기업인수목적회사와의 합병을 통해 상장한 기업의 이익조정

This study investigates whether managers of IPO firms merged with SPAC have schemed some earnings management before IPO procedure, and examines whether there are any difference in the extent of earnings management of IPO firms merged with SPAC comparing to IPO firms listed in Kosdaq. During the period of 2011∼2016, we analyzed 34 IPO firms merged with SPAC and the result of the study are as follows. Firstly, discretionary accruals of IPO firms merged with SPAC are higher than those of Non-IPO firms. This means that managers of IPO firms merged with SPAC increase their earnings just before IPO procedure to report good financial performance. Secondly, discretionary accruals of IPO firms merged with SPAC are higher than those of IPO firms listed in Kosdaq. This means that IPO firms merged with SPAC tends to manage earnings more aggressively than IPO firms listed in Kosdaq. The results of this analysis show that, in the case of listing in Kosdaq, earnings managements are controlled through detailed due diligence and monitoring of the managing underwriter, listing procedure of the Korea Exchange, and demand forecast(book-building) of institutional investors and securities company. However, IPO firms merged with SPAC are lying around less tight regulation and procedure. The results of the empirical analysis show the following important policy implications. Firstly, the supervisory authorities need to monitor more tightly the earnings management of IPO firms merged with SPAC, and institutional supplementation is needed. Secondly, investors of IPO firms merged with SPAC require more careful attention.