디지털융복합연구 (Journal of Digital Convergence)

  • 제18권12호
  • /
  • Pages.243-249
  • /
  • 2020
  • /
  • 2713-6434(pISSN)
  • /
  • 2713-6442(eISSN)
한국디지털정책학회 (The Society of Digital Policy and Management)
권호 표지
DOI QR코드

DOI QR Code

기업의 상장과정과 이익조정과의 관계분석 - 중국의 SSE상장 중소기업을 중심으로

Analysis of the Relationship between the Initial Public Offering Process and Earnings Management - Focusing on SSE-listed SMEs of China

  • Kim, Dong-Il (Business Administration, Pusan National University)
  • 투고 : 2020.09.29
  • 심사 : 2020.12.20
  • 발행 : 2020.12.28
PDF 다운로드
⟨ 이전 논문 다음 논문 ⟩

초록

본 연구는 중소기업의 자본비용과 리스크를 줄이고 직접자본 조달의 기회를 얻기 위해 진행하는 기업공개와 그 과정에서 나타날 수 있는 이익조정에 대해 분석하였다. 경영자는 IPO과정에서 엄격한 관리감독을 받기 때문에 시장에서 평가되는 기업가치가 저평가 되는 현상을 방지하거나 고평가를 고려하여 이익조정을 실행할 수 있다. 본 연구는 기업의 공모 및 발행주가 수익비율에 영향을 미칠 수 있는 재량적 발생액과 실제 이익 조정치를 통해 이익조정이 이루어지는지를 검증하고자 하였다. 본 연구에서는 이익 조정치를 재량적 발생액과 판매, 비용, 그리고 생산 활동의 실제 이익조정으로 간주하여 관계정도를 분석하였다. 분석결과 상장과정에서 이익조정의 대응치인 재량적 발생액은 주가 수익률과 판매 조정치에 모두 양(+)의 관계로 나타나 고평가를 유인할 수 있는 요인으로 확인할 수 있었다. 이러한 결과는 이익조정은 투자자에게 역선택에 대한 리스크가 있을 수 있으며, 공모주에 대한 정보 비대칭이 존재할 수 있다고 추론할 수 있다. 본 연구는 중국 상장기업의 이익조정현황과 유형을 통해 중국뿐만 아니라 중국기업과 거래하는 국내 중소기업과 투자자에게 기업가치를 평가하는데 유용한 지침을 제공할 수 있을 것이다.

This study analyzes the earnings management that can occur in the process of public offering in the process of SMEs reducing cost of capital, risks and seeking opportunities for direct financing. Since a company is subject to strict supervision during the IPO process, it is possible to prevent the phenomenon that the company value evaluated in the market is underestimated, or to perform earnings management in consideration of overestimation. This study attempted to verify the degree of earnings management through discretionary accruals and actual earnings management values that can affect the earnings ratio of the IPO of a company. For this study, total accruals were calculated and analyzed through discretionary accruals, sales, costs, and actual earnings management adjustments from production activities. As a result of the analysis, discretionary accruals, which are the countermeasures for earnings management during the listing process, have a positive(+) relationship in both the stock price return and the sales adjustment value, which can be viewed as a factor that induces high valuation. As a result of this, there may be a risk of adverse selection for the benefit amount, and information asymmetry may exist for public offering stocks. This study can provide useful guidelines for evaluating corporate value to domestic SMEs and investors that do business with Chinese companies as well as China through the current and type of earnings management of Chinese listed companies.

키워드

참고문헌

  1. Y. U. Shin, K. B. Kim. (2019). The Effects of IPO Underpricing on Earnings Management of Post-IPO, Korea International Accounting Review, 83, .251-275. https://doi.org/10.21073/kiar.2019..83.011
  2. S. M. Bak. (2019). Earnings Management of KOSDAQ IPO Firms : Focusing on the Borrowing Relationship of Financial Institutions, The Journal of Business Education, 33(5), 181-200. https://doi.org/10.34274/krabe.2019.33.5.009
  3. Z. Xin, Y. M. Kwon, K. M. Kim. (2019). Research on the relationship between internal control and real earnings management, Korean International Accounting Review, 85, 133-149.
  4. J. J. Jones. (1991). Earnings Management during Import Relief Investigations, Journal of Accounting Research, 29(2), 193-228. https://doi.org/10.2307/2491047
  5. P. M. Dechow, R. G. Sloan, A. P. Sweeney. (1995). Detecting Earnings Management. Accounting Review, 70(2), 193-225.
  6. S. Roychowdhury. (2006). Earnings management through real activities manipulation. Journal of accounting and economics, 42(3), 335-370. https://doi.org/10.1016/j.jacceco.2006.01.002
  7. X. Zheng, L. Mao, Y. Lu. (2019). Impact of Venture Capital Firms' Co-investment Behavior on Fundraising Capacity of Investees in IPO Markets: : Evidence from Chinese ChiNext Market, Industrial Engineering and Systems Management, 10, 1-5.
  8. H. S. Cho, Y. M. Kim. (2020). Ownership-Control Disparity and its Impacts on IPO Performance, Korea Business Review, 49(5), 1269-1294.
  9. Y. B. Jang, Y. O. Kwon. (2020). Impact of Shortly Acquired IPO Firms on ICT Industry Concentration, Journal of Intelligence and Information Systems, 26(3), 51-69. https://doi.org/10.13088/JIIS.2020.26.3.051
  10. Y. H. Jeon, J. I. Ban. (2019). Factors Affecting IPO Stock Investment Performance of Individual Investors, The Korean Journal of Financial Management, 36(3), 169-203.
  11. S. Gladriel.(2018). Private Benefits in Public Offerings: Tax Receivable Agreements in IPOs, Vanderbilt Law Review, 71(3), 889-935.
  12. R. Wang, C. Wu. (2020). Politician as venture capitalist: Politically-connected VCs and IPO activity in China, Journal of Corporate Finance, 64, 120-130.
  13. N. Sakawa, H. Watanabe. (2020). NIPO underpricing and ownership monitoring in Japan, Asian Business and Management, 19(4), 480-503. https://doi.org/10.1057/s41291-019-00067-1
  14. G. B. Alisa, G. Adrea, R. Jacop, K. Kristian. (2020). Effects of superiors' compensation structures on physiological responses and real earnings management decisions of subordinate managers, Management Accounting Research September, 48, 150-178.
  15. H. S. Shim. (2019). Beating Earnings Thresholds of IPO Firms through Real Earnings Management, Korean Review of Corporation Management, 10(3), 291-310. https://doi.org/10.20434/KRICM.2019.10.10.3.291
  16. C. S. Song, Y. J. Lee. (2017). Earnings Management of Venture Firms around Initial Public Offerings, The Korean Journal of Financial Management, 34(2), 201-234. https://doi.org/10.22510/kjofm.2017.34.2.008
  17. S. H. Shin, Y. Yu. (2017). Empirical Study on Earnings Management in KONEX, Journal of International Trande Commercial, 13(2), 533-549.
  18. H. J. Moon. (2017). A Comparison of Earnings Quality Between KOSPI Firms and KOSDAQ Firms. Journal of Digital Convergence, 15(1), 129-141. https://doi.org/10.14400/JDC.2017.15.1.129
  19. G. Guo. (2010). Research on the "Authentication Effect" of my country's Venture Capital on IPOs of Small and Medium-sized Enterprises [J] Economic Forum, 2010 (04): 177-180
  20. M. Huang. (2012). Theoretical Explanation of the Motivation of IPO Companies' Earnings Management[J]. Friends of Accounting, 2012 (7): 72-75
  21. Y. Yuan, Y. Wang. (2016). An Empirical Study on the Impact of Venture Capital on Companies' Earnings Management Behavior before IPO-Based on the Data of Listed Companies on the Growth Enterprise Market[J] Journal of Shanghai Finance University, 2016 (03): 55-63
  22. D. A. Cohen, A. Dey, T. Z. Lys. (2008). Real and accrual-based earnings management in the pre-and post-Sarbanes-Oxley periods. The accounting review, 83(3), 757-787. https://doi.org/10.2308/accr.2008.83.3.757
  23. J. H. Kim, J. B. Kim & J. M. Choi. (2017). The Corporate Life Cycle and Management Compensation. Journal of Digital Convergence, 15(1), 85-96. https://doi.org/10.14400/JDC.2017.15.1.85
  24. E. J. Lee, W. M. Sim & J. K. Kim. (2018). The Effect of Management Forecast Precision on CEO Compensation-Accounting Performance. Journal of Digital Convergence, 16(10), 123-132.
  25. C. H. Lee, D. M. Lee & C. Lu. (2019). Relative Importance of Executive Competency Factors of SMEs and Venture Firms in Credit Evaluation. Journal of Digital Convergence, 17(4), 123-136. https://doi.org/10.14400/JDC.2019.17.4.123
  26. M. N. Jo & D. H. Lee. (2016). The Impact of CEO's Values System and Employee's Awareness, Sympathy on Organizational Performance. Journal of Digital Convergence, 14(12), 95-103. https://doi.org/10.14400/JDC.2016.14.12.95
  27. H. C. Lee, S. T. Park & K. J. Song. (2017). Analysis of Management Performance Change of Korean Agricultural Co-operatives around CEO turnover. Journal of Digital Convergence, 15(11), 175-185. https://doi.org/10.14400/JDC.2017.15.11.175