리스 회계 기준(K-IFRS 1116호) 적용이 자본조달 행태에 미치는 영향 = The Impact of Applying New Accounting Lease Standard (K-IFRS 1116) on the Financing Behavior

다국어 초록 (Multilingual Abstract)

This study focuses on the new lease accounting standard introduced in 2019 and examines the capital raising behavior of Korean listed companies in response to the change. Specifically, we analyze the capital raising behavior before and after the new accounting system by categorizing firms with high and low proportions of operating leases before 2019. Based on 1,770 firms listed on the KOSPI and KOSDAQ from 2016 to 2022, when the revised lease accounting standard was announced, the empirical analysis shows that there is a significant positive relationship between the intersection term of the revised lease accounting standard and the issuance of net capital costs for firms with a high proportion of operating leases. This finding suggests that firms with a high proportion of operating leases before 2019 chose to raise capital through equity rather than other capital, because they anticipated a deterioration in their financial position due to the introduction of the new lease accounting standard. Therefore, this study contributes to revealing that the introduction of the new lease accounting standard had a substantial impact on the capital financing behavior of Korean listed firms rather than a formal change.

참고문헌 (Reference)

• 1 최병철 ; 김수인 ; 문두철, "회계기준 개정예고에 대한 경영자의 대응 : K-IFRS 제1116호 ‘리스’도입과 사전적 이익조정" 47 (47): 47-81, 2022
• 2 신동령, "한국제조기업의 자금조달행태와 재무구조 결정요인에 관한 연구" 23 (23): 109-141, 2006
• 3 우원석 ; 최형석, "성장기업의 자금조달에 관한 연구" 44 (44): 595-614, 2015
• 4 최병철 ; 김수인, "사례연구 : K-IFRS 1116 ‘리스’의 도입이 재무보고, 재무의사결정 및 재무지표에 미친 영향" 62 (62): 123-152, 2020
• 5 서란주, "리스이용자의 사용권자산과 리스부채 회계정보의 가치관련성 : 한국채택국제회계 기준 제1116호를 기준으로" 37 (37): 1-20, 2022
• 6 정미형, "또 ‘유증 카드’ CJ CGV, 신용등급 의식했나"
• 7 이원흠, "대기업집단의 부채비율 조정속도에 관한 연구 : IMF 외환위기 시점을 전후한 자금조달 행태의 변화비교" 28 (28): 87-114, 2001
• 8 김정애 ; 최종서, "개정된 리스회계기준이 저비용항공사의 재무제표 및 신용평가에 미치는 영향" 30 (30): 341-379, 2021
• 9 김봉균, "新 리스회계기준 도입후 재무제표, 어떻게 바뀌었고 앞으로 무엇을 볼것인가 - K-IFRS 제1116호 도입 영향과 크레딧 관점의 해석" 한국기업평가 2019
• 10 김성현, "[해운강국 진입을 위한 제언] 정부·업계 소통의 장…해운사 금융지원 두고 열띤 토론"
• 11 Meckling, W. H., "Theory of the Firm : Managerial Behavior, Agency Costs and Ownership Structure" 3 (3): 305-360, 1976
• 12 Giner, B., "The Value Relevance of Operating Lease Liabilities : Economic Effects of IFRS 16" 28 (28): 496-511, 2018
• 13 Zechman, S. L. C., "The Relation between Voluntary Disclosure and Financial Reporting : Evidence from Synthetic Leases" 48 (48): 725-765, 2010
• 14 Paik, D. G. H., "The Relation between Accounting Information in Debt Covenants and Operating Leases" 29 (29): 969-996, 2015
• 15 Leary, M. T., "The Pecking order, Debt Capacity, and Information Asymmetry" 95 : 332-355, 2010
• 16 김정모, "The Impacts of IFRS 16 on the Credit Risk Relevance of Lease Liabilities in Korea" 2 : 1-40, 2021
• 17 Morales-Díaz, J., "The Impact of IFRS 16 on Key Financial Ratios : A New Methodological Approach" 15 (15): 105-133, 2018
• 18 Beattie, V., "The Impact of Constructive Operating Lease Capitalisation on Key Accounting Ratios" 28 (28): 233-254, 1998
• 19 Myers, S. C., "The Capital Structure Puzzle" 39 : 575-592, 1984
• 20 Fama, E., "Testing trade-off and pecking order predictions about dividends and debt" 15 : 1-33, 2002
• 21 Frank, M. Z., "Testing the Pecking order Theory of Capital Structure" 67 (67): 217-248, 2003
• 22 Shyam-Sunder, L., "Testing off Againt Pecking Order Hypothesis of Capital Structure" 51 : 219-244, 1999
• 23 Haan, L. D., "Preference hierarchies for internal finance, bank loans, bond, and share issues : Evidence for Dutch firms" 10 : 661-681, 2003
• 24 Duke, J. C., "Operating and Synthetic Leases : Exploiting Financial Benefits in the Post-Enron era" 25 (25): 28-39, 2009
• 25 Altamuro, J. M., "Operating Leases and Credit Assessments" 31 (31): 551-580, 2014
• 26 Eisfeldt, A. L., "Leasing, Ability to Repossess, and Debt Capacity" 22 (22): 1621-1657, 2009
• 27 최종서 ; 김정모, "K-IFRS 제1116호 리스회계기준 공표에 대한 주가반응" 51 (51): 571-610, 2022
• 28 고병욱, "K-IFRS 제1116호 ‘리스’ 적용과 대응방향" 2019
• 29 금융감독원, "K-IFRS 新리스기준 도입 효과 및 주석 공시 유의사항 안내"
• 30 Helwege, J., "Is there a pecking order? Evidence from a Panel of IPO Firms" 40 : 429-458, 1996
• 31 Nelson, M. W., "Information Pursuit in Financial Statement Analysis : Effects of Choice, Effort, and Reconciliation" 82 (82): 731-758, 2007
• 32 Beatty, A., "Financial Reporting Quality, Private Information, Monitoring, and the Lease-versus-buy Decision" 85 (85): 1215-1238, 2010
• 33 Imhoff Jr, E. A., "Economic Consequences of Accounting Standards : The Lease Disclosure Rule Change" 10 (10): 277-310, 1988
• 34 Myers, S. C., "Determinants of Corporate Borrowing" 5 (5): 147-175, 1977
• 35 Miller, M. H., "Debt and Taxes" 32 (32): 261-275, 1977
• 36 Nikolaev, V. V., "Debt Covenants and Accounting Conservatism" 48 (48): 137-176, 2010
• 37 Lemmon, M. L., "Debt Capacity and Tests of Capital Structure Theories" 45 : 1161-1187, 2010
• 38 Beneish, M. D., "Costs of Technical Violation of Accounting Based Debt Covenants" 68 (68): 233-257, 1993
• 39 Bennett, B. K., "Capitalizing Non-cancelable Operating Leases" 14 (14): 101-114, 2003
• 40 Cornaggia, K. J., "Bringing Leased Assets onto the Balance Sheet" 22 : 345-360, 2013
• 41 Demerjian, P. R., "Accounting Standards and Debt Covenants: Has the “Balance Sheet Approach” Led to a Decline in the Use of Balance Sheet Covenants?" 52 (52): 178-202, 2011