회사채 신용평가등급이 IPO 기업의 이익조정 및 주식성과에 미치는 영향

Abstract

The purpose of this study is to investigate whether there is a difference in earnings management behavior in the year of IPO and stock performance after IPO between companies with corporate bond credit ratings and those without. We selected 1,493 IPO companies newly listed on the KOSPI and KOSDAQ markets from 2000 to 2020 as a sample and applied the event study method to analyze the results are as follows. First, we find that earnings management in the IPO year is significantly smaller for firms with credit ratings than for firms without credit ratings. These results suggest that, for IPO companies with credit ratings, the incentives for management to manage earnings decrease because the stock price increase effect obtained from earnings management is offset by the loss caused by the credit rating downgrade. Second, the short-term stock price response after IPO did not show any difference between companies with credit ratings and those without credit ratings. In other words, it indicates that the effect of credit rating is not large enough to reduce the phenomenon of undervaluation of IPO companies. Finally, we observe a positive excess return for companies with a credit rating for two years after IPO, and a negative excess return for companies without a credit rating. These results suggest that the continuous monitoring of credit analysts after IPO reduces the information risk of IPO companies, thereby alleviating the long-term underperformance of IPOs. Overall, the results of this study suggest that credit rating information provided in the bond market has an information transfer effect that reduces agency costs and information asymmetry of IPO companies.