신규상장기업의 기업성과 기준 충족에 대한 이익조정 연구

Abstract

This study aims to analyze the relationship between the requirements of initial public offerings(IPO) and earnings management in the KOSDAQ companies. The sample consists of 1,202 yearly - industry samples that meet the sample selection requirements from 2000 to 2017, and it is divided into the pre - June 2014(930 firms) and later years(272 firms). This study uses discretionary accruals that are estimated as the modified Jones model (Dechow et al., 1995) as the proxies of earnings management. The firm performance is determined by whether the three financial variables such as ROE, net profit, and sales and market capitalization satisfy the listing requirements. Empirical analysis showed descriptive statistics, correlation analysis, mean difference analysis for univariate analysis, and multiple regression analysis. Empirical results show that listing requirements for corporate performance are significantly correlated with discretionary accruals at 1% level. The sample group that satisfied the 10% capital adequacy ratio, the sample company that achieved the net income of 2 billion standard requirement, the sample that satisfied the sales and market cap standard have higher discretionary accrual and a significant mean difference Respectively. In addition, the firms that meet the 10% equity ratio, the companies that achieve the net income of 2 billion, and the firms that meet the sales and market cap criteria have significant explanatory power on the discretionary accruals. This study will contribute to presenting empirical evidence that government need to impose the strict regulation for the recently listed companies in the KOSDAQ market which are reluctant to adjust their performance to meet the new listing requirements. This paper proposes the necessity of strengthening of new listing requirements, listing requirements, regulation of disclosure of financial information, etc. As a result, the firms that may fabricate their performances at the time of listing is highly related to the cancellation of listing.