상장예정기업에 대한 감사인 지정과 상장가 할인
The Relation Between Auditor Designation for IPO firms and IPO discounts
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본 연구는 신규상장할인을 감사품질의 대용치로 사용하여 감사인 지정이 감사품질에 미치는 효과를 조사하고 감사인유형과 감사품질의 관계를 조사한다. 연구결과 감사인지정기간의 신규상장할인은 자유선임기간의 신규상장할인에 비해 유의하게 낮았다. 신규상장할인을 감사품질의 대용치로 볼 때 이는 지정감사인의 독립성이 높아 감사품질이 향상되며, 따라서 재무제표에 대한 시장의 신뢰가 높아지고 그 결과 신규상장할인이 상대적으로 작다는 해석과 일치한다. 또한 본 연구는 기업이 감사인유형을 선택할 수 없던 감사인지정 기간동안에는 감사인유형이 신규상장할인과 관련이 없다는 것을 발견하였다. 역시 신규상장기업이 감사인을 자유롭게 선임할 수 있던 기간 중에도 감사인유형과 신규상장할인은 유의한 관련을 보이지 않는다. 이는 선행연구의 결과와 일관성 있게 우리나라에서는 소위 대형 및 소형 감사인규모에 따른 감사품질의 차이가 존재하지 않는다는 추가적인 증거로 볼 수 있다.
Abstract
Prior studies that examine the effects of auditor designation find mixed results. These studies employ discretionary accruals as a audit quality proxy variable. In this study, we employ an alternative audit quality proxy variable to reexamine the effects of auditor designation. Specifically, we test the effects of auditor designation in the context of initial public offering (IPO) using IPO discounts as a proxy variable of audit quality. Our sample consists of 652 IPOs that occurred during the long period over 1999 to 2010. Firms were allowed to choose their own auditors during 2001 to 2005 whereas the government appointed an auditor for the IPO firms during the rest of the sample period. If the audit quality of the designated auditors is higher than that of the auditors selected by the firm, we expect that audit quality is higher in the period when auditors are designated relative to the period when the firm selects its own auditor. We find that auditor designation tends to decrease IPO discounts vis‐à‐vis an unregulated auditor selection regime. This is consistent with the argument that auditor designation improves audit quality. We also examine the relation between audit quality and auditor size. Although audit quality of the Big N auditors is believed to be higher than that of the Non-big N auditors, nevertheless, evidence in prior studies that employ the Korean data is mixed. Almost all prior studies that investigate the association between audit quality and auditor size draw inferences based on discretionary accruals. In this study, we reexamine the relation between audit quality and auditor size using IPO discounts. We find that auditor type is unrelated to IPO discounts even during the period when firms can select auditors on their own. This provides additional evidence that auditor size is not significantly related to audit quality in the Korean audit market, consistent with the findings in most prior studies.
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