벤처기업의 상장시점 이익조정에 관한 연구

This study is to analyze the difference in earnings management between venture firms and non-venture firms. To exclude the effect of venture firms backed by existing corporations, we exclude firms backed by corporations from both our venture-firm sample and non-venture-firm sample. This data treatment is one of the important differences between this study and prior studies on venture firms’ earnings management behavior around their initial public offerings. We employ various measures for earnings management and regression analyses. The main findings are as follows. First, we do not find that venture firms defined as firms backed by traditional venture capital and firms sponsored by the government exercise upward earnings management around IPOs, compared to non-venture firms. Second, we do not find that firms backed by traditional venture capital inflate earnings around IPOs, compared to non-venture firms and firms sponsored by the government. We find weak evidence that firms backed by traditional venture capital have lower earnings management in the post-IPO period than non-venture firms and firms sponsored by the government. Third, we find that for some earnings management measures, firms sponsored by the government have larger earnings management in IPO year and the following year than non-venture firms and firms backed by traditional venture capital. Our study implies that controling the effect of firms backed by corporations is very important for research on venture firms’ earnings management and that various earnings management measures should be considered.