the implied cost of equity. Analyzing Korean-listed companies between 2016 and 2019, we find that the implied cost of equity significantly increases after the adoption of IFRS 15. Furthermore, we observe that the increase in the implied cost of equity is more pronounced in samples with a higher number of financial analysts. Our results suggest that the adoption of IFRS 15 increases the uncertainty in financial reporting, thereby raising the cost of equity capital.

Keywords:

IFRS 15, revenue recognition, cost of equity capital, financial analysts

키워드:

K-IFRS 제1115호, 수익인식기준, 내재자본비용, 재무분석가

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∙ 저자 김용미는 고려대학교 경영대학 강사로 재직 중이다. 주요 연구분야는 회계선택, 회계감사 등이다.

∙ 저자 이상혁은 고려대학교에서 경영학 박사를 취득하였으며, 현재 한성대학교 사회과학부 조교수이다. 공인회계사(KICPA)로서 삼일회계법인과 한국거래소(KRX)에서 근무하였다. 주요 연구분야는 기업가치평가, 공시 및 기업지배구조이다.