감사인지정이 신규 상장법인의 이익조정에 미치는 효과

Abstract

This study analyzes the difference between auditor-designated IPO companies’ earnings management and that of non-auditor-designated IPO companies during the period from pre-listing year to post-listing year, in order to analyze whether the auditor designation system improves the accounting transparency of auditor-designated companies in Korea. In addition, this study examines the auditor-designated effects between venture business and non-venture business, and the designated effects between BIG4 auditors and Non-big4 auditors. Discretionary accruals defined by modified Jones model(1995) are used as a substitute of earnings management that is utilized as a measure of auditor designated effects. Samples are 323 companies that comprises 168companies listed from the year 2003 to 2005 (non-auditor-designated IPO companies) and 155 companies listed from the year 2006 to 2008 (auditor-designated IPO companies). Multi-variable regression analysis do not show the difference of earnings management between auditor-designated IPO companies and non-auditor-designated companies during all the periods from pre-listing year to post-listing year, but additional research shows significantly decreased effect of earnings management on auditor-designated non-venture business for the listed year. But it is observed that earnings management of auditor-designated venture business was slightly increased for the pre-listing year, and earnings management of auditor-designated venture business was significantly increased for the listed year. But for the post-listing year, the research doesn’t show significant relation between auditor-designated variable and combined variable of venture business with auditor-designated variable. The effects of auditor designation of BIG4 auditors are not appeared significantly, therefore it is not discovered the reason of special treatment of BIG4 auditors in auditor-designation system for IPO companies.