IPO기업의 공모주 저평가가 IPO직후 이익조정에 미치는 영향

Listing firms provides a long－term, stable and large－scale funding for general investors through IPO and Capital increase. IPO firms have technologies for rapid growth and expect high valuation of public offering stock and inflow of funds. However, the information of an IPO firm which is not well known is very limited. The increase of information asymmetry between the manager with internal information and the investor who does not have it and the resulting underpricing of the IPO eventually result in failure of target inflow and increase of funding cost. As a listed company, however, large－scale funding capabilities are expanding, enabling large－scale rights offering by the market. In the case of capital increase, managers are highly likely to signal investors that their prospects are optimistic through upward adjustment of earnings. There may be an incentive of the manager to prevent the risk of investor's adverse selection due to information asymmetry in advance and to raise the target money. This study assumes that the IPO firms' underpricing rate is a proxy for the degree of information asymmetry. At the time of capital increase, the empirical analysis of whether the manager tunes the earnings adjustment in proportion to the information asymmetry size. As a result of this study, discretionary accrual rate of IPO is positive (＋). This can be interpreted as tuning the profit adjustment in proportion to the level of information asymmetry in order to successfully attract follow－up events such as capital increase after IPO firms' underperformance of IPO due to information asymmetry. A number of studies have been conducted focusing on the timing of earnings adjustments in the verification of profit adjustment of IPO firms. However, there is no empirical analysis of evidence to help infer the incentive of discretionary accounting choices by managers after IPO. Therefore, in order to obtain sufficient funding at lower capital costs, the verification of whether the profit adjustment is proportional to the level of information asymmetry is different from the previous study on the relation between IPO and profit adjustment. In addition, it can be said that the rate of appraisal will be a good measure as a substitute for information asymmetry before and after IPO. As noted in many previous studies, upward revision of reported earnings is likely to cause economic losses to investors. The results of the empirical analysis of this study, which predicted the relationship between discretionary accounting choices after IPO in proportion to IPO firms' underpricing degree, are expected to provide important implications for the relevant regulatory authorities and capital market participants.