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Korean Academic Society of Business Administration
[ Article ]
korean management review - Vol. 47, No. 4, pp.889-918
ISSN: 1226-1874 (Print)
Print publication date 31 Aug 2018
Received 07 Jun 2018 Revised 24 Jul 2018 Accepted 31 Jul 2018
DOI: https://doi.org/10.17287/kmr.2018.47.3.889

발생액-영업현금흐름 대응과 수익-비용 대응

백원선*
*(단독저자) 성균관대학교 경영대학 wpaek@skku.ac.kr
Accruals-Operating Cash Flows Mapping and Revenues-Expenses Matching
Wonsun Paek*
*Samil PWC Distinguished Professor of Accounting, Business School, Sungkyunkwan University, Seoul, Korea. First Author

초록

본 연구에서는 Dechow and Dichev(2002)의 발생액-영업현금흐름 대응과 Dichev and Tang(2008)의 수익-비용 대응간의 관계를 분석하였다. 이들 두 가지 대응은 발생주의의 특성을 다른 관점에서 분석한 모형이다. 두 모형이 어떻게 연계되는지를 분석하기 위하여 발생액과 영업현금흐름을 각각 수익요소와 비용요소로 나누고, 수익과 비용을 각각 현금흐름요소와 발생액요소로 구분하면 두 가지 대응에는 (i) 수익발생액-비용현금흐름 대응과 (ii) 비용발생액-수익현금흐름 대응이라는 공통요소가 포함되어 있다는 것을 알 수 있다. 다만, 수익-비용 대응 모형과 달리 발생액-영업현금흐름 대응 모형에서는 비용을 차감하는 형태로 변수를 계산하기 때문에 공통요소의 상관관계 부호가 두 가지 대응에서 반대방향으로 나타난다. 따라서 발생액-영업현금흐름 대응의 동시관계를 나타내는 회귀계수와 수익-비용 대응의 동시관계를 표시하는 회귀계수간 관계는 음(-)으로 예상된다. 실증분석결과는 이러한 예상을 지지하였다. 즉, 수익-비용간 동시관계가 양(+)으로 강할수록 발생액-영업현금흐름 대응의 동시관계는 더 큰 음(-)의 방향으로 움직였다. 추가로 Bushman, Lerman, and Zhang(2016)과 달리 수익-비용 대응 모형의 수정설명력이 증가할수록 발생액-영업현금흐름 대응 모형의 수정설명력도 증가하였고, 잔차의 표준편차는 작아져 발생액품질이 향상되었다. 본 연구는 외관상 별로 관계가 없을 것으로 보이는 발생액-영업현금흐름 대응 모형과 수익-비용 대응 모형의 공통요소를 식별하여 연계시킴으로써 발생주의의 근간인 수익과 비용의 인식 및 발생액과 현금흐름간의 관계를 이해하는 데 유용한 시사점을 제공할 것으로 기대된다.

Abstract

This study examines the relation between Dechow and Dichev’s (2002) accruals-operating cash flows mapping model and Dichev and Tang’s (2008) revenue-expense matching model. These two models have been used to analyze properties of financial statement items under accrual basis although they are developed from different perspectives. To investigate the relation between the two models, I identify specific common components in two models by decomposing accruals (operating cash flows) into revenue accruals (cash flows) and expense accruals (cash flows), and revenue (expense) into revenue (expense) cash flows and revenue (expense) accruals. Examination of these components reveals that the two models share two sub-mappings between: (i) revenue accruals and expense cash flows and (ii) expense accruals and revenue cash flows. These common components cause the accruals-operating cash flows mapping and revenue-expense matching to be correlated with each other. Expenses are included with negative sign in the accruals-operating cash flows mapping model, while they are included without negative sign in the revenue-expense matching model. It is thus hypothesized that the contemporaneous accruals-operating cash flows relation is negatively associated with the contemporaneous revenue-expense relation. The empirical finding supports the expectation. The more positive the contemporaneous revenue-expense relation, the more negative the contemporaneous accrual-operating cash flows relation. Further, different from Bushman, Lerman, and Zhang (2016), the explanatory power of the revenue-expense matching model is positively correlated with that of the accruals-operating cash flows mapping model, and is negatively correlated with accrual quality. This study contributes to the literature by broadening our understanding of accrual basis that consists of revenue realization and expense matching principles.

Keywords:

accrual basis, cash basis, contemporaneous relation, accruals-operating cash flows mapping, revenue-expense matching

키워드:

동시관계, 발생액-영업현금흐름 대응, 발생주의, 수익-비용 대응, 현금주의

Acknowledgments

이 논문은 2017년 대한민국 교육부와 한국연구재단의 지원을 받아 수행된 연구임 (NRF-2017S1A5A2A01023308).

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• 저자 백원선은 현재 성균관대학교 경영대학 회계 전공 교수로 재직 중이다. 성균관대학교 경영대학을 졸업하였으며, 미국 위스콘신대학교에서 회계학석사, 미국 템플대학교에서 경영학박사를 취득하였다. 주요연구분야는 가치평가, 이익품질 및 분기손익행태 등이다.